The United States Ambassador to Ghana, Virginia Palmer, has urged the Government of Ghana to prioritize settling outstanding payments owed to U.S. companies, warning that delays in honoring these obligations could deter future foreign investments.

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Her remarks come in the wake of concerns raised by U.S. Senator James E. Risch, Ranking Member of the Senate Foreign Relations Committee, who recently stated that Ghana owes about $251 million to American firms. He also suggested that the U.S., as the top stakeholder in the International Monetary Fund (IMF), should press the Fund to intervene.

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Speaking to the media in Accra, Ambassador Palmer highlighted the importance of clearing the arrears to improve investor confidence and maintain Ghana’s appeal as a business destination.

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“I’m saying on the one hand, you know, stick with your IMF program – fiscal conservatism on one hand, and please pay American companies. But that’s a liability. It’s a debt, like other debts. And it’s important that the government knows that before new investors come, they call their friends, and the word will get out. Well, you know, it’s a great place, well-educated workforce, wonderful place to live, peaceful, stable, democratic,” she said.

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She noted that the unpaid sums are creating serious financial challenges for companies, potentially hindering new capital inflows from the U.S.

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“I’m owed hundreds of millions of dollars, and no company can sort of face their shareholders with that kind of liability. Indeed, now it’s gotten to the point where it is a break on. I think further investment and the government of Ghana acknowledges that, and so, it has been open to some kind of creative solutions for resolving the debt, as companies have been,” she explained.

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Ambassador Palmer also pointed to issues surrounding the enforcement of contracts in Ghana, describing it as a significant concern for foreign investors.

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“Contract sanctity is even more complicated than that. My predecessor used to talk about contract sanctity, and I thought it meant, I thought it was ‘Diplo speech’ for corruption, and it’s not. It’s landlords even saying, oh, well, I have a lease with you, but I like this lease better, so you’re out of luck. It’s just sticking with whatever contract you have,” she noted.

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Nonetheless, she reaffirmed the enduring relationship between Ghana and the United States, emphasizing that economic cooperation remains a shared priority.

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