The government plans to amend the Petroleum Revenue Management Act (PRMA), 2011 (Act 815), to access portions of the Ghana Heritage Fund (GHF) and the Ghana Stabilisation Fund (GSF), ostensibly to finance green investment and related initiatives, a senior source close to the Finance Ministry has disclosed. The decision, expected to be announced by the Finance Minister in the upcoming budget statement on Thursday, is believed to be the main reason the Ministry of Finance (MoF) recently met with selected individuals and civil society organisations (CSOs) within the natural resource governance space. However, the meeting did not formally include the Public Interest and Accountability Committee (PIAC), the independent watchdog established under the PRMA to monitor the collection and use of petroleum revenues. It also excluded the Bank of Ghana (BoG), which manages the two funds, and other key statutory bodies responsible for oversight in the petroleum revenue management framework. The GHF was created to preserve part of the country’s oil revenue for future generations, while the GSF cushions the national budget against shortfalls caused by oil price volatility. According to PIAC’s 2025 semi-annual report, projected petroleum revenue for the 2025 financial year stands at US$1.01 billion. Based on the allocation formula prescribed by the Act, the Ghana National Petroleum Corporation (GNPC) is projected to receive US$192.67 million for both Levels A and B expenditures.
