Cabinet Approves New Petroleum Policy

Cabinet has approved a new policy framework on Ghanaian content and participation in the downstream petroleum industry, Information Minister, Kojo Oppong Nkrumah, has announced.

He was speaking to journalists on Sunday in Accra at the Ministry of Information’s biweekly press briefings, saying the policy framework was approved on Thursday, March 14, 2019.

The policy is intended to ensure a Ghanaian-driven and a Ghanaian-owned petroleum downstream industry capable of attracting increased local value-added investments, and enhanced job opportunities as well as indigenous knowledge, expertise and technology in the industry for the overall benefit of Ghanaians.

The new policy framework, according to the Minister, covers a number of areas including trading, shipping and bulk distribution of petroleum products.

He noted that it also covers infrastructure development in the petroleum sector such as construction of ports discharge facilities, processing and petrochemical plants, supply of petroleum to strategic sectors of the economy, general procurement of goods and services for the downstream petroleum industry.

Touching on the benefits of the framework, the Minister explained further that it will lead to the development of skills and expertise of locals.

The Minister 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.”

He indicated that the policy provides for a grace period for building local capacity as well as on boarding best practices from other jurisdictions where this is being practiced.

According to him, a petroleum downstream Ghanaian content committee is to be consequently established under the National Petroleum Authority (NPA) to supervise, monitor and manage the development of local content in the downstream.

“It is the belief that efforts such as this will assist in strengthening the Ghanaian economy as well as ensure that Ghanaian capital is bolstered, he noted.

Beachfmonline.com | Ghana

Leave a Reply

Your email address will not be published. Required fields are marked *