The purpose of these Regulations is to
(a) promote the maximisation of value-addition and job creation through the use of local expertise, goods and services, businesses and financing in the petroleum industry value chain and their retention in the country;
(b) develop local capacities in the petroleum industry value chain through education, skills transfer and expertise development, transfer of technology and know-how and active research and development programmes;
(c) achieve the minimum local employment level and in-country spend for the provision of the goods and services in the petroleum industry value chain as specified in the First Schedule;
(d) increase the capability and international competitiveness of domestic businesses;
(e) create petroleum and related supportive industries that will sustain economic development;
(f) achieve and maintain a degree of control for Ghanaians over development initiatives for local stakeholders;
(g) provide for a robust and transparent monitoring and reporting system to ensure delivery of local content policy objectives;
(h) provide for the submission of the local content plan and related sub-plans by contractors, subcontractors, licensees and any other allied entity involved in the petroleum industry including
(i) the provision of goods and services;
(ii) the transfer to the Corporation or the Commission and Ghanaians o f advanced technology and skills related to petroleum activities;
(iii) a recruitment and training programme; and
(i) Supervision, coordination, implementation and monitoring of local content.