PIAC Urges Transparency and Intergenerational Safeguards in Heritage Fund Reforms
Chairman of the Public Interest and Accountability Committee (PIAC), Richard Ellimah, has called for broader stakeholder engagement, enhanced transparency, and stronger safeguards for future generations amid government’s plans to access the Ghana Heritage Fund (GHF).
Speaking at a Technical Roundtable on proposed amendments to the Petroleum Revenue Management framework, Mr. Ellimah said the discussions go beyond present fiscal considerations and raise intergenerational questions that will shape how future Ghanaians judge today’s policy choices.
“This is the first time we are gathering as a team to critically look at an issue that does not just affect us, but our children and our grandchildren and our great-great-grandchildren,” he said, urging policymakers to reflect on how decisions taken now will be assessed decades from today.
Mr. Ellimah noted that during PIAC’s nationwide public engagements, one recurring question from citizens has been the use of petroleum revenues. According to him, Ghanaians may not always express their concerns loudly in public discourse, but there is a strong underlying interest in how oil revenues are managed and whether they translate into tangible development outcomes.
He explained that the persistent public question — “what has happened to our petroleum money?” — reflects two core concerns: the desire to see petroleum revenues used to improve livelihoods, and expectations of sound governance and accountability in petroleum revenue management.
The PIAC Chairman disclosed that the Committee was surprised by the government’s decision to pursue amendments to the petroleum revenue framework without extensive stakeholder consultations. He said PIAC, despite being a key statutory oversight body, was not formally invited to early discussions on the amendments.
“In fact, we got to hear of the meetings through the back door,” he stated, adding that the limited engagement was inadequate given the sensitivity of petroleum revenue issues and the strong public interest they attract.
While acknowledging that the amendments have already been passed, Mr. Ellimah called for continued dialogue and broader consultations to ensure that the use of petroleum funds aligns with national development priorities and public expectations.
He outlined PIAC’s position on the ongoing debate, highlighting four key recommendations. These include broader engagement with diverse stakeholders on the investment of petroleum funds even after the passage of the amendments; safeguarding the interests of future generations in line with the original objectives of the Ghana Heritage Fund; enhanced transparency and accountability in the use of the funds, particularly where ministerial discretion applies; and a more holistic approach to amending the Petroleum Revenue Management Act, rather than frequent piecemeal changes.
Mr. Ellimah argued that a comprehensive review could have ensured wider stakeholder buy-in and reduced the need for repeated amendments within a short period.
As of February 2026, the Ghana Heritage Fund has grown to a book value of US$1.376 billion, with no recorded withdrawals and notable investment gains.
The Technical Roundtable was jointly organised by the Public Interest and Accountability Committee (PIAC) and the National Resource Governance Institute (NRGI).
