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801 people dead from COVID-19 in Ghana so far
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PIAC Urges Long-Term Plan To Guide Petroleum Expenditure
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Petroleum fund
Another issue Mr Agyeman cited was the administration of the Ghana Petroleum Fund (GPF), which is made up of the Ghana Heritage Fund (GHF) and the Ghana Stabilisation Fund (GSF).
He noted that the instruments in which the GHF was invested were low risk resulting in low returns, therefore, there was the need to diversify the investment portfolios so that the returns at the end of the day would be quite appreciable.
On the other hand, he explained that although the essence of the GSF is to provide economic buffer in times of unanticipated shocks to the national economy, about 90 per cent of withdrawals from the fund over the 10-year period of oil production has gone into debt repayment.
The CDA Ghana said this following a Covid-19 corruption risk assessment it conducted and themed, “Strengthening COVID-19 Accountability Mechanism (SCAM), with support from the Commonwealth Foundation. Mr Salifu Issifu Kanton, Executive Director for CDA, who launched the report in Accra said, the risk of irregular procurement amidst the pandemic had the potential to prolong the negative effects of the pandemic on the lives of the poor and vulnerable populations in Ghana
“An Anti-Corruption tracker published on the website of Transparency International has flagged Ghana as one of the high corruption risk countries which have failed to put in place anti-corruption measures as part of the COVID-19 financial assistance and debt relief from the IMF,” he said.
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