‘Partner local companies’

The Minister of Energy and Petroleum, Emmanuel Armah-Kofi Buah has advised foreign investors seeking to invest in Ghana’s energy sector to partner local companies to ensure shared value.

He disclosed that government was in the process of rolling out a strategic plan aimed at offering business opportunities in the upstream petroleum sector for both local and foreign investors.

Hon Buah made the remarks when a delegation from GEP AFTP paid a courtesy call on him recently. According to him, foreign investors’ partnership with local companies will ensure transfer of knowledge and technology to help indigenous companies to meet international standard.

He said the partnership between GNPC and Technic, a French company was a perfect and worthy example. He said French companies in the country have distinguished themselves over the years, noting that Government will like to see more French investors in Ghana, particularly in the oil and gas sector.

He mentioned that Government would ensure transparency in the oil and gas sector. “Government has passed the Petroleum Revenue Management Law and the Extractive Industry Transparency Initiative (EITI) to curb the oil sector of bureaucracy, corruption and unnecessary frustrations, which tend to hinder investments.”

One of the reasons why the council, which consists of 400 companies with expertise in the oil and gas sector, is in the country for a three-day familiarization tour to look for business opportunities is to ensure transparency, Deputy French Ambassador to Ghana, Cécile Vignaud, who accompanied the delegation to the Ministry said.

The leader of the delegation, Claude Boutil said France was investing abroad because “it does not have many oil and gas activity inland but we invest all over the world with key attention to the country we invest in, so building the capacity of our local partners is our priority.