The Petroleum Commission (PC), has so far, awarded over $3. 6 billion worth of contracts to indigenous Ghanaian companies (IGCs), Director, Local Content, PC, Mr Kwaku Boateng, has announced.
Again, about $8.7 billion worth of contracts had been awarded to foreign companies while $6.3 billion went into joint ventures (JVs).
Additionally, Mr Boateng reported that, over 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 made these revelations last Wednesday, 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 Energy Ministry and 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 spelt out strategies to promote investment which include to intensify government’s investment promotion to increase level of activities hence local content development and activate incentive provisions ( Reg 25 of LI 2204) to enhance technological development in the industry.
Also, PC, 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.
On challenges, he told participants about low level of activities, limited local capacities in technical scopes, lack of key infrastructure to propel local content development and the overlapping policies and regulations in other sectors
FROM CLEMENT ADZEI BOYE, TAKORADI