High exchange rates, tax issues plaguing Ghana's upstream petroleum industry - Report

A recent survey conducted by Deloitte for the Petroleum Commission has revealed that about 87% of upstream petroleum sector players in Ghana identify foreign currency acquisition as their major challenge in meeting payment obligations.

As reported by myjoyonline.com, the survey also found that 80% of respondents require foreign currency for their payments, with high exchange rates being the most common issue, cited by 40% of participants.

Nearly half (47%) said central bank intervention to address forex unavailability would be helpful.

Additionally, 46% of respondents cited tax-related issues, especially high tax rates as a major concern.

Other challenges include ambiguity in tax compliance and frequent changes in tax regulations.

A tax amnesty was suggested by 42% of respondents to create a more favourable tax environment.

The Petroleum Commission received an average responsiveness rating of 3.80, indicating a generally positive perception.

However, high fees or charges were noted as a common challenge by 14 respondents, the report added.

ID/AE

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