GHEITI Urges Government to Ring-Fence Oil Revenues

GHEITI urges government to ring-fence oil revenues for Big Push infrastructure, warning that diversion and co-mingling of funds will undermine transparency, accountability, and the visible impact of petroleum-funded projects. The Multi-Stakeholder Group of the Ghana Extractive Industries Transparency Initiative (GHEITI) has urged the government to strictly ring-fence oil revenues earmarked for the proposed “Big Push” infrastructure programme, warning against any diversion of the funds.

The Group said protecting the Annual Budget Funding Amount (ABFA) allocated from petroleum revenues would help maximise their impact, particularly in accelerating road construction, improving national connectivity, and delivering visible infrastructure outcomes.

According to GHEITI, ring-fencing would also strengthen transparency and accountability by enabling the Public Interest and Accountability Committee (PIAC) to clearly track and report on how petroleum revenues are utilised.

The recommendation comes as government reviews the Petroleum Revenue Management Act (PRMA), 2011 (Act 815), with the aim of increasing the share of oil revenues used to finance the US$10 billion Big Push infrastructure initiative.

The initiative seeks to address Ghana’s estimated housing deficit of more than two million units, rehabilitate deteriorating urban roads, 57 percent of which are classified as poor, and improve water, sanitation, and employment opportunities for the youth.