Deloitte Survey: High taxes and forex challenges threaten growth of Ghana’s petroleum industry
Deloitte’s October 2024 Oil and Gas Industry Survey reveals that tax-related challenges continue to pose significant threats to Ghana’s petroleum industry, with 46% of industry stakeholders identifying high tax rates as the most critical issue.
These tax concerns are affecting profitability and limiting the growth and competitiveness of the sector. Approximately 42% of industry players are calling for tax amnesty, believing it would create a more favorable tax environment for businesses.
Additionally, 80% of respondents highlight difficulties in obtaining foreign currency for their payment obligations, citing high exchange rates as a key challenge. Industry players urge the central bank to address the shortage of forex.
On local content, 91% of respondents feel that existing regulations adequately promote Ghanaian participation in the sector, though some suggest the regime may discourage foreign investment.
The report also underscores the importance of environmental, social, and governance (ESG) transparency, with top management rating the need for public disclosure of ESG practices at 4.22 out of 5, stressing its role in enhancing corporate responsibility.
