Ghana's leading energy policy think tanks are demanding a new mineral revenue management law. The Africa Centre for Energy Policy (ACEP) and the Natural Resource Governance Institute (NRGI) made this call in a joint submission for the 2026 Mid-Year Budget Review. This demand arises as gold increasingly replaces petroleum as Ghana's main source of export earnings and macroeconomic stability.
The organisations warn that Ghana's growing dependence on gold, while supporting reserves and fiscal resilience, requires stronger governance. They argue that a commodity boom cannot substitute for robust institutions and transparent revenue management. The current situation exposes weaknesses in the country's extractive sector architecture, particularly with falling crude oil production and opaque petroleum revenue flows.
This development fits into a broader trend of Ghana's evolving economic landscape. Gold is now performing roles previously expected of petroleum, supporting national reserves and strengthening fiscal resilience. This shift is critical for Ghana's external balance and overall economic stability. The country's macroeconomic position has benefited from strong gold exports and favourable prices.
Kodzo Yaotse of ACEP stated that Ghana's extractive economy is undergoing a major transition. He noted that gold is increasingly supporting reserves, strengthening fiscal resilience, and reducing vulnerability to external shocks. Yaotse stressed the challenge of building institutions capable of managing this wealth sustainably.
The implications are significant for Ghana's long-term economic health and governance. Without proper legal and institutional safeguards, Ghana risks mistaking a commodity price windfall for structural strength. Decision-makers must address the underlying decline in oil production and ensure all mineral revenues are managed transparently. This will be crucial for sustainable economic development.
The contrast with petroleum revenue management is stark. The 2026 Budget projected crude oil production at 37.95 million barrels, a decrease from 46.35 million barrels projected for 2025. This decline reflects weakening output from Ghana’s mature oil fields and diminishing reserves. Although higher Brent crude prices lifted projected petroleum revenue from GHS 985 million to about GHS 1.5 billion, this improvement was due to price, not production. ACEP and NRGI stressed that this represents a price windfall, not a recovery in the industry’s fundamentals.
Transparency concerns also persist regarding petroleum revenues. ACEP and NRGI cited GHS 434.55 million in Annual Budget Funding Amount (ABFA) resources. These funds, allocated to the government’s Big Push infrastructure programme, are reportedly unutilised in a suspense account. The organisations called for a full account of these funds and disclosure of the implementation status of all ABFA-financed projects. This aligns with the Petroleum Revenue Management Act (PRMA).
Furthermore, GHS 561.65 million in petroleum revenues were retained by Jubilee Oil Holdings Limited and Explorco. These funds were held outside the accountability mechanisms established under the PRMA. ACEP and NRGI urged the government to bring all petroleum revenues back within the statutory reporting framework. This is vital for maintaining the credibility of Ghana’s resource governance model.
The organisations also criticised the absence of a published investment policy for the Heritage Fund. This is particularly relevant amid proposals to deploy petroleum savings into domestic energy infrastructure. Any shift from the Fund’s long-term savings mandate requires a transparent policy framework. This framework must outline economic rationale, project selection criteria, expected returns, and risk controls. The government must also publish the long-awaited National Petroleum Revitalisation Strategy. This strategy should outline measures to arrest declining production and attract upstream investment.