Shaping Ghana's future today


Total fund value as of 31st March 2020

The fund's growth

The Ghana Petroleum Funds were established by the Petroleum Revenue Management Act 815, 2011. The Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) are collectively known as the Ghana Petroleum Funds.

Ghana Stabilisation Fund (GSF) returned 0.49% in Q4. The year-to-date return was 2.41% with the two-year annualised return at 2.11%.
In Q4 of 2019, Ghana Heritage Fund (GHF) year-to-date return was 6.40%, the two-year return was 7.61% with the two-year annualised return at 3.73% and the three annualised returns at 3.46%

Historical Timeline

  • 1896

    Initial exploration Tano onshore exploration of oil in the Western Region. Exploration was carried out first by the West Africa Oil and Fuel Company (WAOFCO) and later by the Société Française de Petrole in 1909.
  • 1970

    Ghana discovers its first major oil field in Saltpond. This field was developed by Signal Amoco and began oil production in 1975. This oil field led to the production of about 3.47 million barrels of oil.
  • 1980

    Three additional major discoveries of oil were made – Cape Three Points, Saltpond and North and South Tano through the drilling of 31 wells.
  • 1983

    Ghana Petroleum Corporation was established with a mandate to help reduce oil importation and provide a sustainable and reliable supply of petroleum products. The company was also given the mandate to continue major and sustainable oil exploration.
  • 2007

    Ghana discovers oil in commercial quantities through an exploration of GNPC and its partners Tullow Oil and Kosmos Energy. The oil find was characterized as one of the biggest oil finds in Africa at the time and was estimated to contain about 3 billion barrels of oil (Jubilee Field).
  • 2010

    Production commences in the Jubilee field.
  • 2011

    The Petroleum Revenue Management Act was passed into law by Ghana’s Parliament. This law established to help govern the management of oil proceeds. The law established the Ghana Petroleum Funds which stipulates the creation of two funds, the Stabilisation Fund which helps absorb shocks in oil prices to Government revenue and the Heritage Fund which seeks to preserve funds for future generations.
  • 2015

    Ghana amends The Petroleum Revenue Management Act.
  • 2020

    The cap on the Ghana Stabilization Fund was lowered from $300 million to $100 million. This is in accordance with Section 23 (3) of the Petroleum Revenue Management Act, in light of the major oil shock and revenue shortfalls occasioned by the novel coronavirus, COVID-19.

About the fund

The Ghana Petroleum Funds was established by the Petroleum Revenue Management Act 815 (2011) and Act 893 (2015) as amended (“PRMA”), which sets out rules and regulations for the management of revenues derived from Ghana’s petroleum resources.

The PRMA establishes two savings funds, the Ghana Stabilisation Fund and Ghana Heritage Fund, together known as Ghana Petroleum Funds.

The Ghana Petroleum Funds through its constituent funds has two objectives: The Ghana Stabilisation Fund, Ghana Heritage Funds and the Distribution of Funds.

More about the fund
The organisation

How the fund is invested

Overnight & Call Deposits
Discount Notes
Treasury Bills
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Short-Term Deposits
Investment-Grade Bonds
Certificates of Deposits
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Commercial Papers
Medium-Term Notes

Research and analysis

Global economic outlook for 2020 as at 31st December 2019

Global economic activity is showing early signs of stabilisation, with global economic growth projected to rise to 3.30% in 2020 and 3.40% for 2021. The forecasts for 2020 and 2021 have been marked down by 0.1 and 0.2 percentage points respectively, predominantly reflecting negative surprises to the outlook with the confluence of factors discussed below.

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