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House No. 28, Naa Shika Lane Haasto


point of view with finance minister ken ofori atta

Some Civil Society Organizations (CSOs); Friends of the Nation, Center for Public Interest Law, and Natural Resource Governance Institute have joined calls urging government not use the Heritage Fund as a source of finance in combating the novel coronavirus in Ghana.

The Finance Minister, Ken Ofori-Atta while addressing Parliament on the economic impact of COVID-19 on the country called for the amendment of the Petroleum Revenue Management Act (PRMA) to allow the government to utilize portions of the Heritage Fund to combat the Coronavirus outbreak.

He also sought the support of Parliament to amend the relevant laws to lower the cap of the Stabilisation Fund from US$300 million to US$100 million to enable the government scoop the excess funds to bridge the gap created by the economic impact of the pandemic.

Read more: Center for Public Interest Law (CEPIL) has Joined calls Urging Government not use the Heritage Fund

agillies 1501 removebg previewMultinational companies regularly hire agents and fixers to help them win lucrative business in complex or unfamiliar environments. These intermediaries, who include both established firms and well-connected individuals, provide introductions to decision-makers, intelligence on how to secure a contract, and an on-the-ground presence in far-flung lands. Sometimes they also serve as conduits for bribes.

Recent events in the oil industry suggest that companies may start opening doors on their own, without relying on these “middlemen.”

Last Monday, the large commodity trader Trafigura announced that it would no longer hire third parties to perform “business development” functions. A few weeks earlier, two other commodities giants, Glencore and Gunvor, indicated that they would significantly reduce their use of this type of intermediary as well. That means three of the world’s largest trading companies may desert a decades-old playbook. Their statements follow an uptick in related anti-corruption investigations, with current inquiries examining trader activities in Brazil, the Republic of Congo, the Democratic Republic of Congo, Nigeria and Venezuela. Intermediaries feature prominently in most of the accusations.

Read more: Will extractive companies move away from corruption-prone intermediaries?

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