According to Deloitte’s October 2024 Oil and Gas Industry Survey, Ghana’s petroleum industry faces significant challenges that threaten its growth.
The report reveals that a substantial 46 per cent of industry stakeholders identify “high tax rates” as the most pressing concern for the sector, impacting both profitability and overall competitiveness.
In response to these challenges, approximately 42% of industry players are calling for tax amnesty, arguing it could foster a more favorable business environment.
The survey also highlights a major issue with access to foreign currency, with around 80% of respondents needing it to meet payment obligations. However, they face difficulties due to high exchange rates.
Stakeholders are urging the central bank to address the foreign exchange shortage to ease these financial pressures.
On a positive note, the report reveals that about 91% of industry players believe local content regulations are adequate or somewhat adequate in promoting and safeguarding Ghanaian participation in the sector. Only a small minority feel these regulations deter foreign investment.
Additionally, the majority of top management officials stress the importance of public disclosure on Environmental, Social, and Governance (ESG) practices.
This view is supported by a strong rating of 4.22, underscoring the significance of transparency in companies’ environmental and social impact.