Accra: Mr. Michael Bozumbil, Chief Executive Officer of PETROSOL Platinum Energy Limited, has called on local businesses to avoid depending solely on foreign investments for their operations. He emphasized the need for the growth of homegrown businesses to secure the economy and contribute to long-term development during his address at the 48th Annual General Meeting of the Ghana National Chamber of Commerce and Industry (GNCCI). The event, held in Accra, focused on the theme: 'Adopting Sustainable Business Practices to Promote Long-Term Economic Growth and Development.' According to Ghana News Agency, the AGM featured key moments, including the reading and acceptance of the Chamber's financial report and the inauguration of the newly elected Executives of the Chamber. Mr. Bozumbil shared ten sustainable practices that PETROSOL has implemented over its 18-year journey, helping the company navigate economic challenges and thrive in a competitive environment. These practices include prioritizing regulatory com pliance, maintaining financial discipline, and fostering strong internal systems. The CEO highlighted the importance of transparency, investing in employees, and building strategic partnerships as crucial elements of sustainable business practices. He stressed that adhering to tax and regulatory compliance is essential for businesses to meet industry standards and enhance global competitiveness. Mr. Bozumbil noted that tax compliance would help businesses avoid penalties associated with non-compliance, putting them in a better financial position to grow. He urged businesses to establish robust internal systems and structures, ensuring accountability to shareholders and the public. 'Businesses must implement policies and procedures for operations such as marketing, accounting, projects, operations, and human resources management and they must subject their processes and procedures to international audit and certification,' he stated. He also proposed that businesses could pursue ISO certification for quality management, occupational health and safety, and environmental management systems. The CEO advised businesses to maintain transparency and honesty by keeping accurate records and complying with International Financial Reporting Standards. This includes preparing monthly sales reports and quarterly financial reports to assess financial performance and address any issues promptly. Dr. Clement Osei-Amoako, the outgoing President of GNCCI, noted that during his four-year term, the Chamber acquired a state-of-the-art facility for the National Secretariat, eliminating costly rent and saving significant revenue. He highlighted efforts to acquire Chamber-owned offices in regional branches and reported a 35 percent increase in membership. The Chamber ensured that over 3,000 local businesses were well-prepared to trade under the African Continental Free Trade Area (AfCFTA) through nationwide sensitization and capacity-building initiatives. The newly elected executives include Mrs. Stephanie Miezan as President, Dr. E melia Assiakwa as First Vice President, Mr. Alexander Bogney Bewong as Second Vice President, and Mr. Michael Kabutey Caesar as National Treasurer.