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Business News of Thursday, 1 December 2022


Address factors that limit local participation in oil and gas sector – Minister

Western Regional Minister, Kwabena Okyere Darko-Mensah Western Regional Minister, Kwabena Okyere Darko-Mensah

Western Regional Minister, Kwabena Okyere Darko-Mensah, has stressed the need for the region to prioritise the local content law to promote the growth of the region.

He said western region which produced hundred per cent of the country’s oil and gas resources must use the resource as key enabler for sustained growth.

Speaking at the closing ceremony of the just ended 2020 local content exhibition conference held in Takoradi, Mr Darko-Mensah, stressed the need for weaknesses in the Local Content Law that thwarted local participation in the oil and gas industry to be addressed.

“Increasing the workforce and development of youthful staff resources, upgrading local expertise and skilled personal from host region, should be promoted,” he said.

The programme organised by the Petroleum Commission was on the theme “Sustaining local content development through enhanced exploration and production activities in the era of energy transition.’

Mr Darko-Mensah said “Local content promotes local contentment. We must all, therefore, play our part to ensure that the requirements of the Local Content Regulation (LI 2204) are met to bring the desired socio-economic transformation to our country and region.”

He pointed out that managing the risk and spotting opportunities should take centre stage in discussions to overcome challenges in utilising resources in the host region.

“Locals should intend to develop positive partnerships that rely more on Environmentally Sustainable Governance. In short, Petroleum Commission should help create proper local champions and showcase them,” he said.

The Regional Minister urged all companies to source their supplies and workforce from the Western Region “because the best does not only come from the west, but, the best is here in the west.”

He commended the Petroleum Commission for organising the conference in the Western Region, saying the choice of the regionfor the conference, provided residents with an opportunity to engage extensively with the key stakeholders on the implications of the government’s oil and gas policy interventions and the activities of the oil companies.

He said the discussions at the conference centered on social and economic prospects of the region’s oil and gas resources and businesses it created for the hospitality industry.

Mr Darko-Mensah said in spite of the fact that the Western Region was endowed with so many natural resources and also contributed the highest to the country’s Gross Domestic Product, the region continued to lag behind other regions in terms of development.

He said only 44 per cent of roads in the region was in good condition, which he said was

Mr Darko-Mensah said the Western Regional Coordinating Council was working to leverage the natural resource endowments within this region to develop it.

“We have set our vision to make the Western Region a model region where all persons can effectively participate and engage in the productive assets of the region for wealth creation. This vision is hinged on three key focus areas- entrepreneurial governance, enterprise Western Region and mainstreaming the SDGs through Youth Development,” he said.

Mr Darko-Mensah encouraged investors to build partnerships with residents in the region to take advantage of the numerous investment opportunities in the region such as oil and gas and aquaculture.