Asoma Banda Condemns Local Oil Firms

A business mogul Alhaji Asoma Banda has lashed out at Ghanaian companies who front for foreign firms in the oil sector. As part of moves to increase local content in the oil sector, some areas have been reserved for only indigenous companies. However, Citi Business News has learnt some Ghanaian companies pose as the firms who will execute projects meant for only indigenous outfits and in turn, award the contracts to foreign ones. Alhaji Banda believes that such acts will only deter the economic growth and development of the country. “We are fronting for foreigners who are coming here with nothing," he said. "The government is always saying local content yet people pose as local content, give it to foreigners and at the end, blame it on the government of the day." Banda added: “We are the enemies of ourselves and I think that with the members of parliament, I will like to see a Private Members' Bill in that House. ” Analysts say the move may greatly affect the country’s bid to attain its local target content. Sources close to the sector, on the other hand, say the trend has become a thriving business in the industry. Alhaji Banda said companies involved in such acts should be prosecuted.