The Public Interest and Accountability Committee (PIAC), in partnership with the Natural Resource Governance Institute (NRGI), has held a technical roundtable bringing together key stakeholders to examine emerging proposals on the use of the Ghana Heritage Fund (GHF) and the Ghana Stabilisation Fund (GSF), with a focus on their fiscal and governance implications.
Discussions centered on safeguarding Ghana’s long-term petroleum savings framework, strengthening accountability, and advancing the country’s vision for sustainable development through the growth of a resilient sovereign wealth architecture.
Through collaborative dialogue, stakeholders outlined actionable recommendations aimed at protecting petroleum revenues for both present priorities and future generations.
Below is a statement by PIAC stating its position on the amendment of the PRMA, with focus on provisions related to the Ghana Petroleum Funds (GPFs).
The Public Interest and Accountability Committee (PIAC) took note of the policy statement of the Government expressed in the 2026 Budget Statement and Economic Policy relating to the investment of the Ghana Petroleum Funds (GPFs) made up of the Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF).
The Committee also took note of the subsequent amendment of the Petroleum Revenue Management Act, 2011 (Act 815) which was passed by Parliament on 12th December 2025 in keeping with the policy intent of Government. This represents the second amendment to Act 815 in 2025.
PIAC would like to recommend the following on the matter:
- PIAC calls for broader engagement with diverse stakeholders on the investment of the Funds even after the passage of the amendment of Act 815.
- PIAC calls on the Government to safeguard the interests of future generations in line with the objects for the establishment of the Ghana Heritage Fund.
- The Committee also calls for more transparency and accountability in the use of the funds as the Honourable Minister exercises the discretion granted by the latest amendment in the management of the Funds.
- The Committee proposes a holistic approach to amending the Act instead of a piecemeal approach.
SOURCE: PIAC COMMUNICATIONS