A survey conducted by Deloitte on local content for Ghana's Petroleum Commission, has said about 38% of respondents believe that the government can support independent Oil and Gas companies to become competitive in the petroleum industry.
The report suggested that the government does so by providing them with tax exemptions.
The report further stated that financial institutions in Ghana consider the upstream oil and gas industry as high risk.
In order for the financial institutions to be supported to improve their risk appetite in the oil and gas industry, the report said, 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. "These respondents also rank Hybrid financing as the most effective and available financing tool in the industry," the report said. 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'.