Majority Leader Mahama Ayariga has defended the government’s decision to apply portions of the Heritage Fund to power sector investments, describing the move as “innovative common sense.”
Taking the floor to conclude debate on the 2026 Budget, he argued that utilising current oil revenues for critical infrastructure yields greater benefits than leaving the funds idle in low-interest foreign accounts.
“We have current oil revenues stashed in foreign instruments earning us just 1%,” he noted.
He contrasted this strategy with the NPP’s controversial Agyapa proposal, which he said sought to mortgage future gold royalties for immediate gains.
“Agyapa was to borrow against future gold royalties whilst we have current oil revenues sitting idle,” he stated.
According to him, the current approach is more responsible and delivers direct value to the power sector, which is essential for economic growth.
Mr Ayariga highlighted that the new investments will strengthen Ghana’s grid, support power generation, and reduce reliance on expensive imported fuels.
He reiterated that the second gas processing plant alone will save the country hundreds of millions annually and create thousands of jobs.
“This is how you build a resilient energy sector,” he argued.
The Majority Leader insisted that the previous administration failed to channel national resources into productive investments, leading to high energy costs and mounting debts.
He described the current government’s approach as strategic and forward-thinking.
“We are investing for growth, not borrowing recklessly,” he said.
He concluded that the Heritage Fund’s application reflects a bold but necessary shift in economic management.
“This is the right use of our resources,” he emphasised.
“It is better to invest for the benefit of Ghanaians today than to keep money idle while borrowing at high interest rates.”
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