The Public Interest and Accountability Committee (PIAC) has raised concerns over the recent amendment to the Petroleum Revenue Management Act (PRMA) in 2025, which was passed without consulting stakeholders, including PIAC.
The amendment has significant implications for funding allocations to key projects.
In its recent report, PIAC revealed that the latest amendment to the PRMA has taken the Ghana Infrastructure Investment Fund (GIIF) off Annual Budget Funding Amount (ABFA) funding, depriving it of critical funds.
This move is particularly concerning given the fund’s successful investment in the Kotoka Airport Terminal III Project, which yielded a return of $5.5 million between 2017 and 2019 on an initial investment of $30 million in 2016, it added.
The amendment also affects the Agenda 111 Project, which received GH¢2.610 billion ($248.89 million) from 2021 to 2024. Unfortunately, the project will no longer receive critical funding from the ABFA, potentially jeopardizing its completion.
PIAC has reiterated its earlier recommendation that Ghana develop a broad-based, long-term national development plan approved by Parliament. This plan would ensure continuity in the utilization of resources, including the ABFA, for development purposes. The Committee’s concerns come amid a backdrop of declining oil revenue, with Ghana’s petroleum receipts plummeting to $370.34 million in the first half of 2025, a 56% decline from $840.77 million in the same period last year.
