Business News of 2013-12-23

STCCI urges all to respect local content law

The Sekondi-Takoradi Chamber of Commerce and Industry (STCCI) says it is happy that the Petroleum Sector Local Content and Participation Policy has been passed into law.

The STCCI is therefore entreating all its members, all players in the industry, to respect this law by submitting their local content plans to the committee on time so that the Petroleum Commission can also make it public in good time.

This law mandates the Petroleum Commission to establish a Local Content Committee, which among others will be responsible for ensuring that investors in the industry comply with all necessary provisions that concern their operations including provision of their Local Content Plans.

A statement issued and signed by Mr. Ato Van-Ess, Chairman of STCCI, explained that the law also empowers the Committee to monitor compliance to this provision -- “We are very hopeful that the Petroleum Commission will as a matter of urgency establish this very important committee.

“We encourage all development partners and other key players in the industry to support the law, by bringing to the attention of all stakeholders issues that could potentially inhibit investments in the industry as a result of implementing the law,” it said.

The statement pointed out that those in the industry should take note that it is not the responsibility of the Petroleum Commission alone, but the Chamber of Commerce & Industry, the Association of Ghana Industries and all stakeholders are also responsible for playing their respective roles effectively and efficiently for socio-economic development of the industry and the country as a whole.

As a Chamber, it said “We want to assure the business community that we will continue to do our part and will encourage others to do same to make sure the law works for the good of all businesses and the country at large”.

The statement said the Chamber pledges its continuous support to the private sector in the area of capacity building -- especially for Small and Medium Enterprises (SME’s) to enable them meet the required standards and benchmarks of the industry.

“We want to thank the Business Advocacy Challenge Fund (BUSAC Fund) for the support they gave us in advocating for the speedy passage of the bill into law, as well the European Union, DANIDA and USAID for making the funds available to the BUSAC Fund,” the statement concluded.