Ghana must work to improve its business environment, US Ambassador to Ghana, Virginia Palmer has said.

Speaking at the 2024 Ghana Oil and Gas Conference, organised by the Ghana Upstream Petroleum Chamber, Ambassador Palmer said: “Improving Ghana’s business climate will be an important next step and one it must tackle.”

She explained: “This means a commitment to contract sanctity, including provisions on international arbitration.”

Further, she noted that making such an improvement “means clear, consistent and fair treatment by the Ghana Revenue Authority.”

Also, she noted that it means “speedy dispute resolution” as well as “real consultations to changes to localisation requirements and timely payments and proper applications of VAT exemptions in this key sector.”

Representing Mr Herbert Krapa, the Minister of State at the Energy Ministry was Chief Director James Yaw Amoah, who said: “We have accelerated efforts to tap into our untapped petroleum reserves, adopting investor-friendly fiscal regimes.”

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