In order for the financial institutions to be supported to improve their risk appetite in the oil and gas industry, about 40% of respondents captured in the survey expressed the view that "specialised insurance policies" can help improve the risk appetite of the financial institutions in the oil and gas industry, a survey conducted by Deloitte on local content for Ghana's Petroleum Commission, has said.
Financial institutions in Ghana consider the upstream oil and gas industry as high risk, the survey said. "These respondents also rank Hybrid financing as the most effective and available financing tool in the industry," the report said. The report further indicated that political interference is cited as the major roadblock for exploration.
The survey identified a number of challenges facing Ghana's petroleum industry.
For instance, it said that tax-related challenges are prevalent in the petroleum industry in Ghana. "The most significant issue, as reported by 46% of respondents, is 'high tax rates'.