Petroleum Revenue Management Amendment Act, 2025

PETROLEUM REVENtlEMSNAGEMENT (AMENDMENT) ACT, 2025 Act 1138 ARRANGEMENT OF SECTIONS Section 1. Section 21 of Act 815 amended 2. Section 57 of Act 815 amended Act 1138 REPUBLIC OF GHANA The One Thousand one hundred and thirty-eighth ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED PETROLEUM REVENUE MANAGEMENT (AMENDMENT) ACT, 2025 AN ACT to amend the Petroleum Revenue Management Act, 2011 (Act 815) to provide for the Annual Budget Funding Amount to be used for infrastructure development and provide for related matters. DATE OF ASSENT: 2nd April, 2025 PASSED by Parhament and assented to by the President Section 21 of Act 815 amended 1. The Petroleum Revenue Management Act, 2011 (Act 815), referred to in this Act as the “principal enactment”, is amended by the substitution for section 21, of “Use of Annual Budget Funding Amount 21. (1) The Annual Budget Funding Amount is part of the national budget and the use and expenditure of the Annual Budget 2 Petroleum Revenue Management (Amendment) Act, 2025 Act 1138 Funding Amount are subject to the same budgetary processes that' are necessary to ensure efficient allocation, responsible use and effective monitoring of expenditure. (2) The use of the annual allocation of the Annual Budget Funding Amount shall be (a) to maximise the rate of economic, development; (b) to promote equality of economic opportunity with a view to ensure the well-being of citizens; (c) to undertake even and balanced development of the regions; and (d) guided by a medium-term expenditure1 framework approved by Parhament. (3) For any financial year (a) the Annual Budget Funding Amount shall be used for infrastructure development; and (b) a maximum of five per cent of the amount j in paragraph (a) shall be allocated to the District Assembly Common Fund for the purpose of infrastructure development. (4) The Minister may, in the event of a natural disaster, make a special request to Parliament for the release of revenue.”. Section 57 of Act 815 amended 2. The principal enactment is amended in section 57 by the repeal of ■ subsection (3). Date of Gazette notification: 2nd April, 2025. 3 PRINTED BY GHANA PUBLISHING COMPANY LTD. ASSEMBLY PRESS, ACCRA. GPCL/A229/450/04/2025 Websitezwww.ghanapublishing.cornEmaikinfo@ghanapublishing.com Tel: +233 0+302-664338/9 http://www.ghanapublishing.cornEmaikinfo@ghanapublishing.com