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Mar 4, 2011

Petroleum Revenue Management Bill passed

The Petroleum Revenue Management Bill (PRMB) has been passed by Parliament to provide a legal framework for the management of revenue from the country’s oil find with key features being the establishment of the Ghana Heritage Fund and the Ghana Stabilisation Fund.

The bill seeks to provide a framework to guide the efficient collection, allocation and management of petroleum revenue for the benefit of current and future generations of Ghana.

 It also aims at ensuring that the overall management of petroleum revenue based on sustainable fiscal policies that surpass political regimes, as well as make provision for clear assignment of responsibilities, from collection to final utilisation of petroleum revenue within a transparent and accountable framework.

Source: ISD