Dr Kwame Donkor, Deputy Minister of Energy, has said the government was taking steps to practicalise the use of local content across the broad spectrum of oil exploration and operations.
Government, he said, would therefore place emphasis on the local content in all negotiations for the exploration of oil and gas to the ultimate benefit of Ghanaians.
Dr Donkor gave the assurance in an interview with journalists on Thursday after President John Evans Atta Mills had held an investment forum with captains of industry across Europe on the second day of a three-day visit to Britain at the invitation of the British Government.
The visit, which is to strengthen ties between the two countries, is also to explore areas of further economic co-operation and market Ghana's investment opportunities, especially under the new political dispensation.
The Deputy Energy Minister said Government's investment promotion drive was based on the selling points of openness and transparency, political stability and respect for the rule of law.
He repeated Government's determination to take advantage of opportunities offered by the global economic recession to better the lives of Ghanaians.
Meanwhile, the Chief Executive of Tullow oil, Mr Aidan Heavey, has announced that the Government would by May 16 sign the final agreement on the development stage for the exploration of oil in the Jubilee Field offshore the Western Region.
The date was reached at a meeting of the management of Tullow Oil and Ghana Government officials during President Mills' visit to the UK.
President Mills spent considerable time reinvigorating the interest of investors by selling Ghana as a preferred investment destination.
Beginning with Tullow Oil, the President assured them that his Government would not abrogate any previous contracts just to score cheap political points, an official statement said.
The President said his Government was not going to antagonize business entities, taking into consideration the adverse consequences of such a move.
He, however, reiterated the fact that it was important that Government combed through all existing business contracts to make sure that Ghana benefited appropriately.
"I pledged to the people of Ghana that I will at all times defend the interest of the nation and I will not renege on my pledge.
"So if we are critically examining existing contracts, it is not because we want to abrogate contracts, it is because we owe it a duty to Ghana and our conscience to do so."
President Mills assured Tullow Oil that Ghana would continue to do business with them.
President Mills was also the Special Guest at a CHATAM House organised "Africa Investment Forum" where he rolled out his vision for attracting investment to Ghana.
According to the President, the only way to attract investment was for the Government to be honest, open, transparent, and not self-seeking. And that is what he is committed to.
The President said empowering local investors was also sine qua non for attracting foreign investment.
According to the President, his Government would therefore endeavour to provide the appropriate investment climate for both local and foreign investors.
In providing a conducive environment, President Mills said that due process will be followed and the laws of the land will not favour only one side of the divide.
According to the President, his Government would work at macro economic stability, minimize delays in the investment chain, as well as ensure that Ghana invested in its people in order to have the requisite manpower base to support, and benefit from Government's investment agenda.
The President also pledged to vigorously fight corruption, crime, and the drug menace since such vices did not send the right signals to investors.
"It is a known fact that capital has a choice, and will not go where it does not feel secure," he said.
President Mills said he attached so much importance to attracting investments to Ghana and that was why he made the trip with his Ministers for Finance, Trade and Industry, Foreign Affairs and a Deputy Minister for Energy.
President Mills also participated in a Ghana Investment Forum, where he further stated his vision for attracting investment to Ghana.
At the Forum the Finance Minister, Dr. Kwabena Duffuor, Trade and Industry Minister, Ms. Hannah Tetteh and Deputy Energy Minister, Dr. Kwabena Donkor, made presentations on investment opportunities in Ghana.
"Investors can rest assured that the primary concern of the Ghana Government will be what will be of interest to both Ghana and the investor, and not what will benefit a few government officials", President Mills said.
The President reiterated his commitment to build a Better Ghana and said it will not be business as usual, saying the old way of doing things, will give way to a better way of doing things.