The challenge of funding constraints haves been a bane for the growth of Indigenous companies (IGCs) in the upstream petroleum industry. The lack of sufficient knowledge and perceive risks of the sector by some financial sector players haves, in the past, also led to limited appetite for credit exposures to IGCS engaged in the upstream oil and gas activities. To address this challenge the Petroleum (Exploration and Production) Act 2016, (Act 919) makes provision for the setup of a Local Content Fund to serve as a flexible financing option to support the activities of Ghanaians and Ghanaian businesses in the upstream petroleum industry.
The session will focus on challenges facing IGCs in accessing funds and financing options provided by the Local Content Fund to address these constraints. Panelists will share their experience on how such schemes have been managed elsewhere and the strategies to put systems in place to make the Fund effective to meet its objective.