Dr. Terrence Campbell, the lead parliamentarian for A Partnership for National Unity (APNU) in the 13th Parliament, has submitted a proposed amendment to the Natural Resource Fund Act 2021, seeking to enforce stricter accountability and transparency in the management of Guyana’s petroleum revenues.
In a letter to the Clerk of the National Assembly, Dr. Campbell stated: “The proposed amendment seeks to repeal and substitute Section 16 of the Natural Resource Fund Act in order to ensure that withdrawals from the Fund are used in a transparent, accountable, and sustainable manner for development and disaster-related projects, and not for recurrent expenditure of the Government.”
The Natural Resource Fund (Amendment) Bill 2025 aims to tighten parliamentary control over withdrawals from the Fund, restrict spending solely to infrastructure, development, and disaster relief, and mandate annual reporting to the National Assembly.
Dr. Campbell, who served as the Opposition representative on the Natural Resource Fund Investment Committee, has been an outspoken critic of the government’s management of the Fund. He has filed a judicial review, arguing that withdrawals totaling approximately US $2.61 billion over three years were improperly used to finance regular government operations rather than the development or disaster-related projects required by law.
He has highlighted shortcomings in the Fund’s governance relative to the Santiago Principles, a globally recognized set of 24 guidelines for sovereign wealth fund management. These principles emphasize transparency, accountability, commercial investment practices, risk management, and independent oversight. Campbell contends that the Fund’s current practices fall short of these standards, leaving Guyana’s petroleum revenues vulnerable to misuse.
As of the end of March 2025, Guyana’s Natural Resource Fund had a balance of US$3.3 billion, reflecting petroleum‑revenue inflows of approximately US$901.6 million in the first four months of the year. By the third quarter (July – September 2025), an additional US$565 million flowed into the Fund, including US$133 million in September alone. These inflows underscore the critical importance of strong oversight to ensure the Fund is used for development and disaster relief rather than recurrent government spending.
The draft amendment would replace Section 16 of the existing Act with provisions that:
- Limit annual withdrawals from the Fund to amounts approved by the National Assembly;
- Prohibit the use of Fund revenues for recurrent government expenditure;
- Restrict spending to infrastructure, development, and major disaster relief projects;
- Require the Minister to submit an annual report on all projects financed by the Fund.
The Explanatory Memorandum to the Bill highlights its objectives: ensuring parliamentary control over withdrawals, enforcing the Santiago Principles’ ethos of transparency and accountability, and protecting the long-term sustainability of Guyana’s petroleum wealth.
If enacted, the Natural Resource Fund (Amendment) Act 2025 would come into force on a date appointed by the Minister.
Dr. Campbell’s initiative represents one of the first major legislative efforts by the opposition in the newly convened 13th Parliament, underscoring a growing push for greater public oversight of Guyana’s resource wealth.
