The Public Interest and Accountability Committee (PIAC) has urged the government to clearly define the legal basis for transferring petroleum revenues to the Ghana Infrastructure Investment Fund under its flagship “Big Push” infrastructure programme.
According to PIAC, approximately $434 million has already been transferred to a Special Purpose Vehicle (SPV) established by GIIF, with the funds currently held at the Bank of Ghana.
Speaking on the issue, PIAC Chairman Richard Ellimah acknowledged that although the transfers have been executed, there is an urgent need to regularise the process within Ghana’s legal framework.
He therefore recommended that GIIF be reinstated under the Petroleum Revenue Management Act (PRMA) to ensure transparency and provide firm legal grounding for such transactions, noting that the fund was removed from the law following earlier amendments.
“We recommend that the government provide a clear legal basis in the PRMA for the transfer of the Annual Budget Funding Amount (ABFA) intended for the Big Push policy to GIIF,” he stated.
“When the law was amended, GIIF was taken out of the PRMA, yet funds have been transferred to it. We do not know the legal basis for these transfers. Reintegrating GIIF into the law will ensure that allocations of petroleum revenue are properly anchored in legislation,” he added.
PIAC maintains that clarifying the legal framework is essential to strengthening accountability and safeguarding public trust in the management of Ghana’s petroleum revenues.
