Address payment arrears to improve business climate – US Ambassador

By Buertey Francis BORYOR

U.S. Ambassador to Ghana Virginia E. Palmer has said it is imperative that government addresses payment arrears to the country’s private sector and its international investment community to improve its business climate.

Delivering the keynote speech at a thanksgiving dinner and awards night to mark the American Chamber of Commerce’s (AMCHAM) 35^th anniversary, Ms. Palmer said it will be impossible for the nation’s private sector to continue subsidising vital sectors of the economy until it receives arrears owed by government.

“Some of the things I talk about with government and with the flagbearers include what can be done to improve the business climate. I think it is imperative to address payment arrears to the private sector and international investment community. Government cannot rely on the private sector to subsidise key sectors like telecoms, energy and cocoa,” she said.

Additionally, she called for swift reforms to stabilise these sectors to enable the country keep its existing foreign investments while attracting new ones.

“Both the private sector in Ghana and international investors are looking for stability to make more investments. Real reforms need to take place to bring stability. This will keep foreign investments here and attract new ones,” she said.

Also, Ambassador Palmer urged the country’s next administration to be responsible stewards of the public purse – encouraging its leaders to employ utmost transparency with regard to concluding tenders, projects and concessions.

According to her, real transparency will build public trust and investor confidence while ensuring the best value for taxpayers.

Ghana’s 2024 general elections

She encouraged Ghana to draw hope and inspiration from the American experience, highlighting its 247-year history of peaceful transitions of power. She urged the country to reflect on this example as it prepares for the upcoming December elections.

Additionally, she lauded former President John Agyekum Kufour – who was honoured on the night – for his matchless political leadership and his role in sustaining the country’s democracy.

“I also want to honour former President Kufour for his role in Ghana’s peaceful transitions. He is the man behind the first peaceful transition in the country’s democratic elections.”

Furthermore, she called on all political parties to sign the peace-pact as soon as possible to signal the country’s youths that violence and insults will not be tolerated.

Moreover, Ms. Palmer pledged America’s support to working with the country to ensure a positive and conducive investment climate.

Additionally, she commended AMCHAM for taking a leading role in collating concerns that American companies have and presenting them to government for redress.

Africa Continental Free Trade Area (AfCFTA)

She highlighted that AfCFTA creates real opportunities for the country’s exporters.

“There are now 37 state parties that are open for business and trading under the AfCFTA for a wide range of goods; and this creates real opportunities for Ghanaian exporters while also encouraging more foreign investments.

“There has also been significant progress in important protocols relating to investment, the digital economy, women and youth, among others.”

She concluded by encouraging the country’s private sector to play a role in pushing government and other AfCFTA governments to rigorously implement the agreement so that it can deliver on its great promise.

Meanwhile, former President John Agyekum Kufuor who was the guest of honour, implored the US Ambassador to advocate for Ghana as the preferred hub for partnership with the US to produce and add value to its natural resources for a win-win economic growth situation.

“Ghana has got the human resource. Our teeming youth are well-educated but are unemployed because the prospects are limited. They are all looking for prospects to sell on the global market,” he added

The theme for this year’s thanksgiving event was ‘Celebrating 35 years of growth and looking into the future with great hope for US-Ghana commercial relations’.

Awards

The event also recognised members of the Chamber who demonstrated exceptional commitment to its goals for 2024, with special awards presented to outstanding U.S. companies for their contributions.

Additionally, all past presidents, vice presidents and treasurers of AMCHAM were honoured for their hard work and dedication to the Chamber’s success over the years.

Special recognition was also given to long-serving staff of the Chamber’s secretariat and sponsors of the event.

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