The Minister for Petroleum, Emmanuel Armah-Kofi Buah has emphasized the need to reverse what he calls ‘hunger in the midst of plenty’ that has characterized the economies of African countries.
The phenomenon he noted is a security threat in the region.
Speaking in an address at the opening of the 1st ECOWAS Mining and Petroleum Forum and Exhibition (ECOMOF) 2015 in Accra, Tuesday at the Accra International Conference centre, Mr Buah said: “We need to provide foundation blocks that will enable the sub-region construct the needed transformative agenda to deliver national and regional economic development, create employment, and above all, improve the standard of living of the average ECOWAS citizen through value added utilization of our collective resources.”
He’s called for a collaborative business development among indigenous companies in natural resources sector across the sub-region to enable them compete with their foreign counterparts.
Mr Buah observed that in maximizing value from these mineral resources, the various actors in the entire value chain within the sub-region must work towards an adoption of a common code of an ECOWAS Regional Content Policy to harmonise businesses in West Africa.
He says the adoption of a common mineral policy, code-named the ECOWAS Mineral Development Policy (EMDP) to promote the extractive industry will be an impetus to grow local companies in the sub-region.
The ECOWAS content policy, he said must obviously be aligned to clear targets that seek to promote indigenous industry and also guide foreign investors.
“Such a policy should provide space for local business development, emphasize preference for local procurement of goods and services within the sub-region; training and utilization of local professionals in industry and provide for staged reduction of expatriate workforce.”
Ghana is hosting the first ECOWAS Mining and Petroleum Forum (ECOMOF 2015) in the capital Accra, from 6 – 8 October 2015.
The regional mining and petroleum forum is under the auspices of the ECOWAS Commission, and supported by the Government of the Republic of Ghana, and AME Trade Ltd.
The event is on the theme: ‘Valorising West Africa’s Mineral & Petroleum Resources through Regional Cooperation’.
The Authority of Heads of State and Government, at their 40th Ordinary Session held in Abuja, Nigeria from 16 to 17 February 2012, approved the organization of ECOMOF every two years.
The programme is to be rotated among Member States, as part of the activities to promote and develop the mining and petroleum potentials in the ECOWAS Region.
By: Kasapafmonline.com/Ghana
