The Public Interest and Accountability Committee (PIAC) is urging the government to abolish or increase the $100 million cap on the Ghana Stabilisation Fund (GSF). The cap, introduced during the COVID-19 pandemic to boost fiscal space, is now seen as detrimental to the economy. PIAC Chairman Constantine Kudzedzi stressed that over $530 million would have been added to the fund if the cap had been removed. He called on Parliament to compel the government to reverse the cap to secure economic stability against future shocks.
At a public forum in Elmina discussing PIAC’s 2024 semi-annual report, Mr. Kudzedzi expressed concern over how the cap was inhibiting the fund’s growth, reducing its ability to stabilize the economy in times of revenue shortfall. The forum also inspected oil-funded projects in the Komenda-Edina-Eguafo-Abrem Municipality, where participants recommended involving local communities in project execution and advocating for Parliament’s involvement in budget decisions.
PIAC’s report further highlighted a 10.7% increase in crude oil production in the first half of 2024, primarily due to the Jubilee South East project. Additionally, petroleum receipts rose by 55.6%, from $540 million in 2023 to $841 million in 2024, driven by increased production.
