Audit report on COVID Fund makes ‘inaccurate and misleading references’ – GCPSF

Senyo Hosi009 Senyo Hosi, Managing Trustee of the Ghana COVID-19 Private Sector Fund

Sat, 3 Sep 2022 Source: www.ghanaweb.com

The Ghana COVID-19 Private Sector Fund (GCPSF) has reacted to the 2021 Auditor-General’s report claiming that over GH¢254,000 funds donated cannot be accounted for.

According to a 15-paragraph reaction signed by Senyo Hosi, Managing Trustee of the Fund said, the Auditor-General’s report referencing the private fund and the unaccounted donations is misleading.

The statement indicated that GCPSF has been transparent and open because its activities are being funded by the public.

“We have taken note of the Auditor-General’s management report in reference to the National COVID-19 Trust Fund (NCTF). The report makes inaccurate and misleading references to the COVID-19 Private Sector Fund (GCPSF). As a transparent and open organisation whose activities are funded by the public, we are concerned by the misrepresentations made and hereby address the issues as follows:

“The GCPSF has had a healthy cooperation with the NCTF which has ultimately been beneficial to the people of Ghana. We are grateful to the NCTF and proud of the successes attained by the partnership in the provision of public goods.

“We are gravely concerned by the statement made in paragraph 30 of the Auditor-General’s management letter which suggests that the GCPSF could trade with public funds for personal gains. We are a not-for-profit organisation and do not engage in trading. Neither have we suggested, acted, nor purported to engage in commercial activities for which the GCPSF, its trustees, officers, assigns or representatives shall or stand to benefit personally,” the statement signed by Senyo Hosi said.

It continued: “As is publicly known, the GCPSF operates with very competent structures with reputable partners like KPMG (Fund Accountants), Ernst & Young (Fund Auditors), Stanbic Investment Management Service (Fund Managers), Fidelity Bank and Ecobank (Fund Custodians), Bentsi, Enchill Letsa & Ankomah (Fund Lawyers) and other efficient structures that ensure value for money and compliance.

“The NCTF was the largest donor to our Protect and Resource the Frontline (PARF) project, donating GHS10.257mn for the supply of medical equipment and PPE to major COVID-19 centres and frontliners. The NTCF was also a major donor (GHS6.8mn) to our Facility 100 project that saw the delivery of Ghana’s First Infectious Disease Centre.

“To ensure value for money, we undertook a transparent and competitive process with officials from the NCTF invited to participate as observers. A procurement report was subsequently submitted to the NTCF for their consideration. This served as the basis for the donation.”


The Auditor-General in its 2021 report stated that some GH¢254,203.00 of money that accrued to the Ghana COVID-19 Private Fund cannot be accounted for.

Contrary to Regulation 78 (1) (a) (b) of the Public Financial Management Regulations, 2019 (L.I. 2378), the Auditor-General said: “Our vouching disclosed that out of GH¢10,257,360 paid via payment voucher number 0590507 dated 16 June 2020 to the Ghana COVID-19 Private Sector Fund, a private organisation for the procurement of medical equipment and personal protective equipment (PPE), only GH¢10,003,157 had been accounted for with an outstanding amount of GH¢254,203.00 not accounted for as of 31 December 2020”.

“We recommended that the management should ensure that the COVID -19 Private Sector Fund account for the total amount of GH¢254,203.00, failing which the total amount of GH¢254,203.00 should be recovered from the Covid-19 Private Sector Fund and same paid to COVID-19 National Trust Fund account,” the report stated.

It also noted that the Covid-19 National Trust Fund received total donations amounting to GH¢67,980,222.58 made up of GH¢57,134,093.58 cash and GH¢10,846,129.00 worth of donations in kind.

Out of the GH¢57,134,093.58 cash donations received, a total amount of GH¢37,252,656.90 had been spent on operations and disbursement to 13 organisations and institutions to fight against Covid-19 with the balance of GH¢19,881,436.68 lodged in five bank accounts of the Trust Fund.

“We urged the management to ensure that all donations, both cash and non-cash, are distributed to the appropriate individuals, organisations and institutions to fight against the COVID-19 pandemic,” the report said.

Source: www.ghanaweb.com
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