Local Content Regulation: Capacity building isn’t about skills, capital investment must be factored in
For years, since the exploration and commercial production of oil and gas in the country, expectations have been to building a formidable workforce to man operations and technology locally. By a conscientious effort by government in the passage of the Local Content Regulation 2013, LI2204 in the petrochemical industry, foreign industry players have been conscious about the need to build capacities of the indigenous firm.
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Executive Director for Dieu Donnor, Abraham Yalley argues that such capacity building have been without supporting local firms raise the capital requirement to compete favourably with expatriate firms.
According to him, some capital incentives for local participating firms would drive the industrialization of the economy, and a higher retention of profits to support the country’s wealth.
Capacity building isn’t about skills, capital investment must be factored in…
“Building capacity is not only about skill, its also about financial capability. Do we have banks..financial institutions that are willing to support these local organisations? Else where the government makes available provisions for those industries”, he stated.
He added that “Ghana has the capacity to grow but seems to renege on the potentials”
