Business News of 2013-12-25

Chamber of Commerce praises government

The Sekondi-Takoradi Chamber of Commerce and Industry (STCCI) has commended Cabinet and Parliament for the commitment they showed in passing the Petroleum Sector local content and participation policy into law.
The law mandates the Petroleum Commission to establish a Local Content Committee which would be responsible for ensuring that investors in the industry comply with all provisions that concern their operations including the provision of their Local Content Plans (LCPs).
The Committee, when constituted, would monitor compliance to this provision. Mr. Ato Van-Ess, Chairman of the Chamber, told journalists at a press briefing that “We are very hopeful that the Petroleum Commission will as a matter of urgency establish this very important Committee.”
Mr. Van-Ess appealed to players in the industry to respect the law and submit their local content plans to the Committee on time to enable it to make it public in due course.
He said development partners and other key players in the industry must support the law by educating all stakeholders adding that it was the responsibility of all stakeholders to ensure compliance with the law.
“We 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 responsible for playing their respective roles effectively and efficiently for the socio-economic development of the industry and the country as a whole,” he said.
Mr Van-Ess said the Chamber would work hard to create awareness for the good of all businesses and the country at large.
“We pledge our continuous support to the private sector in the area of capacity building especially SMEs to enable them meet up the required standards and benchmarks of the industry.”
The Chamber also thanked the Business Advocacy Challenge Fund (BUSAC Fund) for its support in advocating for the speedy passage of the bill.