Accra, Ghana, 9 May 2023 – ZEN Petroleum, a leading privately owned downstream petroleum company in Ghana, has been included on the Financial Times’ and Statista 2023 annual ranking of Africa’s fastest-growing companies, for the second year in a row. The ranking, which is now in its second year, includes ZEN Petroleum as one of only two Ghanaian companies on the acclaimed list.
The Africa’s Fastest Growing Companies 2023 lists 100 companies, ordered by the highest compound annual growth (CAGR) in revenues between 2018 and 2021, based on specific criteria. To be included in the list, a company had to generate revenue of at least US $100,000 in 2018, and at least US $1.5 million in 2021. The company also has to be independent, with its operational headquarters located in one of the African countries, with primarily organic revenue growth between 2018 and 2021.
Established in 2010, ZEN Petroleum has established itself as the market leader in supplying fuel and lubricants to mines in Ghana. Its fast-growing retail network now has a total of 45 operational stations across the country. The company’s market position as a reliable, safe, and valuable partner in supplying high-quality hydrocarbon products to the industrial and retail sectors in Ghana and West Africa has grown due to its commitment to quality, safety, and innovation.
Commenting on the recognition, William Tewiah, Managing Director of ZEN Petroleum said, “We are thrilled to be recognised by the Financial Times and Statista for the second year in a row. This recognition is a testament to the hard work and dedication of our employees, and our unwavering commitment to delivering exceptional service and innovative solutions to our customers. We will continue to invest in our people, processes, and technology to achieve sustainable growth, and we look forward to delivering even greater value to our customers and stakeholders in the years ahead.”
According to the Financial Times, the latest ranking “shows that companies in sectors including fintech, renewable energy, healthcare, commodities and agriculture were managing to grow their businesses while much of the world shut down”, during the pandemic.
The ranking serves as a valuable benchmark for investors and businesses looking for growth opportunities in Africa, and ZEN Petroleum’s inclusion on the list affirms its position as a key player in the downstream petroleum sector in Ghana and beyond.