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GHANA PETROLEUM FUNDS
The Ghana Petroleum Funds are owned by the Government of Ghana and comprises the Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF). The funds are required to be transparently managed and operated within its constitutional and legal framework.
The Ghana Petroleum Funds are supported by a three-tier governance structure and a legal framework enshrined in law with the passage of the Petroleum Revenue Management Act (2015), Act 893 as amended.
The Petroleum Revenue Management Act (PRMA) 2011, Act 815 was passed by Parliament and assented to by the President on 11th April 2011 to govern the management of petroleum revenues. The Act, defines the framework for the collection, allocation and management of petroleum revenue in a responsible, accountable and sustainable manner for the benefit of Ghanaian citizens. The PRMA was amended by the Petroleum Revenue Management Amendment Act 2015, Act 893.
The Ghana Petroleum Funds are meant to channel excess petroleum revenues into financial instruments for sustaining public expenditure capacity during periods of unanticipated petroleum revenue shortfalls and serve as an endowment to support the development for future generations.
The investment process of the Ghana Petroleum Funds is supported by a strong risk management framework. The framework of compliance rules are coded into the investment platforms which are monitored and implemented by the Risk Management and Compliance Unit.
The Bank of Ghana presents periodic quarterly financial statements of the Ghana Petroleum Funds and the Petroleum Holding Fund. The funds are audited quarterly by the Bank of Ghana’s internal auditors and annually by external auditors.
The Bank of Ghana reports on the investment performance of the Ghana Petroleum Funds and the Petroleum Holding Fund. The Petroleum Revenue Management Act (2015), Act 893 as amended also requires the submission of two semi-annual reports to the Parliament of the Republic of Ghana, the Investment Advisory Committee in addition to publishing these on the Bank of Ghana website and in two national dailies.