LONDON – 23 July 2024. Today, the International Forum of Sovereign Wealth Funds (IFSWF), a global network of sovereign wealth funds from 46 countries, is pleased to announce that it has admitted the Ghana Petroleum Funds as a full member of the Forum and the Maharlika Investment Corporation of the Philippines as an associate member.
The Ghana Petroleum Funds are owned by the Government of Ghana and comprise the Ghana Stabilisation Fund and the Ghana Heritage Fund. The Ghana Petroleum Funds channel excess petroleum revenues into financial instruments for sustaining public expenditure capacity during periods of unanticipated petroleum revenue shortfalls and serve as an endowment to support development for future generations. The funds are transparently managed within the Bank of Ghana, separate from the foreign exchange reserves, by a dedicated Secretariat.
The Maharlika Investment Corporation’s mandate is to manage and invest the Maharlika Investment Fund strategically, transparently, and responsibly. The overarching goal is to contribute to the Philippines' socio-economic development by investing in projects and initiatives that generate economic returns, create jobs, and contribute to national development priorities.
By becoming a full member of the IFSWF, the Ghana Petroleum Funds voluntarily agree to uphold the Generally Accepted Principles and Practices for governance, investment and risk management of sovereign wealth funds, known as the Santiago Principles®. By applying the Principles, IFSWF members demonstrate their commitment to professional, independent, and commercially orientated investment management as they seek to fulfil the mandates set for them by their owners.
IFSWF associate membership is specifically for institutions in the early stages of becoming sovereign wealth funds. By becoming an associate member, the Maharlika Investment Corporation voluntarily agrees to work to implement the Santiago Principles®, as it puts its investment and risk management processes in place. Associate membership is granted for up to three years.
Obaid Amrane, Acting Chair of the IFSWF, said:
“We are delighted to expand the IFSWF network to sovereign wealth funds from two new countries. The diversity of geography and mandate of our new members demonstrates the wide range of mandates of today’s sovereign wealth funds. It is a testament to robust governance's key role for sovereign wealth funds in today’s challenging investment environment.”
Dr Ernest KY Addison, Governor of the Bank of Ghana, said:
“The Ghana Petroleum Funds is truly honoured to be a new member of IFSWF, gaining global recognition in the process. We are committed to the collaborative spirit of this esteemed community built on knowledge-sharing and networking opportunities. GPFs will be continually inspired by the collective commitment to excellence and be instrumental in promoting transparency, accountability and adherence to the Santiago Principles. The Ghana Petroleum Funds will partner with other members on pressing issues that may confront sovereign wealth fund management and its associated risks.”
Raphael Consing Jnr, CEO of the Maharlika Investment Corporation, said:
“We are deeply honoured by the IFSWF Board of Directors’ recognition of our commitment to uphold the Santiago Principles. We understand that this membership represents not only a privilege but also a responsibility. We look forward to participating in IFSWF’s activities and are excited about the opportunities for collaboration, knowledge exchange, and professional development that associate membership will provide.”
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About the International Forum of Sovereign Wealth Funds
The International Forum of Sovereign Wealth Funds (IFSWF) is a voluntary organisation of global sovereign wealth funds committed to promoting good governance and investment management practices through dialogue, research and self-assessment. The IFSWF also seeks to promote a deeper understanding of sovereign wealth fund activity amongst government and financial services institutions.
The Santiago Principles are a registered trademark of IFSWF Ltd.
Find out more at www.ifswf.org
Contact: Victoria Barbary, Director of Strategy & Communications, IFSWF, vb@ifswf.org