The Bill, which was passed today after its third reading, seeks to amend the existing Act to provide for the allocation of Funds for the Ghana Infrastructure and Investment Funds, address some issues with the Ghana Stabilization Fund, the benchmark revenue projection and further empower the Ghana National Petroleum Company (GNPC) to become a commercial entity and a strong operator in the oil and gas sector.
The new law among other things will ensure that the implementation of the previous Petroleum Revenue Management Act, Act 815 is generally in conformity with the intendment of the drafters.
The PRM Amendment Bill 2015 was laid on the Floor of Parliament on the 13th of March 2015 to amend Act 815 of 2011. The implementation of the existing Law brought to the fore some inconsistencies and operational challenges and after a thorough consultation with stakeholders, the review to correct the challenges.
The new PRM is expected to also provide a legal framework for the collection, allocation and management of petroleum revenue in a responsible, transparent, accountable and sustainable manner for the benefit of Ghanaians in accordance with Article 36 of the 1992 Constitution.
The Deputy Minister for Finance, Mr Cassiel Ato Forson, who moved the motion for the third reading, said new the bill would not only correct the typographical and other errors in Act 815 but also ensure consistent flow of revenue from the petroleum sector for national development.
The amended version of the petroleum revenue management regime also provides for the allocation of funds from the petroleum revenue to the Ghana Infrastructure and Investment Fund for the purposes of infrastructure development.