Stakeholders Review Local Content Oil and Gas

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Oil and Gas

Dr Juliette Twumasi-Anokye, a consultant has urged Ghanaian entrepreneurs to get involved in the implementation of the oil and gas local content policy for the success of the extractive industry.

She said ownership of businesses in the provision of goods and services in the mining sector would help bring about employment opportunities to Ghanaians for the growth of the economy.

Dr Twumasi-Anokye, made the call at a day’s seminar on a draft discussion paper titled: “Review of Local Content Regulations, Progress of Implementation, Challenges and Way Forward in the Mining Sector” in Accra.

It was on the theme: “Stimulating Economic Development through Local Content in Oil, Gas and Mining Sectors in Ghana.”

The seminar was organised by the Centre For Extractives Development Africa (CEDA) in collaboration with the Natural Resource Governance Institute (NRGI) and the Ghana Extractive Industries Transparency Initiative (GEITI).

Participants were from the Minerals Commission, the Ministry of Business Sector Development, ENI, an Italian Energy Company among others.

The paper analyses practical implementation of the Minerals and Mining (General) Regulations, 2012 (LI 2173) with the view to providing a critical yet constructive analyses that have the potential to promote a public debate on local content and value creation as a strategy for economic development in the country.

Dr Twumasi-Anokye, also the resource person at the seminar said the emphasis on local content implementation was in the right direction as it represented a shift in policy approach from taxes as benefits from mining to more practical ways of integrating mining with the rest of the Ghanaian economy.

She said the policy has the tendency to benefit mining companies through minimised stock holding cost, increased security of supply and enhance their reputation, among others.

“To the local economy through increased employment, domestic and foreign investment, technology and knowledge transfer, foreign exchange earnings and tax revenue.”

Dr Tony Aubynn, former Chief Executive Officer of the Minerals Commission called for collaboration between academia and the extractive industry for more Ghanaian participation in the implementation of the local content of the mining industry.

Dr Steve Manteaw, the Co-Chair of the GEITI said the measures on the local content policy would be used to engage regulatory and other oversight institutions whose mandate was to ensure the achievement of the objectives of the policy.

GNA/Newsghana.com.gh

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