Written by Joana Mantey | From Voice of America  

A new law in Ghana requires oil and gas companies to make greater use of local products and services.  
 
The broad objective of the new law, known as Petroleum Regulation on Local Content and Participation, is to create jobs and promote business development.

It gives preference to local groups in the granting of licenses for petroleum activities.  The law further gives Ghanaians the opportunity to own up to a five percent stake in any investment by an international company.

Ghana discovered offshore oil deposits in 2007, and commercial production began in 2010.

The country’s Petroleum Commission is convinced the new law will help more oil revenue reach the people.

The chief executive officer of the commission, Theo Ahwireng, said local participation in the oil sector will be a big boost to Ghana’s economy.
 
“It is through participation that you develop the skills of the people, so that at the end of the day when the oil wealth is gone, you will leave an economy with skilled people and skilled business,” he said. “We’ve had fantastic response from a great number of the companies.  We have sat with them to help them go through the procurement process and I must say the support has been very good.”

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