Business News of Tuesday, 6 November 2018
A Petroleum Engineer, Professor Wumi Iledare says Ghana can maximize the benefits of it’s local content policy, by developing competent workforce, transparency and accountability as well as institutional empowerment.
He said a long-term local content has the potential to stimulate inclusive socio-economic development.
He noted that Ghana can effectively implement its local content by learning from the Nigerian experience which has adopted a more holistic focus in terms of indigenous participation.
Prof Iledare was speaking at a Lecture on Local Content impact on the Oil and Gas Sector in Accra.
Local Content refers to the quantum or percentage of locally produced materials, personnel, financing, goods and services rendered to the oil industry, and which can be measured in monetary terms.
Ghana passed a Local Content and Local Participation Bill in 2013 as part of plans to ensure that Ghanaians benefit from the petroleum industry.
If the local content policy is successfully implemented, it is expected to lead to job creation, facilitation of technology and knowledge transfer, boost domestic private sector and build a competitive local workforce.
Prof Wumi Iledare said Ghana’s local content can be effectively implemented by drawing lessons from the Nigerian experience.
Ghana’s oil and gas industry rely heavily on foreign expertise and this can affect the success of the local content policy.
The Dean of Graduate School at the Ghana Technology University College, Dr Ebenezer Malcalm said there is the need to train more local middle-level technicians.