The Public Interest and Accountability Committee (PIAC) has accused Ghana’s finance ministers and Parliament of breaching the law between 2021 and 2025 by maintaining the cap on the Ghana Stabilisation Fund at $100 million instead of the legally required $584.22 million.

Speaking at a media engagement on PIAC’s 2025 Annual Report over the weekend, the Chair of PIAC’s Technical Sub-Committee, Samuel Bekoe, said the Petroleum Revenue Management Act requires the cap on the fund to be calculated based on the average expected petroleum revenue for a three-year period.

According to him, the projected oil revenues for 2024, 2025 and 2026 amount to approximately $1.75 billion, giving an average of $584.22 million for 2025.

Mr Bekoe argued that both the Finance Ministry and Parliament acted unlawfully by setting and approving a cap far below the amount stipulated under the law.

He therefore called on the Finance Minister to apply the correct figure going forward and urged Parliament to ensure strict compliance with the law during the budget approval process.

PIAC also recommended that the government enact legislation to regulate the transfer of funds allocated to the “Big Push” programme from the Annual Budget Funding Amount (ABFA) to the Ghana Infrastructure Investment Fund (GIIF).

Mr Bekoe cited GIIF’s investment in the Accra International Airport as evidence of the fund’s effectiveness. According to him, the fund invested $30 million between 2017 and 2025 and generated $17.9 million in interest and fees, representing nearly 60 per cent of the initial investment.

He said PIAC is recommending that GIIF be brought back under the Petroleum Revenue Management Act to enable it to receive allocations from the ABFA for commercially viable projects.

On amendments to the Petroleum Revenue Management Act, Mr Bekoe noted that the law has undergone several changes since its introduction in 2011. He disclosed that a comprehensive review process initiated in 2018 and 2019 stalled between 2020 and 2024.

He further revealed that Parliament passed two amendments to the Act in 2025 alone.

According to him, the March amendment restricted the use of the ABFA exclusively to infrastructure projects under the Big Push programme. It also removed PIAC’s guaranteed funding from the ABFA and reduced the Ghana National Petroleum Corporation’s allocation from 30 per cent to 15 per cent.

Mr Bekoe added that a second amendment passed in December expanded the range of investment options available to the Ghana Petroleum Funds.

He said the Finance Minister explained that the amendment would permit the use of funds from the Ghana Heritage Fund for energy sector projects in Ghana and the government’s proposed 24-Hour Economy Programme.

Mr Bekoe warned of potential legal and policy challenges ahead, noting that 2026 marks 15 years since the enactment of the Petroleum Revenue Management Act — the point at which Parliament may first review restrictions governing withdrawals from the Ghana Heritage Fund.

Under the current framework, only a portion of the interest accrued on the fund may be withdrawn, while the principal amount remains protected. However, Mr Bekoe noted that the law does not clearly define the amount that may be withdrawn, creating uncertainty.

PIAC is therefore calling for a comprehensive review of the Petroleum Revenue Management Act instead of what it described as piecemeal amendments.

Mr Bekoe said the revised law should establish clear criteria for project selection, strengthen expenditure monitoring systems, and provide for independent performance evaluations.

He also urged the government to publish full details of petroleum-funded projects, comply with the legal requirement to allocate five per cent of oil revenues to the District Assemblies Common Fund, revive the stalled 2019 review process, and develop a long-term national development plan backed by parliamentary approval.

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PIAC says government broke oil law by capping fund at $100m instead of correct $584m

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