File photo of Ghana’s Parliament
Parliament on Friday passed the Petroleum Revenue Management Amendments Bill II, to expand the definition of qualifying instruments of the petroleum revenues to include other investment options.
The passage of the bill will enable the Minister of Finance to diversify petroleum revenues into a broader range of investment instruments and emerging market opportunities expected to yield higher returns for the state.
During the debate preceding its passage, Mahama Ayariga, Majority Leader and Leader of Government Business, explained that the Finance Minister would seek guidance from the Investment Advisory Committee on how best to channel petroleum funds.
He added that the Minister would invest in other qualifying instruments through an Executive Instrument but must inform Parliament within seven days of such a decision.
Meanwhile, Dr Abdul Kabiru Tiah Mahama, Member of Parliament for Walewale, cautioned against granting what he described as a “blank cheque” for investments.
He urged proponents of the bill to clearly specify the types of qualifying instruments into which petroleum revenues would be invested to ensure transparency and accountability.
The Petroleum Revenue Management Act 815 was originally enacted in 2011 to safeguard the prudent use of Ghana’s oil revenues.
The latest amendment seeks to broaden the scope of investment opportunities while maintaining parliamentary oversight.
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