NPP MP John Darko Accuses Government of Misusing Ghana Heritage and Stabilisation Funds in 2026 Budget

NPP MP for Suame, John Darko, has accused the government of allegedly making a deliberate attempt to “plunder” the Ghana Heritage Fund and the Ghana Stabilisation Fund through provisions in the 2026 National Budget.

According to the MP, these alleged actions pose a serious threat to the country’s future economic safety and undermine the purpose of Ghana’s petroleum savings.

“Mr Speaker, there is clearly an attempt to spend the Ghana Wealth Fund now, instead of preserving it for the future as required by law,”
Mr Darko said, referencing the Petroleum Revenue Management Act, which states that both funds should eventually transition into a permanent wealth fund when Ghana’s petroleum resources are depleted.

Debating the 2026 Budget Statement and Economic Policy, the Suame MP argued that the government’s decision violates the principle of sustainable development, stressing that leaders are placing current spending needs above the long-term interests of future generations.

“This budget is about ‘let’s eat now and forget tomorrow,’” he lamented.

Mr Darko strongly criticised the government’s intention to modify the investment structure of the Ghana Petroleum Funds, saying it would allow the state to access and utilize the funds immediately, contrary to existing laws and the foundation of intergenerational equity.

He also disputed the Finance Minister’s claim that total petroleum reserves of $1.46 billion had generated only $1.94 million in interest since 2011, corresponding to a one percent annual return. He described the figure as misleading and inconsistent with data from PIAC and the Bank of Ghana.

The MP therefore urged Parliament and civil society organisations to resist any attempt to divert the Ghana Heritage and Stabilisation Funds for short-term political projects, insisting that the petroleum savings belong equally to current and future citizens.

“Mr Speaker, the 2026 Budget fails to protect the long-term interests of the nation and exposes crucial national savings to unnecessary political risk,” he concluded.

Meanwhile, Dr. Cassiel Ato Baah Forson, Minister for Finance, presented the 2026 Budget to Parliament on Thursday, November 13. The budget, themed “Resetting for Growth, Jobs, and Economic Transformation,” focuses on job creation, accountability, and shared prosperity.

Projected GDP growth for 2025 is 6.3 percent, led by the industrial, mining, and agricultural sectors.

Key tax reforms highlighted during the presentation include:

• Abolition of the COVID-19 levy

• Reduction of the VAT rate

• Increase in VAT registration threshold to support small businesses

Revenue measures introduced include:

• Reintroduction of road tolls

• Increase in the Growth and Sustainability Levy for mining firms

• Extension of the Special Import Levy

According to Dr Forson, inflation is expected to fall to 8 percent by October 2025, lower than the IMF’s forecast of 11.9 percent.