Virginia Palmer, the US Ambassador to Ghana, has asked the government and key stakeholders in the oil and gas sector to honour the terms of contracts signed with industry partners.
The Ambassador argued that upholding the terms of contracts signed with industry players will ensure a stable and conducive business environment, thereby driving economic growth.
She made the announcement during the 2024 Ghana Oil and Gas Conference, which was organised by the Ghana Upstream Petroleum Chamber.
She emphasised the importance of the Ghana Revenue Authority implementing more investor-friendly tax policies 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’’.
By: Rainbowradioonline.com/Ghana
