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Information Minister Kojo Oppong Nkrumah said his government approved Thursday a policy on local content and participation in the downstream oil industry.
He explained that this policy was aimed at ensuring a downstream oil industry run by Ghana and able to take ownership of it, able to attract more value – added local investment and create jobs. .
Aboriginal participation
At a press conference held in Accra yesterday, Nkrumah said the policy would also strengthen local knowledge, expertise and technologies in the industry for the benefit of Ghanaians.
"The new policy framework covers areas such as trade, shipping and bulk distribution of petroleum products, as well as the development of infrastructure in the oil sector, including the construction of landfill facilities in the provinces. ports, processing and petrochemical plants.
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"It also covers the supply of oil to strategic sectors of the economy, as well as general purchases of goods and services for the downstream industry," he said.
Strengthening the economy
Mr. Nkrumah noted that, while the role and participation of Ghanaians in some downstream activities had increased considerably, the Government believed that there was more room for Ghana's participation in the sector.
This, he said, would guarantee the retention of profits and foreign exchange, the development of skills and competences, as well as the creation of jobs at the local level.
He said a committee on downstream oil content in Ghana would be set up under the authority of the National Petroleum Authority (NPA) to oversee, coordinate, administer, monitor and manage content development. local in the downstream industry.
"The government believes that such efforts will help strengthen the Ghanaian economy and strengthen the Ghanaian capital," he said.
Grant
Mr Nkrumah also said that the European Union (EU) has granted 40 million euros to Ghana to promote investment and job creation in the country.
The funding, he said, follows an agreement recently signed by the government with the European Union.
He said the funding agreement, covering the period from 2014 to 2020, was the latest program to be signed among Ghana's indicative allocation of 323 million euros under the 11th Fund. European Development Program and the National Indicative Program.
One of the aims of the program was to create a business environment conducive to local and foreign investment, he said.
"It will also strengthen the governance of public finances and domestic revenue mobilization, as well as the capacity of anti-corruption bodies to fight corruption," he said.
"Finance Minister Ken Ofori-Atta and EU Ambbadador to Ghana Diana Acconcia have signed the agreement which should promote the achievement of the Sustainable Development Goals ( ODD) in Ghana, "he said.
Nkrumah added, "The funds will be managed by the government and the program is aligned with the vision of President Akufo-Addo of Ghana Beyond Aid," he added.
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