Gov't breached oil fund law for 5 years, kept $100m cap instead of $584m - PIAC report

The Public Interest and Accountability Committee (PIAC) said Ghana's finance ministers breached the law between 2021 and 2025 by setting the cap on the Ghana Stabilisation Fund at $100m, far below the $584.22 million required under the country's petroleum revenue rules. Richard Ellimah, Chair of PIAC, said the law requires a much higher cap of $584.22m for 2025. He said the correct amount should be calculated by averaging the expected oil money for 2024, 2025, and 2026, totaling $1.75bn, giving an average of $584.22m.

Mr. Ellimah said both the finance ministers and Parliament acted unlawfully by setting and approving a lower cap. He called on the Finance Minister to use the correct figure and urged Parliament to make sure the law is followed when passing the budget. PIAC also wants the government to put into law how money meant for the Big Push programme can be moved from the Annual Budget Funding Amount to the Ghana Infrastructure Investment Fund. The Ghana Infrastructure Investment Fund put in $30m between 2017 and 2025 and earned $17.9m in interest and fees. PIAC recommends bringing the fund back under the Petroleum Revenue Management Act so it can receive money from the Annual Budget Funding Amount for commercial projects.

Mr. Ellimah said the Petroleum Revenue Management Act has been amended many times since it started in 2011. A full review with public input that began in 2018 and 2019 stopped between 2020 and 2024. Parliament passed two amendments in **20