Would Ghana Escape the Resource Curse? Reflections on the Minister of Finance's Power under the Petroleum Revenue Management Act as Amended

Abstract

After discovering oil, Ghana enacted the Petroleum Revenue Management Act (PRMA) and separated the oil revenue from the Consolidated Fund. The PRMA guides oil revenue management to benefit all Ghanaians and cause growth. Despite the PRMA, Ghanaians are pessimistic about managing the oil revenue due to mismanagement issues. It includes the Finance Minister’s discretionary powers. This article interrogates whether the PRMA would help Ghana escape the resource curse by focusing on the discretionary powers granted to the Finance Minister under the PRMA. The article argues that until these provisions on the capabilities of the Minister are amended, Ghana may see little benefits from the oil discovered.