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Ghana Petroleum Funds (Ghana Stabilisation Fund and Ghana Heritage Fund)

Ghana · Africa · Founded 2011 · Stabilisation fund · IFSWF full member

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Focus

Ghana Stabilisation Fund and Ghana Heritage Fund: what it invests in

Fixed incomeCash and money markets

Geography Global

Scale

Ghana Stabilisation Fund and Ghana Heritage Fund: how big it is, and on what basis

USD 1.64B (30 June 2026)
Fund market valueAs of

In US dollars: about USD 1.64B. Reported in USD

Heritage 3-year return 3.26% a year

Transparency

Ghana Stabilisation Fund and Ghana Heritage Fund: what it publishes

9.0 of 10 Band 5 of 5

Published 8 · Partly 2 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Combined valueS4
USD 1.64B (30 June 2026)
As of
Heritage FundS4
USD 1.46B
As of
Stabilisation FundS4
USD 182.7M
As of
Stabilisation capS5
USD 100M
As of
Heritage 3-year returnS4
3.26% a year
As of
Revenue distributed since 2011S5
USD 11.97B
As of
Transparency scoreS4
9.0 of 10
As of

At a glance. The Ghana Petroleum Funds are two oil revenue funds run by the Bank of Ghana: the Ghana Stabilisation Fund, which cushions budget shortfalls, and the Ghana Heritage Fund, an endowment for future generations. Together they held USD 1.64B at 30 June 2026, all in US dollar bonds, with the Heritage Fund at USD 1.46B. S4 S3

Key points

  • Heritage Fund USD 1,460.98M and Stabilisation Fund USD 182.68M at 30 June 2026. S4
  • USD 11.97B of petroleum revenue was distributed from August 2011 to end 2025; the two funds took 32.8 percent. S5
  • Stabilisation Fund balance capped at USD 100M; USD 66.88M above the cap was withdrawn in the second half of 2025. S5
  • Heritage Fund returned 3.26 percent a year over three years to June 2026, against a long US Treasury reference. S4
  • Audited by Forvis Mazars Ghana with a clean opinion; 2025 investment income USD 54.95M. S6
  • A December 2025 law widened the range of qualifying instruments the funds may hold. S7

Interesting facts

  • Oil money lands first in an account at the Federal Reserve Bank of New York held in the Bank of Ghana's name. S3
  • Both funds will merge into a Ghana Petroleum Wealth Fund within a year of oil reserves running out. S3
  • The 87th Jubilee lifting sold at USD 115.45 a barrel in the first half of 2026. S4

Mandate and goals

The Stabilisation Fund sustains public spending when petroleum revenue falls short; the Heritage Fund builds an endowment for when reserves are depleted. S3 S8

  • Smooth the budget against oil revenue shortfalls. S3
  • Save for future generations through the Heritage Fund. S8
  • Invest only in qualifying instruments set by the Act. S3
  • Return target: Track reference indices; Bloomberg US Long Treasury Index for the Heritage Fund S4

How it invests

Industries. Sector agnostic S4
Asset classesFixed income, Cash and money markets S4
StagesPublic markets S4
GeographyGlobal. US dollar bonds; Heritage duration 7.45 years and Stabilisation 1.67 years at June 2026 S4
Direct / through funds / co-investYes / No / No S1
Ticket sizeNo private deals S1
External managersNo external manager split published S1
Co-investment programmeNone S1

Published criteria

  • Qualifying instruments under Section 61 of the Act, widened in December 2025. S3 S7
  • Stabilisation Fund kept short and liquid; Heritage Fund can take longer duration. S3
  • A Risk Management and Compliance Unit monitors limits. S1

Past investments

The fund has not published a list of investments.

Case studies

How the USD 100M cap works S5

  • What: Stabilisation Fund balances above the cap set by the Minister and Parliament are withdrawn for budget use.
  • When: H2 2025
  • Size: USD 66.88M withdrawn
  • Why: Keeps the buffer at its set size and frees surplus for other uses.
  • Outcome: Accumulated excess of USD 74.98M at end 2025.

Splitting oil revenue S4

  • What: Petroleum Holding Fund receipts shared among GNPC, the budget and the two funds.
  • When: H1 2026
  • Size: USD 561.41M distributed
  • Why: Rules in Act 815 fix shares for the budget, the oil company and savings.
  • Outcome: Stabilisation Fund USD 137.99M and Heritage Fund USD 59.14M.

Investment process

The Minister for Finance sets the policy and receives quarterly reports; an Investment Advisory Committee advises; the Bank of Ghana manages the portfolios. S3

CommitteeRole
Investment Advisory CommitteeAdvises on investment and receives quarterly reports S3
Public Interest and Accountability CommitteeStatutory civil society oversight body S11
  1. Revenue enters the Petroleum Holding Fund. S3
  2. Shares paid to the funds under the Act. S3
  3. Semi-annual reports to Parliament and in two national dailies. S3

How to approach: No route for external parties; reports are posted on the Bank of Ghana fund page. S1

Size and returns

  • Headline size: USD 1.64B (30 June 2026) (Fund market value, as of 2026-07-30) S4
  • In US dollars: about USD 1.64B. Reported in USD
  • Audited total assets, end 2025: USD 1.55B (Total assets (balance sheet), as of 2025-12-31) S6
  • Return, H1 2026, Heritage Fund: 0.7 percent (six months; index 0.44 percent) S4
  • Return, Heritage Fund, 2 years to June 2026: 3.78 percent a year (Heritage Fund only) S4
  • Return, Heritage Fund, 3 years to June 2026: 3.26 percent a year (Heritage Fund only) S4
  • Return, Stabilisation Fund, 2 years: 4.26 percent a year (Stabilisation Fund only) S4
  • Size over time (USD billion): 2023 1.238, 2024 1.456, 2025 1.552, 2026-06 1.644 S4 S6

Leadership

NameTitleSince
Dr Johnson Pandit AsiamaGovernor, Bank of Ghana S9 S122025-02-25
Dr Zakari MumuniFirst Deputy Governor, Bank of Ghana S92025-02
Matilda Asante-AsieduSecond Deputy Governor, Bank of Ghana S92025-05
Dr Cassiel Ato Baah ForsonMinister for Finance S13Not published

Governance and transparency

  • Legal basis: Petroleum Revenue Management Act 2011 (Act 815), amended by Acts 893, 1138 and 1155 S1
  • Oversight: Parliament, the Investment Advisory Committee and the Public Interest and Accountability Committee S3 S11
  • Auditor: Forvis Mazars Ghana S6
  • Santiago Principles: Full IFSWF member S2
  • Bank of Ghana internal audit each quarter. S3
  • Ministry of Finance reconciliation report on the Petroleum Holding Fund. S14

Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, long-term returns, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S4 S6 S9 S10
  • Partly published: geographic or sector split, holdings or deal list. S4

History

DateEvent
2011-04-11Act 815 assented. S1
2011-08First allocations to the funds. S1
2015Act 893 amendment. S8
2025-02-25New Governor sworn in. S15
2025-12-12Act 1155 widens qualifying instruments. S7
2026-07-30H1 2026 report published. S4

For family offices

The funds hold US dollar bonds managed by the central bank and have no programme open to private capital. S1 S7

Reports

Common questions

How big are the Ghana Petroleum Funds?

USD 1.64B at 30 June 2026. S4

Who manages them?

The Bank of Ghana, for the Government of Ghana. S1

What is the difference between the two funds?

The Stabilisation Fund cushions revenue shortfalls and is capped at USD 100M; the Heritage Fund is a long-term endowment. S5

Are they IFSWF members?

Yes, full members. S2

Are the accounts audited?

Yes, by Forvis Mazars Ghana. S6

All sovereign wealth funds in Africa · All stabilisation funds · All funds in Ghana

Sources

  1. S1Bank of Ghana, Ghana Petroleum Funds page
  2. S2IFSWF, member page: Ghana Petroleum Funds
  3. S3Bank of Ghana, about the petroleum funds
  4. S4Bank of Ghana, GPF semi-annual report H1 2026
  5. S5Bank of Ghana, GPF semi-annual report H2 2025
  6. S6Ghana Petroleum Funds, 2025 audited financial statements
  7. S7Ghana Business News, Parliament passes PRMA Amendment Bill II
  8. S8Bank of Ghana, GPF frequently asked questions
  9. S9Bank of Ghana, Governor and deputies
  10. S10Bank of Ghana, GPF semi-annual reports
  11. S11PIAC, roundtable on Ghana's petroleum funds
  12. S12Bank of Ghana, appointment of Dr Johnson P. Asiama as Governor
  13. S13Ministry of Finance Ghana, welcome to Dr Cassiel Ato Baah Forson
  14. S14Ministry of Finance Ghana, 2025 reconciliation report on the Petroleum Holding Fund
  15. S15Ghana News Agency, Asiama sworn in

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