(1) The functions of the Investment Advisory Committee are to

(a) formulate and propose to the Minister the investment policy and management of the Ghana Stabilisation Fund and the Ghana Heritage Fund and the Minister shall submit it for approval by Parliament;

(b) advise the Minister on the broad investment guidelines and overall management strategies relating to the Ghana Petroleum Funds and subsequently the Ghana Petroleum Wealth Fund that the minister shall provide to the Governor, taking cognisance of international best practice of investments of a similar nature; and 

(c) develop for the minister as part the investment guidelines, the benchmark portfolio , the desire returns from and the associated risks of the Ghana Petroleum Funds and subsequently the Ghana Petroleum Wealth Fund taking into consideration the investment guidelines used by the bank of Ghana for investments of a similar nature.

(2) Any advice given by the Investment Advisory Committee on investment strategy or the management of the Ghana Stabilisation fund and the Ghana Heritage Fund shall take into account:

(a) the overall consideration that the Ghana Petroleum fund are funds from the exploitation of non-renewable petroleum resources and the overall objective that they are for the benefit of current and future generations of citizens of Ghana;

(b) the current economic conditions, opportunities and constraints in investment markets and the constraints under which the Bank Ghana and other key institutions in Ghana operates: and

(c) The need to ensure that sufficient funds are available when needed for transfers to meet unanticipated petroleum revenue shortfalls.