The Vice President, John Dramani Mahama has thrown a number of challenges to Chief Executives of the Private Sector in pursuing their role as the country’s engine of growth.
Prominent among these is a challenge to the stakeholders to take a peculiar interest and invest in the Services Sector of the upcoming Oil and Gas industry to complement government’s efforts in Local Content development.
This, the Vice President says is the only way the private-sector can effectively partner government to exploit the economic prospects of the burgeoning Oil and Gas industry towards the country’s rapid economic growth.
The Vice President made these statements over the weekend during the second edition of Ghana’s Most Respected Company and CEO awards.
According to him, “The bulk of revenue for oil is not in the sharing, it is in the course of producing and the services that go to the oil companies and so the catering companies that prepare the food that they eat on the rigs and the welding on the rig, plumbing and electricians, the port services and everything are all part of the course and so if we sit and say we are just going to share the profit, we are going to have all these multinationals coming in and providing services and taking a big chunk of the revenues out.”
He called on the CEO’s of the private sector to help retain the revenues from the yet to start oil production in the country.
“I challenge the CEO’s that apart from the traditional business that you are doing, this is a new oil and gas economy coming up. You are well reputed entrepreneurs and I’m sure that if you look to that industry, you could with the managerial expertise you have be able to also float companies that would be able to provide some of those services and keep some of the revenues from the oil production in this country.” He urged.
The Vice president also urged the private sector to take a peculiar interest in the second phase of the Private Sector Development Programme which is in the offing.
According to him, “We are coming out with a private sector development program phase 2 and that is government’s medium term policy in dealing with the private sector. I know the AGI have been very involved in it but I will ask you CEO’s to get draft copies of it and before government launches it, if you have any ideas that you think we can put in it to improve it, government will appreciate it.”