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Ghana’s local content law for oil sector goes to Parliament

  • SOURCE: | qwesa2big
  • Coat of Arms of the Republic of GhanaAlmost two and half years since Ghana became an oil producer, the country is now about to discuss a local content law for the petroleum sector.

    A press release issued by the Ministry of Energy and Petroleum today, July 12, 2013 says the Minister, Emmanuel Armah-Kofi Buah has laid the LI before Parliament.

    The release says the purpose of the Petroleum (Local Content and Local Participation in Petroleum Activities) Regulations, 2013 (LI 2204) is to among others provide for:

    a) the use of local expertise, goods and services, businesses and financing in the petroleum industry value chain and the retention of benefits within Ghana;

    b) development of local capability in all aspects of the petroleum value chain through education, skills and expertise development, transfer of technology and know-how and an active research and development programme;

    c) achievement of the minimum local employment and in-country spend in the petroleum industry value chain within a decade of the start of every petroleum license or contract, in the provision of such supplies and services specified in these Regulations;

    d) increased capability and international competitiveness of domestic businesses and industrial sectors;

    e) creation of petroleum and related supportive industries that will sustain economic development;

    f) achievement and maintenance of a degree of influence or control by Ghanaians over development initiatives for local stakeholders; and g. a rigorous and transparent monitoring and reporting system to ensure delivery of Ghanaian content policy objectives.

    The Ministry says it believes that a successful passage of LI 2204 by Parliament will provide the necessary legal backing to the existing Policy on Local content and Local Participation in petroleum activities which was published in March 2011.

    Source: Ghanabusinessnews

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