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Terrence Campbell goes to court over Govt’s spending of oil money
Kaieteur News- Terrence Campbell, a Natural Resource Fund (NRF) Investment Committee member, on Thursday afternoon filed a judicial review application challenging the Government of Guyana’s management and transparency of the Natural Resource Fund.
The application names the Attorney General of Guyana and the Senior Minister in the Office of the President with Responsibility for Finance as respondents.
Member of the investment Committee of the Natural Resources Fund, Dr Terrence Campbell
According to a press release by Campbell, the legal action challenges the transparency and accountability of major withdrawals from the Fund, which have amounted to approximately US$2.61 billion or more than half a trillion Guyana Dollars over the past three years.
According to the application, withdrawals totaled US$607.65 million in 2022, followed by US$1,002.13 million in 2023. In 2024, withdrawals reached US$850 million from January to September, with an additional US$153.456 million withdrawn during the year’s final quarter.
Campbell, appointed to the Investment Committee on July 8, 2024, demonstrates through official government records that these withdrawals are being used to finance regular government operations.
The National Estimates for 2025 explicitly show current expenditure deficits of G$46,016 million for 2024 and G$75,929 million for 2025, confirming that Natural Resource Fund proceeds are being used to finance routine government operations instead of the specific purposes mandated by Section 16(2) of the Natural Resource Fund Act 2021.
The application highlights serious violations of the Santiago Principles, which are explicitly incorporated into Guyanese law through Section 4 of the Natural Resource Fund Act.
These internationally recognised principles establish mandatory standards for the governance and accountability of Sovereign Wealth Funds. The government’s current practices violate Principles 2, 4, 6, 17, and 24, which require strict accountability, transparency, and responsible investment strategies in managing sovereign wealth funds.
The legal challenge seeks declarations that all withdrawals from the Fund must be exclusively used to finance national development priorities, including green economy initiatives, and essential projects directly related to ameliorating the effects of major natural disasters.
The application provides evidence of the complete absence of comprehensive documentation of withdrawals, clear criteria for “national development priorities,” robust tracking mechanisms, and regular detailed reporting to the National Assembly.
In his application, Campbell requests the Court to order the Minister of Finance to provide a detailed breakdown of all expenditures from prior withdrawals within 30 days and establish proper procedures for documenting future withdrawals.
This request is supported by evidence showing that none of the projects listed in the 2025 Public Sector Investment Programme explicitly identifies Natural Resource Fund financing, despite the massive withdrawals from the Fund.
Mr. Campbell is represented by Mr. Roysdale A. Forde, S.C., and Mr. Seenath Jairam, S.C.
(Terrence Campbell goes to court over Govt’s spending of oil money)
- Investment Committee member, Natural Resource Fund, Office of the President, Responsibility for Finance
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