80% local content target in oil industry is a joke - Earth Scientist

The Government's plans to have Ghanaians control at least 80% of the oil industry in 10 years have been described as a joke, unrealistic and too ambitious.

Dr. Thomas Akabzaa of the Department of Earth Science at the University of Ghana, Legon, says the 10-year timeline set by the government is not realistic.

He says even countries that have run oil economies such as Trinidad and Tobago and Norway have not achieved an 80 percent local content participation after three decades of oil drilling.

Speaking at a day's workshop on the effects of gender issues concerning the oil industry, Dr. Akabzaa said so much effort has to put in by the government to train local expertise to manage the oil and the ten-year target set could be nothing but a joke.

The workshop was organized by the Women Initiative for Self Empowerment (WISE).

Dr. Thomas Akabzaa also told Asempa FM's ASEMPA-Today programme that Ghana must in the meantime start developing the potential of local actors to take advantage of the oil find and contends that doing this will take a little longer than the 10 years the government has targeted.

The Earth Scientist however applauded Vice President John Mahama's indication that the government intends to channel the oil revenue into the National Health Insurance Policy, saying the proposed policy is welcome and serves as a positive news.

Dr. Thomas Akabzaa said the Government must ensure that the Oil Revenue bill sees the light of day as soon as parliament resumes sitting.

Story: Jerry Tsatro Mordy/Kojo Asare Baffuor-Acheampong/Asempa News