PIAC deserves stronger institutional status, comparable to established statutory institutions such as GNPC

The Finance Minister, Dr. Cassiel Ato Forson, on Thursday, November 12, 2026, announced the government’s intention to introduce a new Natural Resource Revenue Management Act in 2027 to replace the Petroleum Revenue Management Act, 2011 (Act 815), as amended.

He made this known during his presentation of the 2027 Budget Statement and Economic Policy to Parliament. Indicating that, the existing legislation mainly focuses on petroleum revenues and does not cover revenues from other natural radequate adequately.

The Minister noted that, the new law will bring revenues from oil and gas, gold, lithium, bauxite and other extractive resources under a comprehensive management framework.

According to him, government says the objective is to promote transparency and accountability while ensuring that natural resource revenues benefit both present and future generations. Adding that, government intends to direct these revenues towards major national infrastructure projects.

As this proposed reform is commendable, particular attention must be given to the future of the Public Interest and Accountability Committee (PIAC), an institution central to public oversight of petroleum revenue management.

Beyond preserving PIAC under the new legislation, government should consider elevating its institutional and legal status to guarantee greater independence, operational autonomy and financial security.

Established under Section 51 of the Petroleum Revenue Management Act, 2011 (Act 815), PIAC provides independent, citizen-led oversight of the collection, allocation and utilisation of petroleum revenues.

Through its statutory reports, public engagements and recommendations, the Committee has become an important accountability mechanism, helping citizens assess how the country manages its petroleum resources.

However, PIAC’s existence, mandate and funding arrangements are closely tied to the Petroleum Revenue Management Act. Its repeal and replacement therefore raise questions about the Committee’s long-term institutional security.

The introduction of a new Natural Resource Revenue Management Act presents an opportunity to address this limitation by giving PIAC a more permanent and clearly defined statutory identity.

A useful institutional reference is the Ghana National Petroleum Corporation (GNPC), established as a statutory corporation under the GNPC Act, 1983 (PNDCL 64).

Although GNPC and PIAC perform different functions, both occupy important positions in Ghana’s natural resource governance architecture.

While GNPC represents the state’s commercial interests in the petroleum industry, PIAC provides independent oversight of how petroleum revenues are managed. Their complementary roles underscore the importance of strong institutional foundations.

Government should therefore consider granting PIAC a stronger statutory status comparable to GNPC in terms of legal recognition and operational autonomy, without compromising its distinctive citizen-led oversight mandate.

Such an arrangement should provide PIAC with an independent statutory identity, an adequately resourced secretariat, protected operational autonomy and guaranteed funding arrangements.

The new legislation should also strengthen its reporting obligations to Parliament and the President, preserve independent appointment arrangements and empower it to obtain relevant information from institutions responsible for managing natural resource revenues.

Importantly, PIAC must be protected from political and administrative interference. It should not be placed under the operational control of the Ministry of Finance or any institution whose activities it is mandated to scrutinise.

Its broad stakeholder representation, including professional bodies, civil society organisations, organised labour and academia, should also be maintained to protect its citizen-led character.

Furthermore, the Committee’s mandate should be expanded to cover revenues from gold, lithium, bauxite and other extractive resources, in addition to petroleum. This would position PIAC as a central accountability institution across the country’s natural resource sector.

If government is prepared to establish stronger structures for managing natural resource revenues, including a new sovereign wealth fund, it must demonstrate equal commitment to strengthening the institution responsible for independently monitoring those structures.

Ultimately, the proposed Natural Resource Revenue Management Act should do more than replace existing legislation. It should provide an opportunity to secure PIAC’s institutional future through a stronger and more autonomous statutory framework.

Strengthening the Committee will reinforce public confidence, deepen accountability and ensure that Ghana’s natural wealth is managed in the interest of present and future generations.