About 87% of players in the upstream petroleum sector have cited the acquisition of foreign currency as their biggest challenge in meeting their payment obligation, according to a survey commissioned by the Petroleum Commission but conducted by Deloitte.
It also revealed that 80% of the respondents require foreign currency to meet their payment obligations.
Again, the most common challenge respondents faced in obtaining foreign currency was high exchange rates” (40%). Approximately, 47% of respondents believe that it would be very helpful if the central bank solves the issue of forex unavailability.
The respondents also mentioned tax-related challenges as prevalent in the petroleum industry in Ghana.
According to the research, the most significant issue reported by 46% of respondents was high tax rates.
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