The Public Interest and Accountability Committee (PIAC) has urged government to formalise the mechanism used to channel petroleum revenues into the administration’s flagship infrastructure agenda, the Big Push programme.
PIAC noted that even though the Ghana Infrastructure Investment Fund (GIIF) is no longer listed as a beneficiary of oil revenues under the Petroleum Revenue Management (Amendment) Act, 2025 (Act 1138), about $434.55 million from the Annual Budget Funding Amount (ABFA) was still routed by the Ministry of Finance into a special purpose vehicle (SPV) created under GIIF for the project.
Those monies are presently lodged in a suspense account at the Bank of Ghana while feasibility assessments for the Accra–Kumasi Expressway are ongoing, a situation PIAC says is not clearly provided for in law and therefore raises questions of compliance.
Speaking at the launch of PIAC’s 2025 Annual Report in Accra, Board Chair Richard Ellimah stated that although the committee does not oppose the use of petroleum revenues for Big Push projects, all such arrangements must strictly adhere to the Petroleum Revenue Management Act (PRMA).
He therefore called for amendments to the PRMA to explicitly allow ABFA transfers for the Big Push initiative through GIIF, ensuring full legal conformity.
Mr. Ellimah emphasized that the issue was not necessarily the decision itself, but whether due process and transparency requirements under the law were being followed.
He further explained that the PRMA requires parliamentary approval and clearly defined priority allocations for petroleum revenue spending to guarantee accountability and proper oversight.
According to him, while directing funds into a special account for the Accra–Kumasi Expressway aligns with infrastructure development goals, it must still comply fully with established legal procedures.
He added that recent changes to the PRMA have redirected petroleum revenue spending toward fewer but high-impact projects, a policy direction PIAC has long supported.
Nevertheless, he stressed the need for government to disclose detailed information on such projects, including scope, contracts, financing arrangements, and payments made, to strengthen transparency and monitoring.
Economist and former Director of the Institute of Statistical, Social and Economic Research (ISSER), Peter Quartey, described the transfer into the SPV as a positive development.
He argued that although the removal of GIIF from the amended law raises legal questions, the SPV structure helps safeguard the funds and reduces the risk of mismanagement.
Prof. Quartey further noted that while legal clarity remains important, protecting the funds and ensuring they are used for the intended infrastructure purpose should remain the priority.
At the Ministry of Finance, Technical Advisor Theophilus Acheampong explained that the decision to channel ABFA resources into the SPV reflects a broader shift toward funding large-scale, economically viable infrastructure projects under the Big Push and District Assemblies Common Fund framework.
He indicated that the funds currently held at the Bank of Ghana will only be released after feasibility studies for the Accra–Kumasi Expressway are completed, ensuring proper technical evaluation and financial planning.
Dr. Acheampong further remarked that the era of distributing petroleum revenues across numerous small projects is over.
He added that the new approach prioritises major infrastructure investments expected to deliver measurable and commercially sustainable outcomes.