• ACTis has raised one flag for the GPF and placed two under monitoring.
• It is concerning that the current Board and executive team include four individuals linked to alleged unethical behaviour (including corruption, conflicts of interest, nepotism, and mismanagement at other public entities). Board members and executives, not least those responsible for disbursing public funds and serving the public interest, should demonstrate the highest standards of integrity and ethical leadership.
• The GPF’s primary mandate is to provide capital to developers for social infrastructure projects. Its discretionary lending decisions are vulnerable to corruption and abuse if governance controls and oversight structures are weak. In this context, reports of historical loans to politically connected individuals, combined with exceptionally high levels of non-performing loans (NPLs) and high-risk loans, suggest vulnerabilities in the institution’s lending processes that could be exploited for patronage and which warrant continued monitoring.