The Association of Ghana Industries and partners on Tuesday launched the Second Domestic Content Matchmaking Exhibition and Conference aimed to help promote business between the local companies and the international oil companies operating in the country.
The exhibition will also provide a platform for local industries to partner foreign companies in various aspects of the oil and gas industry value chain to strengthen their capacities to effectively do business with the international companies.
Nana Owusu Afari, President of AGI, who launched the exhibition, said local businesses lacked the capacity to take full advantage of the opportunities that the oil industry presented hence the need for inclusion of foreign companies.
He said lack of finance, technology and human resources posed a major challenge to many local businesses and by teaming up with other foreign companies involved in ancillary businesses in the sector, they could over time gain the experience and expertise in meeting the needs of the international oil companies.
“Our objective now is to create a platform for our local companies to meet such international companies to forge business relations and enhance their capacities,” Nana Owusu said, adding that international metal fabricators, chemical producers, producers of basic machinery, among others, would participate in the exhibition.
He said the country needed to pay attention to local content since direct earnings from the production, such as royalties and taxes, would not be enough to meet the expected development targets and these called for concerted efforts to develop the downstream activities.
“A key element in the local content policy is to maximize the use of local expertise, goods and services, job creation for people, businesses and financing in all aspects of the oil and gas industry value chain,” Nana Owusu said.
The exhibition, which will take place between 11-13 October this year, is on the theme: “Promoting Local Content Development in the Oil and Gas Industry in Ghana: The Engineering Supply Chain Dimension.”