| Ghana’s Petroleum Revenue Management Act was passed more than a year after the first oil was pumped from the country’s Jubilee Field. The law outlines clear mechanisms for collecting and distributing petroleum revenue. It specifies what percentage should help fund the annual budget, what should be set aside for future generations and what should be invested for a rainy day.
Petroleum revenue contributed 4 per cent of the government’s total capital spending in 2011. The funds went mainly to investments in road infrastructure, but also to building the capacity of the oil and gas sector, repaying loans and strengthening agriculture, most notably for fertilizer subsidies. Proposals for investing the Petroleum Funds, comprising Stabilisation and Heritage Funds, have raised divergent views from civil society groups and government...............................................Full Article: Source
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