Co-Chair of GHEITI, Dr Steve Manteaw
A former Chairperson of the Public Interest and Accountability Committee (PIAC) and respected policy analyst has broken his silence on the ongoing debate over proposed amendments to the Petroleum Revenue Management Act (PRMA), offering strong support for channeling Ghana’s petroleum revenues into capital investments.
In a Facebook post on Thursday, July 31, the former PIAC chair responded to mounting public curiosity about his position on the matter, writing:“It makes economic sense to invest the bulk of our resource rents in capital projects rather than recurrent items. Our resource rents must work for us and not be used as ‘chop money’.”
He cited the example of the $30 million investment in Terminal 3 at the Kotoka International Airport, made under the previous National Democratic Congress (NDC) administration. According to him, that single project has since generated returns exceeding $10 million, underscoring the value of strategic, long-term investments.“Imagine if we had invested a billion in a similar project,” he noted, pointing to the transformative potential of well-directed petroleum revenue.
His remarks come amid growing controversy over proposed amendments to the PRMA that critics argue may weaken safeguards and allow more flexible—some say reckless—use of Ghana’s oil funds. Civil society groups and economic observers have expressed concern that shifting focus away from long-term investments could jeopardize future development prospects.
The Petroleum Revenue Management Act was enacted in 2011 to ensure transparency, accountability, and sustainable use of oil revenues. Any significant amendments to the law are typically subject to scrutiny from stakeholders, including PIAC, Parliament, and civil society.
The former Chair’s intervention adds an experienced voice to the public discourse, reinforcing the view that Ghana’s finite oil resources should be used to build resilient infrastructure and create lasting economic value, not fund consumption.
