Ghanaian entrepreneurs were on Wednesday challenged to invest in the country’s oil production in order to retain its wealth for the local people. This would ensure improved standard of living for majority of Ghanaians, unlike the contribution of the country’s other natural resources, Mr. Kwame Gyan, Lecturer at the Faculty of Law, University of Ghana, said. Mr Gyan made the call at a seminar organized by the Faculty as part of activities to mark the 35th Law Students Week in Accra. He spoke on the theme: “Ghana and the Discovery of Oil”. Mr Gyan said government must create a conducive environment for local investment, since foreign investments had not added to the wealth of the citizenry. “It is obvious that Ghanaians have benefited little in our gold resource, for instance, and the state of our mining communities attest to this fact,” he said. The Lecturer also called for the design and operationalisation of a robust framework that would integrate the oil production into the economy to yield maximum revenue for both investors and the country. Mr Gyan further implored government to adopt an effective regime that would create harmonious existence among all stakeholders considering that there were bound to be conflicts of land interests, which served as a threat to investment. “Ghanaians must commit themselves to developing their expertise to contribute and benefit equally and should be ready to learn on the job,” he added. Mr Thomas Manu, Director of Exploration and Production of the Ghana National Petroleum Corporation (GNPC), said lack of capacity had been identified as a major challenge to the sector. Speaking on; “The Role of GNPC in Oil Exploration”, he stated that a consultative process was ongoing to adopt a comprehensive Petroleum Agreement that would spell out terms of negotiations and other regulatory mechanisms. He said production was expected to kick-off in 2009 and hinted that five more wells would be explored this year for other potential reserves. The Director said over 24 billion barrels more were expected in addition to the 1.5 billion barrels discovered. Mr Manu asked Ghanaians to change the perception that the oil would address all the country’s problems adding “even the employment opportunities would be for only those with expertise relevant for the sector”. Source: GNA