The Association of Ghana Industries (AGI) has called for the speedy passage of the Local Content Law for the construction sector.
According to them, there is the need for a legislation to cushion contractors who suffer delayed payments in view of the huge costs involved in pre-financing projects.
Players in the sector say the absence of the local content law is negatively affecting their operations.
Addressing journalists in Accra on Friday, 4 May 2018, President of AGI, Dr Yaw Adu Gyamfi, said the presence of a local content law would ensure efficiency in the construction sector.
“The AGI is calling for passage of the Local Content Law for the Construction Sector… There is also a need for this legislation to cushion contractors who often suffer delays in payments in view of the huge pre-financing cost.
“That means they will take money, do a job but it takes six months to one year to get them paid, and when government is paying them, they don’t add interest. So the more jobs they do, they end up with losses.
“Such a law will enhance the sustainability of local construction firms and help create jobs and economic growth.”
Source: ClassFMonline.com/91.3FM