The Petroleum Commission has reiterated its commitment to promoting and deepening local content development in the upstream oil and gas sector. The Commission used the opportunity at the Africa Prosperity Dialogues (APD 2026) series held at the Accra International Conference Centre (AICC) last week to reassert this commitment.
The programme was convened under the auspices of H.E. John Dramani Mahama, President of the Republic of Ghana, who was represented by the Vice President, Prof. Jane Naana Opoku-Agyemang.
The 2026 edition of the series was held under the theme “Empowering SMEs, Women and Youth in Africa’s Single Market; Innovate, Collaborate, Trade.”
Delivering remarks on behalf of the Commission at the Oil and Gas Breakfast Meeting on Wednesday on the theme: “Integrating Women, Youth and SMEs into Africa’s Oil and Gas Value Chain under the AfCFTA”, Director of Economics and Local Content, Mr Kwaku Boateng commended Africa Prosperity Network (APN) for creating such an important platform that brings together policy makers, industry players and entrepreneurs to deliberate on practical and forward-looking solutions for inclusive economic participation, regional trade and sustainable development.
He underscored the significance of the programme to the upstream petroleum industry as it seeks pathways to actionable strategies that enhance the participation of women, youth and SMEs in Africa’s oil and gas industry, promote local content development, and strengthen the implementation of the AfCFTA within the energy value chain.
Throwing light on the Commission’s quest to promote and deepen local content development, Mr. Boateng stated that, “The Commission recognises the significant technical and financial entry barriers confronting youth and women in the upstream petroleum industry.
Consequently, L.I 2204 was amended as L.I 2435 to reserve some specified operational scopes for Indigenous Ghanaian Companies (IGCs), thereby safeguarding them from unfair competition with well-resourced international oil and gas companies.”
He further clarified the intent and operations of the Local Content Fund to participants by stating that “the purpose of the Local Content Fund is to grant concessionary loans including working capital to IGCs and the vulnerable groups such as women and People with Disabilities (PWDs). The fund will also support businesses to acquire relevant ISO certifications as well as academic institutions for training and capacity building programmes.”
Responding to a question on the implementation and the disbursement of the Local Content Fund, Mr. Boateng said that the fund is domiciled with the Bank of Ghana, and an accredited financial institution would be nominated to ensure effective disbursement and recovery of funds. He concluded by directing all enquiries on business opportunities and any regulatory requirements in the industry to the Business Advisory and Enterprise Development (BAED) department of the Commission.
The three-day APD 2026 brought together African Heads of State, CEOs of leading corporations, entrepreneurs, youth innovators, influential women in business, and some staff of the Petroleum Commission providing a unique platform for collaboration, knowledge sharing and continental economic integration.