Again, about $8.7 billion worth of contracts have been awarded to foreign companies while $6.3 billion went to Joint Ventures (JVs).

Additionally, Mr Boateng reported that, more than 10,000 direct jobs had been created with the local content development in the petroleum upstream activities in Ghana.

Key investments in-country, he mentioned, include cementing units, waste management/thermal absorption plants, fabrication, hydraulic and engineering facilities, aviation hangars, bolts and nut manufacturing coating plants chemical blending and establishment of training centres for specialised trades.

Mr Boateng gave these details when he spoke on "Building value and promoting investment through local content" at the just-ended Ghana Energy week held in Takoradi, in the Western Region, under the auspices of the Western Regional Coordinating Council.

It was on the theme: "Renaissance of Ghana's energy; the renewed commitment towards inclusive and sustainable energy transition, decarbonisation, and energy poverty history for economic development".

Mr Boateng stressed that the sustainable management of the oil resources was key to the socio-economic development of Ghana and her citizenry.

"The commission will ensure transparency, cooperation, development, growth and the mutual benefits from the sector. The country is committed to providing the enabling environment for investment in the upstream petroleum sector by enacting the appropriate laws, regulations and guidelines to govern the sector," he assured.

He outlined strategies to promote investment, which include intensified government's investment promotion to increase level of activities hence local content development and activate incentive provisions (Reg 25 of LI 2204) to enhance technological development in the industry.Also, the Commission Mr Boateng said, would ensure a credible atmosphere for industrial collaboration and transfer of competence and technology and infrastructure development.

"Promotion of local material substitutions and incentives for International Oil Companies (IOCS) to use Ghana as a hub to serve their operations in the sub region, would also be pursued," he added.
He said, "We would also encourage in-country spend, empower local businesses through strategic alliances and partnerships, incubation of IGCS by larger companies and supplier development through subcontracting

Mr Boateng added "We will emphasise domestic value creation rather than ownership, focus on critical issues like access to financing, local content Fund, increased infrastructure through the rehabilitation of Tema Shipyard."

On challenges, he cited low level of activities, limited local capacities in technical scopes, lack of key infrastructure to propel local content development and the overlapping policies and regulations in other sectors.

"There is also the absence of a wider strategic planning in trade and industry to complement local content regulations, high cost of capital and fronting and weak manufacturing and industrial base," he said.

Mr Boateng indicated that most emerging countries had used local content as an "enabler of transition" for growth and economic development.
He explained, "The objective is to maximise national value creation along the petroleum value chain.

Workforce development must create direct and indirect employment for host communities, through local procurement, establishment of new businesses and also strengthen supply chains.

"Economic development must also increase Gross Domestic Product (GDP) through value retention, stimulate growth on non-core business and ensure linkages and infrastructure development."