Parliament endorses review of Petroleum Revenue Management Act to boost investment returns

Parliament has formally adopted the report of the Economy and Development Committee recommending amendments to the Petroleum Revenue Management Act, 2011 (Act 815). The reform initiative is designed to reposition Ghana’s petroleum revenue strategy toward higher-yield investment avenues and expanded fiscal resilience.

The endorsement follows the tabling of the Committee’s report by its Chairman, Eric Afful, during plenary on Tuesday. The Committee urged lawmakers to support a recalibration of the statutory investment architecture to unlock superior returns from the nation’s petroleum funds.

Mr. Afful underscored that the proposed reforms aim to transition the current low-yield investment regime—where returns hover around one percent—to a more competitive framework capable of securing yields of up to eight percent.

He indicated that the enhanced investment strategy would strengthen Ghana’s fiscal buffers, optimise long-term value creation, and expand the fiscal space for critical development interventions.

The review was originally proposed by the Minister for Finance, Dr. Cassiel Ato Forson, on November 13, immediately after the presentation of the 2026 Budget Statement. Dr. Forson noted that the reforms were driven by the recommendations of the Investment Advisory Committee, which flagged the need to modernise the PRMA investment framework.

According to the Finance Minister, aligning the Act with contemporary global petroleum fund management standards is essential to:

enhance prudent revenue utilisation,

expand Ghana’s investment horizon,

improve capital preservation and return optimisation, and

maintain robust transparency and accountability mechanisms.

Dr. Forson emphasized that the amendments would ensure that petroleum revenues are channeled into asset classes capable of delivering stronger compounding value, thereby supporting macroeconomic stability and long-term national development objectives.

With Parliament’s adoption of the Committee’s report, the Ministry of Finance is expected to trigger the legislative amendment process, signalling the first major overhaul of Act 815 in over a decade.