The Petroleum Commission (PC) has so far awarded over $3. 6 billion worth of contracts to Indigenous Ghanaian Companies (IGCs), Kwaku Boateng, the Director of Local Content, has announced.
Again, about $8. 7 billion worth of contracts have been awarded to foreign companies, while $6.3 billion went to Joint Ventures (JVs).
Additionally, Mr Boateng reported that more than 10, 000 direct jobs had been created with the local content development in the petroleum upstream activities in Ghana.
Key investments in-country, he mentioned, include cementing units, waste management/thermal absorption plants, fabrication, hydraulic and engineering facilities, aviation hangars, bolts and nut manufacturing coating plants chemical blending and establishment of training centres for specialised trades.
Mr Boateng gave these details when he spoke on “Building value and promoting investment through local content” at the just-ended Ghana Energy Week held in Takoradi, in the Western Region, under the auspices of the Western Regional Coordinating Council.
It was on the theme: “Renaissance of Ghana’s energy; the renewed commitment towards inclusive and sustainable energy transition, decarbonisation, and energy poverty history for economic development”.
Mr Boateng stressed that the sustainable management of the oil resources was key to the socio-economic development of Ghana and her citizenry.
“The commission will ensure transparency, cooperation, development, growth, and the mutual benefits from the sector. The country is committed to providing the enabling environment for investment in the upstream petroleum sector by enacting the appropriate laws, regulations, and guidelines to govern the sector,” he assured.
He outlined strategies to promote investment, which include intensified government investment promotion to increase the level of activities hence local content development and activate incentive provisions ( Reg 25 of LI 2204) to enhance technological development in the industry.
Also, the Commission, Mr Boateng, said would ensure a credible atmosphere for industrial collaboration and transfer of competence and technology and infrastructure development.
“Promotion of local material substitutions and incentives for International Oil Companies (IOCs) to use Ghana as a hub to serve their operations in the sub-region would also be pursued,” he added.
He said, “We would also encourage in-country spending, empower local businesses through strategic alliances and partnerships, incubation of IGCs by larger companies and supplier development through subcontracting
Mr Boateng added, “We will emphasise domestic value creation rather than ownership, focus on critical issues like access to financing, local content Fund, and increased infrastructure through the rehabilitation of Tema Shipyard.”
-GNA
