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.