The U.S. Ambassador to Ghana, Virginia Palmer, has urged the government and key stakeholders in the oil and gas sector to uphold the terms of contracts signed with industry partners.

She stressed that adhering to these agreements is crucial for maintaining a stable and conducive business environment, which will, in turn, drive economic growth.

Speaking at the 2024 Ghana Oil and Gas Conference, organized by the Ghana Upstream Petroleum Chamber, Ambassador Palmer also highlighted the need for the Ghana Revenue Authority to adopt more investor-friendly tax policies in an attempt to attract and retain investment in the sector.

“Improving Ghana’s business climate will be an important next step and one it must tackle,” she said.

“This means a commitment to contract sanctity, including provisions on international arbitration. It means clear, consistent and fair treatment by the Ghana Revenue Authority. It means speedy dispute resolution. It means real consultations to changes to localization requirements and timely payments and proper applications of VAT exemptions in this key sector,” she emphasised.

Meanwhile, delivering a speech on behalf of the Minister of State at the Energy Ministry, Herbert Krapa, the Chief Director at the Ministry James Yaw Amoah, assured of the government’s commitment to improving the market sustainably.

“We have accelerated efforts to tap into our untapped petroleum reserves, adopting investor-friendly fiscal regimes,” he stated.

“We are evaluating alternative pathways to utilize domestic refinery capacity, increase the use of domestic LPG and address the economic impact of these changes,” he added.