Parliament on Tuesday adopted a report for the review of the Petroleum Revenue Management Act, Act 815, to allow the government to invest Ghana’s petroleum revenues in areas that deliver maximum earnings.
This follows a report laid at the plenary by the Chairman of Parliament’s Economy and Development Committee, Eric Afful, calling on Parliament to adopt the Committee’s report to review the Petroleum Act to maximise earnings and returns on petroleum revenues for investment purposes.
The proposal for a review of the Act was made by Finance Minister, Dr. Cassiel Ato Forson, on November 13, immediately after presenting the 2026 Budget Statement to Parliament.
Mr. Afful explained that the review is expected to enhance investment returns on Ghana’s petroleum revenues, particularly the Petroleum Fund, by increasing interest yields from the current one per cent to about eight per cent interest.
He emphasised that such a move would strengthen the country’s fiscal buffers and provide more resources for development projects.
Dr. Forson, in his budget presentation, noted that the Investment Advisory Committee had advised government to revisit the provisions of the Petroleum Revenue Management Act, to ensure that petroleum revenues are prudently managed and invested to generate higher returns.
The Finance Minister stressed that the proposed amendments aligned with Ghana’s petroleum revenue management framework with international best practices, while safeguarding transparency and accountability in the use of petroleum funds.
Source: adomonline.com
