Chairman of the Ghana Chamber of Commerce Guyana, Gabby Asare Otchere-Darko, has emphasized the intrinsic connection between local expertise and effective local content policies.
He warned that without the involvement of capable local players, local content policies risk becoming hindrances rather than catalysts for economic growth in the hydrocarbon sector.
He said, “When lacking capacity, these policies become frustrating barriers to the core task of oil extraction.”
Delivering an opening statement at the Ghana-Guyana Local Content and Capacity Building Conference in Guyana on Thursday, August 10, Mr. Asare Otchere-Darko underscored the urgency of cultivating local capabilities, especially as the global energy transition heightens the demand for expedited oil extraction.
He stressed the significance of empowering local stakeholders to participate actively in the upstream business and maintained that the lack of local capacity should not be an excuse to disregard the importance of local participation.
Emphasizing local content’s multifaceted importance, Gabby termed it a fundamental human, moral, social, economic, developmental, and prosperity right and highlighted its potential benefits for governments, citizens, and international oil companies (IOCs).
He expressed the belief that local content is advantageous to all stakeholders, including governments, citizens, and international oil companies (IOCs).
Achieving effective local content, he said, requires affirmative policy action from the state while ensuring a balance between the interests of various stakeholders, including policymakers, regulators, local private sectors, communities, IOCs, and the national economy.
He stressed the significance of the Ghana-Guyana Local Content Conference and shared insights from Ghana’s experience, stressing the growth of local companies in the oil sector and the willingness to collaborate and learn from Guyana’s experiences.
Drawing from Ghana’s experience, Gabby Otchere-Darko illustrated the oil sector’s growth and shared insights during the conference.
He underlined the mutual willingness of Ghana and Guyana to collaborate and learn from one another, affirming that Ghana’s commitment to Guyana is rooted in genuine knowledge-sharing rather than exploitation.
Mr. Otchere-Darko reiterated the joint goal of exploring mutual benefits, encouraging the exchange of knowledge, and fostering collaboration for the betterment of both nations.
The conference provided a platform for these shared aspirations, focusing on local content and capacity building to harness the full potential of the hydrocarbon industry.
In December 2021, Ghana and Guyana formalized their cooperation with a signing ceremony that was graced by the presence of Vice President Dr. Bharrat Jagdeo of Guyana and Vice President Dr. Mahamudu Bawumia.
He stated that since that momentous occasion, numerous significant developments have unfolded, including the inauguration of the Ghana Chamber of Commerce Guyana in May of this year.
This unique chamber of commerce, he said, stands as the sole African representative in the entire Caribbean region and underscored sincere dedication to transforming the promises of the cooperation agreement into concrete actions, as the two nations strive to make a tangible impact rather than merely speaking words.