On November 20, 2013, the Parliament of Ghana adopted Legislative Instrument L.I. 2204 entitled 'Petroleum (Local Content and Local Participation in Petroleum Activities) Regulations, 2013'. Under the regulations, anyone 'carrying out a petroleum activity shall ensure that local content is a component of the petroleum activities engaged in'. The main points are:

• Ghanaian companies have to be given first preference in the grant of petroleum agreements and licences
• A minimum equity participation of 5% by Ghanaian companies is required
• Non-Ghanaian companies wanting to provide goods or services to enterprises in the petroleum sector must set up a joint venture with a Ghanaian counterpart, granting that counterpart at least 10% of equity participation
• Goods and services require 10% local content from the entry into force of the regulations, set to increase to 60-90% in ten years time; likewise, the regulations provide for local staff quotas to increase to 70-100% in ten years time depending on the type of employees (management, technical etc.)

A Local Content Committee will be set up to monitor and supervise compliance with the regulations. To identify the affected trading partners, the list of major companies active in Ghana on Africa Oil and Gas was used.
This measure follows the introduction of Petroleum (Local Content and Local Participation in Petroleum Activities) Regulations in 2012 (see PWC source below).