U.S. Ambassador to Ghana Virginia Palmer has said it is imperative that the government addressed payment arrears to the country\u2019s private sector and international investment community to improve its business climate.<\/p>\n Delivering the keynote speech at a Thanksgiving dinner and awards night to mark the American Chamber of Commerce\u2019s (AMCHAM) 35th anniversary, Ms. Palmer said it will be impossible for the nation\u2019s private sector to continue subsidising vital sectors of the economy until it receives arrears owed by government.<\/p>\n \u201cSome 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,\u201d she said.<\/p>\n Additionally, she called for swift reforms to stabilise these sectors to enable the country keep its existing foreign investments while attracting new ones.<\/p>\n \u201cBoth 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,\u201d she said.<\/p>\n Also, Ambassador Palmer urged the country\u2019s next administration to be responsible stewards of the public purse \u2013 encouraging its leaders to employ utmost transparency with regard to concluding tenders, projects and concessions.<\/p>\n According to her, real transparency will build public trust and investor confidence while ensuring the best value for taxpayers.<\/p>\n Ghana\u2019s 2024 general elections<\/b><\/p>\n She encouraged Ghana to draw hope and inspiration from the American experience, highlighting its 247-year history of peaceful power transitions. <\/p>\n She urged the country to reflect on this example as it prepares for the upcoming December elections.<\/p>\n Additionally, she lauded former President John Agyekum Kufour \u2013 who was honoured on the night \u2013 for his matchless political leadership and his role in sustaining the country\u2019s democracy.<\/p>\n \u201cI also want to honour former President Kufour for his role in Ghana\u2019s peaceful transitions. He is the man behind the first peaceful transition in the country\u2019s democratic elections.\u201d<\/p>\n Furthermore, she called on all political parties to sign the peace-pact as soon as possible to signal the country\u2019s youths that violence and insults will not be tolerated.<\/p>\n Moreover, Ms. Palmer pledged America\u2019s support to working with the country to ensure a positive and conducive investment climate.<\/p>\n Additionally, she commended AMCHAM for taking a leading role in collating concerns that American companies have and presenting them to government for redress.<\/p>\n Africa Continental Free Trade Area (AfCFTA)<\/b><\/p>\n She highlighted that AfCFTA creates real opportunities for the country\u2019s exporters.<\/p>\n \u201cThere 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.<\/p>\n \u201cThere has also been significant progress in important protocols relating to investment, the digital economy, women and youth, among others.\u201d<\/p>\n She concluded by encouraging the country\u2019s 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.<\/p>\n 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.<\/p>\n \u201cGhana 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,\u201d he added<\/p>\n The theme for this year\u2019s Thanksgiving event was \u2018Celebrating 35 years of growth and looking into the future with great hope for US-Ghana commercial relations\u2019.<\/p>\n Watch the latest edition of BizTech below:<\/b><\/p>\n![\"U.S.](\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/174\/17449573.295.jpg\" "\\"U.S.")
U.S. Ambassador to Ghana, Virginia Palmer<\/span><\/span><\/p>\n<\/div>\n