Parliament on Friday approved the Petroleum Revenue Management (Amendment) Bill II, paving the way for an expanded definition of qualifying investment instruments for the use of Ghana’s petroleum revenues.

The passage of the bill allows the Minister of Finance to diversify petroleum funds into a wider range of investment options, including emerging market instruments, with the aim of generating higher returns for the state.

Contributing to the debate, the Majority Leader and Leader of Government Business, Mahama Ayariga, explained that the Finance Minister would rely on advice from the Investment Advisory Committee in determining how petroleum revenues should be invested. He added that any decision to invest in additional qualifying instruments would be effected through an Executive Instrument, with the Minister required to notify Parliament within seven days.

However, the Member of Parliament for Walewale, Dr Abdul Kabiru Tiah Mahama, expressed reservations about the amendment, warning against granting what he termed a “blank cheque” for investments. He called for greater clarity in the bill, urging that the specific categories of qualifying instruments be clearly outlined to promote transparency and accountability.

The Petroleum Revenue Management Act, 2011 (Act 815), was enacted to ensure the prudent management and utilisation of Ghana’s oil revenues. The latest amendment seeks to broaden investment opportunities while preserving parliamentary oversight over the use of petroleum funds.