Business News of Friday, 2 November 2018
Lecturer at Ashesi University, Dr. Riverson Oppong has called for collaborative efforts by government and relevant stakeholders within the oil industry.
According to Dr. Riverson Oppong, these collaborative efforts would ensure the sustenance of the country’s economic development impact.
“Collaborative efforts are required from all stakeholders in the industry, government, IOCs, local investors to achieve sustainable economic development impact,” he asserted.
Dr. Oppong suggested that “Policies must translate into cost-competitiveness, technical competence – a tool to stimulate industrial development and also domestication for value creation and addition without compromising standards.”
Speaking at a technical lecture on the local content impact on oil and gas economy in Ghana, Dr. Riverson Oppong made reference to the successes chalked by Nigeria’s oil and gas sector, adding that same can be replicated by Ghana if the local content is connected to the development of technology and microeconomic issues.
“The vital lessons from Nigerian experience is that the success of the local content initiatives is hinged on technology development and microeconomic issues,” he added.
The technical lecture featured a presentation on the impact of local content on oil and gas economy by the Director of Society of Professional Engineers (SPE) Africa, Professor Omowumi Iledare. The lecture took place at the Ghana Technology University College on Friday, November 2, 2018.