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18.03.2019 Business & Finance

Cabinet Okays Downstream Petroleum Policy On Local Content

By Staff Writer
Information Minister, Kojo Oppong Nkrumah
MAR 18, 2019 BUSINESS & FINANCE
Information Minister, Kojo Oppong Nkrumah

The Cabinet has approved a Policy on Ghanaian content and Participation in the Downstream Petroleum Industry in Ghana.

Kojo Oppong Nkrumah, Information Minister, said the policy is intended to ensure a Ghanaian-driven and Ghanaian owned petroleum downstream industry capable of attracting increased local value-added investments.

At a press briefing Sunday, he said it is also to enhance job opportunities as well as indigenous knowledge, expertise and technology in the industry for the overall benefit of Ghanaians.

The new policy framework covers areas such as trading, shipping and bulk distribution of petroleum products, Infrastructure development in the petroleum sector such as the construction of port discharge facilities, processing and petrochemical plants, supply of petroleum to strategic sectors of the economy as well as general procurement of goods and services for the downstream industry.

The Ofoase Ayeribi MP added that though there has been significant progress in the role and participation of Ghanaians in some of the downstream activities the government believes there is still lots more space for Ghanaian participation.

“The policy provides for a grace period for building local capacity as well as onboarding best practices from other jurisdictions where this is being practised.

“Energy Minister Peter Amewu will in the coming days provide more details on the Policy nuances per activity. A petroleum downstream Ghanaian content committee is to consequently be established under the NPA to supervise, coordinate, administer and monitor and manage the development of local content in the downstream industry,” Mr. Oppong Nkrumah said.

Government, he said, believes efforts such as these will assist in strengthening the Ghanaian economy as well as ensure that Ghanaian capital is bolstered.

---Myjoyonline

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