Business News of Fri, 11 Nov 20163
Local Content Fund to enhance gains by local participants
The Minister for Petroleum Emmanuel Armah Kofi Buah is confident a Local Content Fund if fully instituted will further enhance the gains made in local participation in the oil and gas sector.
This comes as Parliament has finally passed the legislative instrument on local content - LI 2204 thereby, paving the way for its implication.
SMEs have since the coming into force of the local content law in 2013 have bemoaned what they say is the lack of commitment on the part of banks to finance their operations in the sector.
They say this makes it challenging for them to execute projects.
But speaking with JOYBUSINESS at the just-ended Local Content Conference and Exhibition organized by the Petroleum Commission in Takoradi, Mr. Kofi Buah said the Fund has the potential to fully address the funding challenge faced by indigenous companies in the sector.
The Local Content Conference and Exhibition was under the theme: Increasing In-country Value and Capabilities of Domestic Businesses.