ABSTRACT
Although Ghana’s petroleum reserves are modest by international standards, petroleum activities may affect the economic development of the country positively or negatively depending on how oil revenue is managed. To ensure sound and prudent revenue management, Parliament passed the Petroleum Revenue Management Act (PRMA) (Act 815) (PRMA) in April 2011. This chapter looks at the nature and the eventual impact of public participation in the formulation of the law, outlines the essential features of the law, assesses the approach taken by Ghana to address the revenue management challenges, and explains why the law potentially represents an important step towards transparency, accountability and good economic governance. But, will the framework remain robust? Will it be a law for the sake of having it? And what are the possible challenges that Ghana might face in carrying forward its petroleum revenue management law?
