Ghana’s petroleum industry is still under threat from tax-related issues, according to Deloitte’s October 2024 Oil and Gas Industry Survey.
The study notes that “high tax rates” are cited as the top concern by 46% of industry participants.
The paper claims that these issues not only affect profitability but also impede the sector’s general expansion and competitiveness.
A little over 42% of industrial participants support tax amnesty. They think that doing this will improve the tax climate for companies.
They point to high exchange rates as a barrier and contend that the central bank’s solution to the problem of forex unavailability will be highly beneficial.
The survey also revealed that just a small percentage of industry participants think local content requirements deter international investment, while 91% of them think they are either somewhat or sufficiently sufficient to safeguard and encourage Ghanaian participation in the business.
Most senior executives think it’s critical that businesses make their ESG policies available to the public.
The corporations’ ranking of 4.22 for the significance of transparency about their environmental and social impact serves as more evidence for this point of view.