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The Public Interest and Accountability Committee (PIAC) has called on the government to regularise an arrangement that channels funds into the government’s infrastructure programme, the Big Push.
PIAC observed that although the Ghana Infrastructure Investment Fund (GIIF) was no longer designated under the Petroleum Revenue Management (Amendment) Act, 2025 (Act 1138), as a recipient of oil revenues for infrastructure, $434.55 million from the Annual Budget Funding Amount (ABFA) was transferred by the Ministry of Finance into a special purpose vehicle (SPV) set up by GIIF for the project.
The funds are currently being held in a suspense account at the Bank of Ghana (BoG) pending feasibility studies for the Accra-Kumasi Expressway, an arrangement that was not explicitly provided for under the law and has raised compliance concerns.
At a press conference to launch its 2025 PIAC Annual Report in Accra last Wednesday, the Chairman of PIAC, Richard Ellimah, said that although PIAC was not against the channelling of petroleum funds towards the execution of Big Push projects, the arrangement must comply with the PRMA.
Consequently, PIAC is calling on the government to make provision in the PRMA for the transfer of ABFA intended for the Big Push policy to GIIF to ensure effective compliance with the law.
Mr Ellimah stated that the transfer was not necessarily wrong but raised concerns about legal compliance and the need for greater transparency in project details and oversight.
he PIAC chair stated that under the Petroleum Revenue Management framework, the utilisation of petroleum funds required clear parliamentary approval and defined allocation to specific priority sectors to ensure accountability and legal compliance.
He said that although the decision to channel the funds into a special account for the Accra-Kumasi Expressway was aimed at supporting a major infrastructure project, it had to strictly follow laid-down legal procedures.
He said recent amendments to the Petroleum Revenue Management Act had shifted the focus towards investing oil revenues in fewer, high-impact projects, a position PIAC had consistently advocated over the years.
However, Mr Ellimah stressed that the government now needed to go beyond policy intent by providing comprehensive details on such projects, including their scope, contractual arrangements, financing structure and any payments made, to enhance transparency and effective oversight.
An economist and former Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, said the transfer of funds to the SPV was a positive move.
He explained that although legal questions arose from the removal of GIIF from the amended law, the SPV ensured that the money remained safe, and that minimised the risk of government mismanagement.
Prof. Quartey added that while the legal issues should be addressed, maintaining the security of the funds and ensuring their continued use for the intended infrastructure project must remain a priority.
A Technical Advisor at the Ministry of Finance, Dr Theophilus Acheampong, stated that the transfer of ABFA funds to the SPV and the prioritisation of the Big Push and District Assemblies Common Fund represented a deliberate shift towards larger, commercially viable infrastructural projects.
He explained that the funds, currently held at the BoG, would not be disbursed until the ongoing feasibility studies for the Accra-Kumasi Expressway were completed, ensuring proper technical and financial planning.
“The days of spreading petroleum revenues thinly across multiple small projects are gone.
This approach ensures that funds are focused on major infrastructure investments that are commercially viable and deliver tangible results,” he explained.
