Petroleum revenue overhaul must deliver real impact – Kwame Jantuah

Energy Analyst Kwame Jantuah says the recent amendment to the Petroleum Revenue Management Act (PRMA) must lead to real economic change. He believes Ghanaians should fully benefit from the country’s oil wealth.

Jantuah emphasizes that legislative changes should align with long-term development goals. He wants oil revenues directed toward key sectors like infrastructure, energy diversification, and industrialization.

During a stakeholder engagement hosted by the Public Interest and Accountability Committee (PIAC) on X (formerly Twitter), he questioned how reforms will be implemented. “If they review the PRMA regarding revenue, will it focus on individuals or the country?” he asked.

He expressed concerns about including stakeholders in the reform process. “How can CSOs or institutions like PIAC participate in decisions about the PRMA?” he said. He noted that if all offshore basins were producing, significant funds would flow into Ghana.

His comments come after President John Dramani Mahama signed the Petroleum Revenue Management (Amendment) Bill, 2025 into law on April 2. This amendment requires that all Annual Budget Funding Amount (ABFA) go exclusively to infrastructure development. Critics argue this shift from previous allocations dilutes oil revenue spending's impact.

The government claims this move will support its ‘Big Push’ agenda by funding transformative projects across the country.