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Mandatory local content regulations needed to boost local participation in oil & gas industry – Nana Addo

President Akufo-Addo says Ghana is still struggling to get more local companies to participate in the oil and gas industry years after laws allowing local content were enacted.

The President, who was speaking at this year’s International Energy Conference and Expo in Guayana, said the government is doing all it can to get more locals to participate in the sector.

According to him, having more Ghanaians participate in the industry will ensure national development and create jobs.

Akufo-Addo further noted that having mandatory regulations for local participation will be the way to go to address the challenge.

“A major challenge we’ll be confronted with is how to develop the oil and gas industry with optimal local content and participation and enhance national development to create jobs. We resolve that the involvement of Ghanaians in the exploitation of oil and gas resources could be achieved through mandatory local content in all aspects of petroleum activities.”

In January 2022, President Akufo-Addo announced plans by the government to acquire majority stake in Ghana’s oil and gas industry by building more local capacity in various aspects of the management of the industry.

He said the government is training more Ghanaians ahead of time to have an industry that is heavily driven by locals in the near future.

The skills enhancement of Ghanaians in the industry is absolutely critical. We can no longer count on them [foreigners], we have to count on ourselves. That is why the initiatives that are taken in the sector, the efforts of GNPC in trying to develop a greater capacity to be able to be an operator of fields and enhancing the skills of Ghanaians in the technical aspects of the industry are conjoined. They are part of the same process and absolutely essential for the future of our country,” he said at a send-off ceremony for some eight (8) individuals travelling to Canada for oil and gas training.

Source: CNR

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