By Mildred Siabi-Mensah
Amanfo-Kuma (WR), Oct. 20, GNA – The Petroleum Commission (PC) has been called upon to begin seeing the local content agenda as a great Industrialisation tool to advance the course of local businesses.Â
The shift would ensure that the companies did not only comply to regulations, but more businesses emerged along the value chain with the right business environment that encouraged growth, profitability and sustainability.
Mr. Kofi Yalley, the MD for Ensol Energy urged the Commission during a working visit to their facility to ascertain how the company and similar Ghanaian own businesses in the Oil and Gas sector was fairing.
“Generally, the sector had been slow, but what had kept these indigenous businesses afloat was diversification and export of talents and skills plus services in other countries”, he indicated.
Dr. Stephen Narh Wayoe , Chief Executive Officer of Wayoe Engineering also collaborated on the need for fair competition among indigenous oil companies.
He mentioned how these oil companies were contributing to the local economy in terms of skilled labour, inflows adding, “we bring in lots of revenue in terms of foreign and so we must be helped to stay in business”.
Dr. Wayoe mentioned research into bridge construction with local materials as the next niche of the company.
The industry had also suffered from the lack of access to long-term credit, lack of cooperation among local businesses thus entrenching unhealthy competition and the lack of appreciation of the trade laws.
Mr. Kakra Osei-Barnieh, Managing Director of Chemsolv noted how new market entry had been helpful in the wake of the slide.
He was enthused the Petroleum Commission was stepping up efforts to make sector more appealing to foreign investors.
Mr. Ennin, the Chief Executive Officer of Zeal Environmental, mentioned how investment in skilled labour had been lost to other oil producing countries due to the downturn.
He, on the other hand praised the Commission for their annual auditing which had significantly shaped the fortunes and standards of the company.
Madam Victoria Emeafa Hardcastle, the Chief Executive Officer of the Petroleum Commission assured that Ghana was becoming more attractive again with the reforms in their Regulations as well as the signing of new agreement with some international Oil Companies.
She praised the indigenous oil companies for their resilience, compliance to standards.
Madam Hardcastle suggested a multi-sectorial engagement with key stakeholders within the Petroleum value chain aimed at addressing the challenges confronting the sector.
She also announced the Petroleum fund to bridge the gap on access to long-term capital.
GNA
Edited by Justina Hilda Paaga/Kenneth Odeng Adade
Mildred Siabi-MensahÂ
[email protected]Â