Ghana Local Companies Lack Finance – Cynthia Lumor (Ghana Director of External Affairs, Social Performance and Local Content)

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For over ten (10) years, Ghana our mother land has consistently and persistently been producing oil and gas over the period of time, finance the bedrock of every foundation and also part of MODUS OPERANDI still serve as one of the greatest major challenges impeding local companies from participating actively.

Aside financial paucity, aboriginal firms also dearth expertise and often struggle to suit conditions for tenders and environment, health and safety necessities, among others – thereby putting endpoints to their involvement in the hydrocarbons production.

This was divulged by Tullow Ghana’s Director of External Affairs, Social Performance and Local Content, Cynthia Lumor, at a workshop on access to finance for native companies in Accra.

“We have done many of these workshops, joint venture and permitting workshop; we have been doing closing the gaps in workshops where we build capacities on tender processes, but more and more we have been gaining response that access to finance is one of the main shamble blocks for a lot of the aboriginal companies,” she noted.

Nevertheless, to ensure opulence for all, she said, there is a need for scrutiny of companies, government and local firms to make conscious efforts at ameliorating areas such as ingress to finance for local players, and capacity building.

In drawing the curtains down, “will create a win-win premises for all, as it will help aboriginal companies to not only partake actively, but also elaborate, fabricate more jobs and engender more revenue for government; and eventually bring about perpetuated evolution.” She said.

By Owusu- Amponsah Emmanuel.