As part of efforts to build the capacity of indigenous businesses in Ghana's oil and gas sector, industry players are renewing calls for the immediate utilization of the Local Content Fund.
They argue that leveraging this fund is essential to strengthening the capacity of local companies to survive and thrive, especially amidst the current economic challenges.
The Local Content Fund, established under the Petroleum (Exploration and Production) Act, 2016 (Act 919), is designed to provide concessionary loans to Ghanaian companies operating in the oil and gas sector.
Its primary goal is to build capacity of Ghanaian companies in the oil and gas industry and promote economic empowerment among locals.