Campbell challenges Government's management of Oil Fund in Court action

Investment Committee Member of the Natural Resource Fund (NRF), Dr. Terrence Campbell has filed Court documents seeking a judicial review and challenging the Guyana government’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 Dr. Ashni Singh as respondents.

Through his Attorneys, Senior Counsel, Roysdale Forde and Seenath Jairam, Mr. Campbell is challenging 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 In 2024, withdrawals reached US$850 million from January to September, with an additional US$153.456 million withdrawn during the year’s final quarter.

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.

According to the Attorneys, Mr. Campbell was appointed to the Investment Committee on July 8, 2024, and has demonstrated through official government records that the withdrawals are being used to finance regular government operations. They contend that 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 Attorneys noted.

In his application, Mr. Campbell has asked 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.