An Associate Director of CWC Group organisers of the on-going 5th Ghana Oil and Gas Summit in Accra Willy Olsen has called on Ghanaian authorities to focus its attention more on domestic value creation under Local Content Law.
He said in some countries focus on the Local Content Law has been on ownership rather than value addition to the local economies.
Speaking during a discussion on the local content, Olsen also stated that there is also the need to manage expectations as upstream oil sector is a generator of huge jobs.
Again, he noted that the impact of oil find as per examples around the world show that the full impact of oil find sometimes takes 10 to 15 years for the full impact of the oil revenue to be felt, hence the need to manage expectations.
He noted that the downstream oil sector can however provide avenue for employment generation and added that there is the need to build robust supply chain facilities, asset ownership and manufacturing capacities.
Mr Isaac Amihere, Project Co-coordinator of the Enterprise Development Commission (EDC) of the Ministry of Energy gave an overview of the EDC since its establishment in May last year.
He said so far 25 SME’s have been trained and was hopeful that within a period of 5 years, the EDC will help in making Ghanaian SMEs play a key role in the country’s oil sector.
A Legal Counsel at the Petroleum Commission, Nana Akua Agyei gave an overview of the Commission’s work since the enactment of the Local Content Local Participation law, LI 2204, passed in 2003 and which came into effect on February 19, 2014.