Table of Contents
- Financial Times Recognition Overview
- ZEN Petroleum’s Ranking and Performance
- Revenue Growth and Financial Metrics
- Methodology Behind the FT–Statista Ranking
- Strengthening Ghana’s Downstream Petroleum Sector
- About ZEN Petroleum
- Why This Recognition Matters
ZEN Petroleum, a wholly Ghanaian-owned Oil Marketing Company (OMC), has been recognized by the Financial Times as one of Africa’s 75 fastest-growing companies for 2022, underscoring the firm’s remarkable growth trajectory and strong financial performance within the continent’s energy sector.
The recognition places ZEN Petroleum among elite businesses featured in the Financial Times Africa’s Fastest-Growing Companies ranking, a respected annual list that tracks corporate expansion across the continent.
Financial Times – Africa’s Fastest-Growing Companies
In the inaugural Financial Times ranking of Africa’s Fastest-Growing Companies—compiled in collaboration with global research firm Statista—ZEN Petroleum secured an impressive 28th position overall. The ranking highlights companies that have demonstrated exceptional revenue growth amid an evolving and increasingly competitive African business environment.
Statista – Financial Times Growth Rankings
According to the FT ranking, ZEN Petroleum achieved an absolute growth rate of 159.6%, with a Compound Annual Growth Rate (CAGR) of 37.4% between 2017 and 2020. This performance significantly exceeded the minimum CAGR threshold of 7.99%, positioning the company well above many of its peers across the continent.
A key driver of the company’s ranking was its strong revenue expansion. ZEN Petroleum reported revenues of US$418.8 million in 2020, more than doubling from US$207.5 million in 2017—a reflection of robust operational execution and sustained demand across its core markets.
This growth builds on ZEN Petroleum’s leadership position within Ghana’s downstream petroleum sector, as discussed in our analysis of leading oil marketing companies in Ghana.
The FT–Statista ranking evaluates companies based on revenue CAGR over a three-year period and applies strict eligibility criteria to ensure transparency and credibility. To qualify, companies must have generated at least US$100,000 in revenue in 2017 and a minimum of US$1.5 million in 2020, operate independently rather than as subsidiaries or branch offices, and maintain their operational headquarters within Africa.
Revenue figures submitted in local currencies were converted into US dollars using average annual exchange rates for comparability. More details on the evaluation process are outlined in the Financial Times ranking methodology.
The ranking project was publicly advertised online and in print, with eligible companies invited to register between October 6, 2021, and February 15, 2022. Submitted financial data were required to be certified by senior executives, including chief executive officers or chief financial officers. Statista subsequently reviewed revenue data from approximately 900 African companies, using both company submissions and publicly available sources such as annual reports and investor presentations.
This recognition further supports the growing influence of indigenous Ghanaian companies, a trend explored in our report on Ghana’s fastest-growing local enterprises.
About ZEN Petroleum
Founded in 2010, ZEN Petroleum is a leading Ghanaian-owned Oil Marketing Company and a recognized market leader in the supply of fuel and lubricants to the mining sector in Ghana. The company continues to expand its footprint across the African region while steadily growing its retail network nationwide.
With a workforce of over 600 employees and a monthly supply capacity exceeding 25 million litres of fuel, ZEN Petroleum has built a strong reputation as a reliable, safe, and value-driven partner in the energy industry. More details about the company’s operations can be found in our ZEN Petroleum company profile.
This recognition by the Financial Times reinforces ZEN Petroleum’s position as a flagship Ghanaian enterprise, demonstrating the capacity of African-owned companies to achieve sustained growth, compete at scale, and contribute meaningfully to economic development across the continent.
Conclusion
While Kharis Petroleum Resources does not feature directly in the Financial Times ranking, its contribution is nonetheless significant. By strengthening Ghana’s downstream petroleum ecosystem, enhancing supply-chain efficiency and market depth, championing indigenous participation in the energy sector, and helping create the conditions that allow high-growth companies to thrive, Kharis Petroleum Resources supports the broader industry framework within which standout performers like ZEN Petroleum emerge. Together, these indigenous companies reflect a maturing, resilient energy market driven by local expertise and ambition. Now is the time for investors, industry partners, and policymakers to actively engage with and support credible Ghanaian operators, fostering collaboration, capacity building, and sustainable growth that will position Ghana—and Africa—as a competitive force in the global energy landscape.
