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The Cabinet has approved a policy on Ghanaian content and participation in the downstream oil industry in Ghana.
Kojo Oppong Nkrumah, Minister of Information, said the policy was aimed at ensuring a Ghana-managed, Ghana-run downstream oil industry that can attract increased local value-added investment.
At a press conference Sunday, he said the goal was also to enhance employment opportunities as well as local knowledge, expertise and technologies in the area. Industry, in the general interest of Ghanaians.
The new strategic framework covers areas such as trade, shipping and bulk distribution of petroleum products, infrastructure development in the oil sector, as the construction of landfill facilities in the ports, processing and petrochemical plants, supply of oil to strategic sectors of the economy as well as general purchase of goods and services for the downstream sector.
Ofoase Ayeribi, MP, added that although the role and participation of Ghanaians in some downstream activities has increased considerably, the government believes that there is still much more room for Ghana's participation.
"The policy provides for a grace period to build local capacity and incorporate best practices from other jurisdictions where it is practiced.
"Energy Minister Peter Amewu will provide more details in the coming days on the nuances of the policy by activity. A committee for Ghanaian content downstream of oil must therefore be set up under the NPA to oversee, coordinate, administer and monitor the development of local content in the downstream industry, "said Mr. Oppong Nkrumah.
The government, he said, believes that such efforts will help strengthen the Ghanaian economy and strengthen the Ghanaian capital.
— Myjoyonline
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