Skip to main content

US concerned about Ghana’s local content

Mr Gene A. Cretz, United States (US) Ambassador to Ghana on Thursday said Ghana’s local content law in the oil and gas sectors could make it difficult for the country to attract the needed foreign capital, technology and the expertise.
 He said though the US government was not opposed to Ghana’s local content law, there were problems with the penalties in the law against foreign companies which were detrimental to their operations.
 Mr Cretz made the statement during an interaction with media personnel on trade and investment opportunities between US businesses and their Ghanaian counterparts.
 Other US officials at the meeting included Mr Joel R. Wiegert, Economic Counselor, Mr Paul Taylor, Senior Commercial Officer and Mr Kurt Seifarth, Agricultural Counselor.
 Mr Cretz noted that the US mission in Ghana would want to dialogue with various levels of government on how best to achieve commendable local content objectives.
 He stated that the US government would be supportive of any local content effort that would develop viable local companies to do business in Ghana and around the world.
 He said US companies in Ghana were already involved in local employment, training as well as technology transfer.
“For us, maximising local content is not the same as maximising local value” he added.
Mr Cretz also called for discussions between Ghana’s government and US officials to develop a local content that would be beneficial to the two countries as well as to Ghana’s long term development.
Mr Cretz also announced that the second compact of the Millennium Challenge Account, which had been devoted to the country’s energy sector, could be signed by April 2014.
He said both Ghanaian officials and their US counterpart were working on the specific areas of the energy sector to implement the compact.
He said currently the US government was undertaking an US$8 million survey on Ghana’s power sector to find out what was actually needed in that area in order not to duplicate the issues so that the money put into the second compact could efficiently be utilised.
Mr Cretz further stated that Ghana was beginning to serve as a US trade hub for the rest of the West African sub-region.
He said a number of American businesses including General Electric (GE) and Halliburton had set up their bases for operations in the country.
He said the population of West Africa is about 300 million, and that, the businesses had recognised the growing value of being the first major business in the ECOWAS Sub-Region.     

GNA

Comments

Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…