Adongo calls for non-political interference in $1.46bn Heritage Fund review

Isaac Adongo, Chairman of Parliament’s Finance Committee, has expressed concern over potential political interference in the $1.46 billion Ghana Heritage Fund review. He emphasized the need to safeguard petroleum revenues for the benefit of future generations, warning that politicians might misuse the funds for immediate political gains.

Adongo, an MP for Bolgatanga Central, made these remarks at a ceremony commemorating the 15th anniversary of the Public Interest and Accountability Committee (PIAC). He cautioned that politicians might be tempted to spend the saved funds to gain popularity, leaving an inadequate fund for the future. The Ghana Heritage Fund, established under the Petroleum Revenue Management Act 2011, is intended to save a portion of the country’s petroleum revenues for future generations.

The Act restricts withdrawals for a 15-year period, which is subject to review every 15 years. Adongo stressed that any review of the Fund’s safeguards should not undermine Ghana’s commitment to saving part of its petroleum revenues for the future. He called for a clear national approach to the review, to prevent it from being influenced by short-term political considerations.

Adongo suggested that Ghana could explore mechanisms to set aside a portion of petroleum revenues to increase resources for future generations. He noted that Ghana had already spent 15 years of its petroleum production period, necessitating stronger safeguards for the remaining years.