U.S. Ambassador to Ghana, Virginia Palmer, has called on the government and key stakeholders in the oil and gas sector to honor the terms of contracts signed with industry partners, stressing that contract sanctity is vital for creating a stable business environment conducive to economic growth.
Speaking at the 2024 Ghana Oil and Gas Conference, hosted by the Ghana Upstream Petroleum Chamber, Ambassador Palmer also urged the Ghana Revenue Authority to implement more investor-friendly tax policies to attract and retain investment in the sector.
“Improving Ghana’s business climate is crucial,” she noted. “This includes a commitment to contract sanctity, fair and consistent treatment by the Ghana Revenue Authority, speedy dispute resolution, and proper application of VAT exemptions in this key sector.”
In response, Chief Director of the Energy Ministry, James Yaw Amoah, delivering a speech on behalf of the Minister of State at the Ministry of Energy, Herbert Krapa, affirmed the government’s dedication to sustainable market improvements.
“We are accelerating efforts to tap into untapped petroleum reserves with investor-friendly fiscal policies,” Amoah stated. He added that the government is exploring ways to increase domestic refinery capacity, expand LPG usage, and address the economic impacts of these changes.
