Sunday, December 1, 2013

Ghana passes local content law for petroleum activities

Spy Ghana: The purpose of these Regulations is to, among other things provide for –
  • promotion of maximization of value-addition and job creation, through the use of local expertise, goods and services, businesses and financing in the petroleum industry value chain and the retention of benefits within Ghana;
  • 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;
  • 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;
  • increased capability and international competitiveness of domestic businesses and industrial sectors;
  • creation of petroleum and related supportive industries that will sustain economic development;
  • achievement and maintenance of a degree of influence or control by Ghanaians over development initiatives for local stakeholders; and
  • A rigorous and transparent monitoring and reporting system to ensure delivery of Ghanaian content policy objectives.

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