View source for Petroleum Revenue Management Act, 2011 (Act 815)

==ARRANGEMENT OF SECTIONS==

''Preliminary matters''
:1. Application
:2. Establishment of Petroleum HoldLl1g Fund
:3. Payment into Petroleum Holding Fund
:4. Payment with petroleum in place of cash
:5. Prohibited use of Petroleum Holding Fund
:6. Petroleum Holding Fund receipts

''Other petroleum receipts''
:7. Carried and participating interest
:8. Transparency and accountability of petroleum receipts

''Allocations and disbursements''
:9. Establishment and object of the Ghana Stabilisation Fund
:10. Establishment and object of the Ghana Heritage Fund
:11. Ghana Petroleum Funds
:12. Withdrawals from the Ghana Stabilisation Fund
:13. Withdrawals from the Ghana Heritage Fund
:14. Finality of payments
:15. Reconciliations of Petroleum Holding Fund
:16. Disbursement from the Petroleum Holding Fund
:17. Benchmark Revenue
:18. The Annual Budget Funding Amount
:19. Transfers into the Consolidated Fund
:20. Consolidation of Ghana Stabilisation Fund and Ghana Heritage Fund
:21. Use of the Annual Budget Funding Amount
:22. Extra budgetary activities and statutory earmarking prohibited
:23. Transfers into the Ghana Heritage Fund and Ghana Stabilisation Fund
:24. Transfers for exceptional purposes

''Management and investment of Ghana Petroleum Funds''
:25. Obligations of the 11:inister
:26. Management obligations of the Bank of Ghana
:27. Investment rules
:28. Reports on the Ghana Petroleum Funds
:29. Establishment of Investment Advisory Committee
:30. Functions of the Investment Advisory Committee
:31. Appointment of members of the Investment Advisory Committee
:32. Tenure of office of members
:33. Meetings the Investment Advisory Committee

''Disclosure of interest''
:35. Publication of membership of the Investment Advisory Committee
:36. Allowances
:37. Secretariat of the Investment Advisory Committee
:38. Absence of advice from the Investment Advisory Committee
:39. Release of advice from the Investment Advisory Committee
:40. Oversight of and reporting on the Ghana Petroleum Funds

''Encumbrances, auditing and reporting''
:41. Encumbrances on the assets of the Petroleum Holding Fund and the Ghana Petroleum Funds

''Audit of the Petroleum Funds''
:42. Public funds
:43. Books of the Petroleum Funds
:44. Internal audit
:45. External audit
:46. Annual audit
:47. Special audits
:48. Annual report on the Petroleum Funds

''Accountability, transparency and public oversight''
:49. Transparency as a fundamental
:50. Non-compliance with an obligation to publicise information
:51. Public Interest and Accountability Committee
:52. Objects of the Accountability Committee
:53. Functions of the Accountability
:54. Membership of the Public Interest and Accountability Committee
:55. Tenure of members and eligibility for appointment
:56. Reporting
:57. Allowances

''Miscellaneous matters''
:58. Penalties
:59. Transitional and final provisions
:60. Regulations
:61. Interpretation

SCHEDULES


==PURPOSE==
AN ACT to provide the framework for the collection, allocation and management of petroleum revenue in a responsible, transparent, accountable and sustainable manner for the benefit of the citizens of Ghana in accordance with Article 36 of the constitution and for related matters.


==DATE OF ASSENT==
11th April, 2011.

==ACT==