AG discusses local content, wealth fund bills with Ghana official
A meeting billed as a consultative exercise on Guyana’s Local Content Bill and amendments to the Sovereign Wealth Fund Act was held yesterday with an official from Ghana.
A Ministry of Legal Affairs release yesterday informed that Attorney General and Minister of Legal Affairs, Anil Nandlall, met with Secretary and Member of the Economic Management Team attached to the Office of the Vice President of the Republic of Ghana, Professor Joe Amoako-Tuffour.
According to the release, Amoako-Tuffour shared lessons that were learnt by the Ghanaian Government when drafting legislation of this nature and the experiences of eight oil producing countries which he studied. He explained the various strategies and mechanisms that were employed to overcome the myriad obstacles and cautioned against seeking the perfect legislative framework based upon other countries. With time and experience, the professor stated, Guyana will have to develop its own unique network.
Nandlall in turn explained that in drafting the amendments to the Sovereign Wealth Fund Act, the intention is to create a transparent, accountable and rigid framework which insulates against political interference.
Regarding the Local Content Bill, he emphasised that “strenuous efforts are being made to ensure simplicity and a framework that would protect Guyana and its people’s best interest.” Further, he related that the legislative endeavours draw heavily from the experiences of Ghana, the inputs of the professor, and from many other jurisdictions whose legislation was examined as well as from consultations that were locally done.