The Petroleum Revenue Management Act (2015), Act 893 as amended mandates the Bank of Ghana to manage the Petroleum Holding Fund and the Ghana Petroleum Funds. It also requires the separation of the management and assets of the Ghana Petroleum Funds from the foreign exchange reserves of the Bank of Ghana. In line with these requirements, the Bank of Ghana has established the Ghana Petroleum Funds Secretariat (GPFS) under the Financial Markets Department to carry out the Bank’s mandate under the PRMA. The investment process of the Ghana Petroleum Funds is supported by a robust and rigorous risk management framework.
Risk Management and Compliance
The Risk Management and Compliance function of the Ghana Petroleum Funds Secretariat first reports to the Director of the Financial Markets Department after conducting a weekly risk and performance analysis. Risk Management and other performance reports are presented at the Ghana Petroleum Funds Investment Committee chaired by the First Deputy Governor as well as at the Foreign Exchange Reserve Management Committee, chaired by the Governor.
The framework of compliance rules associated with the investment universe of the Ghana Petroleum Funds are coded into the investment platforms and is monitored and implemented by the Risk Management and Compliance function.
In line with being compliant with the Bank of Ghana’s International Standards Organisation (ISO 27001), the GPFS management framework is part of the Bank of Ghana enterprise risk register which is subject to semi-annual surveillance by an external ISO auditor.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.