Suame MP alleges government is depleting the Ghana Heritage Fund

Suame MP John Darko has accused the government of making what he describes as a deliberate attempt to “plunder” the Ghana Heritage Fund and the Ghana Stabilisation Fund under the 2026 Budget, warning that the country’s long-term economic security is at risk.

Speaking during the debate on the 2026 Budget Statement and Economic Policy in Parliament, the New Patriotic Party (NPP) legislator claimed the government was seeking to spend funds that should be preserved for future generations, in violation of the Petroleum Revenue Management Act (PRMA). The law requires that the two funds eventually be merged into a permanent wealth fund when Ghana’s petroleum resources are depleted.

“Mr Speaker, there is effectively an attempt to spend the Ghana Wealth Fund now, instead of preserving it for the future as required by law,” he said. He argued that the move contradicts the principle of sustainable development and prioritises short-term consumption over long-term national welfare.

“This budget is about ‘let’s eat now and forget tomorrow,’” Mr Darko said, adding that altering the investment structure of the petroleum funds would give government premature access to money meant to secure the country’s future.

The Suame MP further challenged the Finance Minister’s claim that total reserves of about US$1.46 billion had generated only US$1.94 million in interest since 2011 — an annual return of roughly one per cent. He described the figures as misleading, saying they contradict data from the Public Interest and Accountability Committee (PIAC) and the Bank of Ghana.

Mr Darko urged Parliament and civil society organisations to resist any move to reallocate the Heritage and Stabilisation Funds for short-term expenditure, insisting the savings belong to both current and future generations.

“Mr Speaker, the 2026 Budget, as presented, fails to safeguard the long-term interests of the country and exposes critical national savings to unnecessary political risk,” he concluded.

Finance Minister Dr Cassiel Ato Baah Forson presented the 2026 Budget to Parliament on November 13, outlining measures aimed at “Resetting for Growth, Jobs, and Economic Transformation.” The budget prioritises job creation, improved accountability, and broad-based prosperity, with projected GDP growth of 6.3 per cent in 2025, driven mainly by industry, mining and agriculture.

Key budget highlights include tax reforms such as abolishing the COVID-19 levy, reducing the VAT rate, and increasing the VAT registration threshold to support small businesses. On the revenue side, the minister announced the reintroduction of road tolls, an increase in the Growth and Sustainability Levy for mining firms, and an extension of the Special Import Levy. Inflation is targeted to fall to 8 per cent by October 2025 — well below the IMF’s 11.9 per cent projection.