In a large bowl, cream shortening and sugars. Add eggs, one at a time, beating well after each addition. Beat in pumpkin. Combine the flour, cinnamon, baking powder, baking soda, salt, nutmeg, allspice and ginger; add to the creamed mixture just until combined. Stir in pecans.
Pour into a greased and floured 10-in. fluted tube pan. Bake at 350° for 60-65 minutes or until a toothpick inserted in the center comes out clean. Cool for 10 minutes before removing from pan to a wire rack.
In a saucepan, combine sugar and cornstarch. Gradually stir in water. Bring to a boil over medium heat; cook and stir for 2 minutes or until thickened. Remove from heat; stir in butter and extract. Serve warm with cake.