Accra, Dec. 12, – Parliament approved the Petroleum Revenue Management Amendments Bill II on Friday, broadening the definition of qualifying instruments for petroleum revenues to encompass additional investment avenues.
This change empowers the Finance Minister to spread petroleum funds across a wider array of investment options and emerging markets, aiming for stronger returns to benefit the nation.
In the lead-up debate, Majority Leader and Government Business Leader Mr. Mahama Ayariga noted that the Finance Minister would consult the Investment Advisory Committee for optimal allocation of these funds.
He clarified that investments in new qualifying instruments would proceed via an Executive Instrument, with Parliament notified within seven days.
Dr. Abdul Kabiru Tiah Mahama, MP for Walewale, however, warned against handing over a “blank cheque” for such investments. He pushed for explicit listing of eligible instruments in the bill to uphold transparency and accountability.
The original Petroleum Revenue Management Act (Act 815), passed in 2011, aimed to ensure responsible handling of Ghana’s oil income. This update expands investment flexibility while preserving Parliament's supervisory role.
GHBUSS
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