PIAC Accuses Finance Ministers, Parliament of Breaching Stabilisation Fund Law

The Public Interest and Accountability Committee (PIAC) has accused Ghana’s finance ministers and Parliament of breaching the law between 2021 and 2025 by maintaining the cap on the Ghana Stabilisation Fund at US$100 million instead of the legally required US$584.22 million.

Speaking at the Africa Extractive Media Fellowship (AEMF) Cohort II workshop for selected journalists in Accra, the Executive Secretary of PIAC, Isaac Dwamena, Esq., said both the Ministry of Finance and Parliament acted contrary to the provisions of the Petroleum Revenue Management Act by setting and approving a cap significantly below the amount prescribed by law.

According to him, the decision undermined the legal framework governing the management of Ghana’s petroleum revenues and affected the country’s ability to build adequate financial buffers against economic shocks.

Mr. Dwamena therefore called on the Minister for Finance to apply the legally required cap in future allocations and urged Parliament to ensure strict compliance with the Petroleum Revenue Management Act during the approval of the national budget.

He stressed that adherence to the law would strengthen transparency, accountability, and prudent management of the country’s petroleum resources.