GENERAL
Suame MP accuses government of allegedly plundering Ghana Heritage Fund
Date Created : 11/28/2025 : Story Author : Elsie Appiah-Osei/Ghanadistricts.com
According to the MP, the alleged acts were happening under the guise of the 2026 Budget, warning that the future economic security of the country was under grave threat.
“Mr. Speaker, there is effectively an attempt to spend the Ghana Wealth Fund now, instead of preserving it for the future as required by law,” Mr. Darko said, referencing the Petroleum Revenue Management Act, which mandated that both the Heritage and Stabilization Funds be merged into a permanent wealth fund after Ghana’s petroleum resources were depleted.
Commenting on the 2026 Budget Statement and Economic Policy on the Floor of Parliament, the MP described the move as a violation of the principle of sustainable development, warning that the government was prioritizing present consumption over the needs of future generations. “This budget is about ‘let’s eat now and forget tomorrow,” he stated.
Mr. Darko criticized the government's plan to change the investment structure of the Ghana Petroleum Funds, arguing that it would allow the government to access and spend the resources now, in violation of established law and the principle of intergenerational equity.
He also questioned the Finance Minister's claim that total reserves of about $1.46 billion had yielded just $1.94 million in interest since 2011, representing about a one per cent annual return, calling it misleading and inconsistent with data from the Public Interest and Accountability Committee and the Bank of Ghana.
The Suame MP therefore called on Parliament and Civil Society organisations to resist any attempt to repurpose the Ghana Heritage Fund and Stabilization Fund for short-term projects, insisting that the petroleum savings belonged to both the present and future generations of Ghanaians.
He said, "Mr. Speaker, the 2026 Budget, as presented, fails to safeguard the long-term interests of the country and exposes critical national savings to unnecessary political risk,” he concluded.
Dr Cassiel Ato Baah Forson, the Minister for Finance, presented the 2026 Budget Statement and Economic Policy to Parliament on Thursday, November 13, outlining key initiatives to boost Ghana's economy.
The budget on the theme: "Resetting for Growth, Jobs, and Economic Transformation" focused on job creation, accountability, and prosperity for all, with projected GDP growth of 6.3 per cent in 2025, driven by industry, mining, and agriculture sectors.
Among some of the key highlights of the presentation were tax reforms, where the minister announced the abolishment of the COVID-19 levy, reduction of the VAT rate, and increase of the VAT registration threshold to support small businesses.
On revenue measures, Dr Forson introduced road tolls, increased the Growth and Sustainability Levy for mining companies, and extended the Special Import Levy, adding that inflation was targeted to drop to 8 per cent by October 2025, below the International Monetary Fund's 11.9 per cent forecast.
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