GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) IDA LOAN NO.50970GH FINANCIAL STATEMENTS FOR THE YEAR ENDED. ASAMOA BONSU & CO. (Chartered Accountants)

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1 Public Disclosure Authorized GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) IDA LOAN NO.50970GH Public Disclosure Authorized Public Disclosure Authorized losure Authorized OTB169 Odum, Near Kataban House, Phone: , P. 0. Box AH-8549, Kumasi. com FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1sT DECEMBER, 2014 ASAMOA BONSU & CO. (Chartered Accountants) C758/3, AsylumDown, Near Gye Nyame Hotel, Phone: , P. O. Box AN7751, Accra. abonsucoacca@-qmail.com

2 ;amoa bonsu + co p. o. box ks an 7751, accra GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PID) OF FINANCE (MOF) IDA LOAN NO GH INDEPENDENT AUDITORS' REPORT TO THE BOARD OF INTERNATIONAL DEVELOPMET FUND (IDA) FOR THE YEARIPERIOD ENDED 31 DECEMBER, 2014 ON THE GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) We have audited the Financial Statements of the Ghana Public Private Partnership Project for the year ended 31st December, 2014 on pages which have been prepared under the historical cost convention but modified in appropriate areas by the International Public Sector Accounting Standards (IPSAS) on the basis of the accounting policies set out on page 5-6. Respective responsibilities of Project Co-ordinating Unit (PCU) and Auditors The Project Co-ordinating Unit (PCU) is responsible for the preparation of Financial Statements. It is our responsibility as auditors to form an independent opinion, based on our audit, on these statements and to report our opinion to you. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing. An audit includes examination on a test basis, of evidence relevant to the amounts and disclosures in the Financial Statements. It also includes an assessment of the significant estimates and judgements made by the PCU in the preparation of the Financial Statements, and of whether the accounting policies are appropriate to the PCU's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to given reasonable assurance that the Financial Statements are free from material misstatements whether caused by fraud, other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the Financial Statements. Opinion In our opinion, the Financial Statements audited by us which are in agreement with the books of account in all material respects and conform with International Public Sector Accounting Standards (IPSAS), give a true and fair view of the Financial Position and the Receipts and Expenditure of the Ghana Public Private Partnership Project for the year ended 31st December, Additionally, in our opinion: a. All IDA funds have been used in accordance with the conditions of the IDA Loan agreement, with due attention to economy and efficiency and only for the purpose for which the fund was provided. b. Goods and services financed have been procured in accordance with the IDA Loan Agreement and in accordance with the IDA's rules and procedures c. All necessary supporting documents, records and accounts have been kept in respect of all Project activities. Clear linkages exist between the books of accounts and the Financial Statements presented to the IDA as well as level of disbursement and physical completion state d. The Designated Accounts have been used and have been maintained in accordance with the provisions of the IDA Loan Agreement in GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

3 amoa bonsu + co p. o. box ks an 7751, accra accordance with IDA's rules and procedures; e. The Financial Statements have been prepared in accordance with International Public Sector Accounting Standards (IPSAS) and give a true and fair view of the Financial Position of the Project as at 31st December, 2014 and of its Receipt and Expenditure for the year ended on that date. f. We have carried out a comprehensive assessment of the adequacy and effectiveness of the Accounting and overall Internal Control System to monitor expenditures and other financial transactions and have ensured safe custody of the Project financed assets. g. We have ascertained that the ledgers are maintained by the Project as required by IDA's Disbursement Handbook as well as a Fixed Assets Register. asamoa bonsu & co. (ICAGIFl2015/155), C asylum down Kaanyemi Crescent ACCRA osei yaw asamoa( ICAG/PI192)... ( GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

4 ;amoa bonsu + co.".ubx ks 1, ac GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PID) OF FINANCE (MOF) IDA LOAN NO GH SUMMARY STATEMENT OF RECEIPTS AND EXPENDITURES FOR THE YEAR ENDED 31ST DECEMBER, 2014 CURRENT CUMULATIVE TOTALS RECEIPTS Disbursements from the IDA Loan 3,000,000 2,374,200 6,363,758 3,363,758 Transfer from IDA Designated Account Government of Ghana Contribution Interest Received 2,222-2,222 - Other Receipts Exchange Gain Exchange Loss ,002,222 2,374,200 6,366,768 3,364,547 EXPENDITURES 1. INVESTMENT COST 12,667 80, ,292 87,625 A. GOODS B. CONSULTANTS' SERVICES 1,021, ,034 2,543,208 1,243,005 C. NON-CONSULTIUNG SERVICES D. TRAINING a. Foreign 968, ,806 1,337, ,259 b. Local 604,386 41, ,202 52,816 E. OPERATION COSTS 329, , , ,053 2,936,535 1,373,640 5,440,745 2,210,759 RECEIPTS OVER EXPENDITURE 65,687 1,000, ,024 1,153,788 GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

5 -' F-T r ' " r~ r r-jr ' r--! W-v ~ - - ~ '~k~hl ~ ' ianoa bonsu + co PUBLIC INVESTMENT DIVISION (PID) OF FINANCE (MOF) IDA LOAN NO GH DETAILED STATEMENT OF RECEIPTS AND EXPENDITURES FOR THE YEAR ENDED 31ST DECEMBER, 2014 STATEMENT OF FINANCIAL POSITION AS AT THE YEAR ENDED 31ST DECEMBER, 2014 NOTES NON-CURRENT ASSETS PROPERTY, PLANT & EQUIPMENT 2 a) 100,292 87,625 p.. kan51, accra CURRENT ASSETS Cash and Bank Balances TOTAL ASSETS 3 926,024 1,153,788 1,026,316 1,241,413 DEDUCT: CURRENT LIABILITIES Accrued Expenses NET CURRENT ASSETS NET ASSETS _ 100,292 2,298,384 FINANCED BY Long Term IDA Loan - IDA 9 6,366,768 3,364,547 Government of Ghana Fund ,366,768 3,364,547 ACCUMULATED NON-CAPITAL EXPENDITURE Total Expenditure 5 5,440,745 2,210,759 Less Capitalised Expenditure 6 100,292 87,625 5,340,453 2,123,134 1,026,316 1,241,413 DIRECTOR, PUBLIC INVESTMENT DIVISION PROJECT CO-ORDINAT COUN NT KOFI AGBO MAGDALENE APENTENG (MRS) PROJECT IMPLEMENTATION UNIT PROJECT IMPLEMENTATION UNIT ACCRA 2015 GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

6 -v ' r"" V-7 rlr ' r r- ' r" - -0 ~ ' xsu' c!'.amoa bonsu + co p.. ks an 77 1, accla RECEIPTS GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PID) OF FINANCE (MOF) IDA LOAN NO GH DETAILED STATEMENT OF RECEIPTS AND EXPENDITURES FOR THE YEAR ENDED 31ST DECEMBER, 2014 IDA DESIGN. IDA DESIGN. IDA DESIGN DOLLAR DOLLAR DOLLAR CUM. TOTAL CUM. TOTAL US$ US $ FOREX US $ EQ US$ US$ /2012 Cash and Bank Balance at 1st January Disbursements from the IDA Loan 3,000,000 2,374, ,558 6,363,758 3,363,758 Transfer from IDA Designated Account Government of Ghana Contribution Interest Received 2, ,222 - Other Receipts Exchange Gain - - _- - - Exchange Loss 3,002,222 2,374, ,347 6,366,768 3,364,547 EXPENDITURES CATEGORY 1. INVESTMENT COST A. GOODS Equipment A(1) - 36,155 6,738 42,893 42,893 Furniture A(2) 12,667 13,894-26,561 13,894 Computer and Accessories A(3) - 22,558-22,558 22,558 Computer Accounting Software A(4) - 8,280-8,280 8,280 12,667 80,887 6, ,292 87,625 B. CONSULTANTS' SERVICES Roads MRH B(1) 493, ,140 - Water B(2) - 167, , , ,436 Law B(3) 37, ,628 - MOT B(4) 490, ,327 - Others B(5) - 91, , , ,085 1,021, , ,188 1,726, ,521 E. OPERATION COSTS Project Consultants E(2) 279, ,701 97, , , , ,701 97, , ,484 1,300, , ,971 2,543,208 1,243,005 C. NON-CONSULTIUNG SERVICES --_-- GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

7 jamoa bonsu + co p. e. anx7ks 1, accra D. TRAINING a. Foreign Fees Da(1)a 7,600 87,705 9, ,005 97,405 Fees PIU Da(2)b 69, ,650 - Fees BOG Da(3)c 9, ,900 - Fees MOJ Da(4) 20, ,200 - Fees LAW Da(5) 167, ,813 - Fees MOT Da(6) 25, ,045 - Fees ROADS Da(7) 30, ,100 - Air Fares Da(8) 41,209 99,454 42, , ,933 Air Fares ROAD Da(9) 47, ,497 - Air Fares PIU Da(10) 25, ,446 - Air Fares MOJ Da(11) 12, ,435 - Air Fares LAW Da(12) 47, ,583 - Air Fares MOT Da(13) 82, ,884 - Air Fares BOG Da(14) Air Fares MOJ Da(15) 9, ,000 - Air Fares MOJ Da(16) Per Diem Da(17) 201,126 93,926 10, , ,140 Per Diem MORH Da(18) 29, ,380 - Per Diem MOJ Da(19) - Per Diem MOT Da(20) 59, ,085 - Per Diem BOG Da(21) 5, ,445 - Per Diem LAW Da(22) 68, ,445 - Per Diem Da(23) Per Diem Da(24) - Visa Fees Da(25) ,130 6,474 5,765 Insurance Da(26) Internal Travelling Da(27) Hotel Accommodation Da(28) 3,813 14,080 17,893 17,893 Communication Da(29) Workshop Da(30) 8, , , ,806 82,454 1,337, ,259 b. Local Fees Db(1) 249,000-1, ,747 1,747 Fees PIU Db(2) Fees BOG Db(3) Fees MOJ Db(4) Fees LAW Db(5) Fees MOT Db(6) Fees ROADS Db(7) Air Fares Db(8) ,266-11,482 6,266 Air Fares PlU Db(9) Air Fares MOJ Db(10) - Per Diem Db(11) 5,216 GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

8 amoa bonsu + co p. o. box ka 1, accra Per Diem Legislation Db(12) 56, ,336 Per Diem MOTI Db(13) 24, ,538 Per Diem PIU Db(14) 18, ,202 - Allowance Db(15) - - 9,549 9,549 9,549 Insurance Db(16) Internal Travelling Db(17) 4, ,232 - Hotel Accommodation Db(18) 25, ,658 - Hotel Accommodation LAW Db(19) 2, ,271 - Communication Db(20) Workshop Db(21) 59,225 19,977-79,202 19,977 Workshop LAW Db(22) 111, ,827 - Workshop MOTI Db(23) 4, ,127 - Printing and Publication Db(24) 43,754 14,493-58,247 14,493 Db(25) 604,386 41,521 11, ,202 52,816 E. OPERATION COSTS Responsibility Allowance E(1) 14,342 12,492 4,650 31,484 17,141 Project Consultants E(2) 279, ,701 97, , , , , , , ,625 Allowance E(1) 14,342 12,492 4,650 31,484 17,141 Fuel and Lubricants E(1)a 34,933 28,554 15,277 78,765 43,831 Advertisements E(2)b 18,787 36,843 81, , ,167 Advertisements MRH E(3) Advertisements WATER E(4) Advertisements LAW E(5) Advertisements MOT E(6) Advertisements NSC E(7) 2, ,843 - Stationery and Supplies E(8) 18,970 3, ,016 4,046 Bank Charges E(9) 18,112 6,693 3,086 27,891 9,779 Meetings/Seminars/Workshops E(10) 22,716 34,660 62, ,191 97,475 Meetings/Seminars/Workshops MRH E(1 1) - 6,558-6,558 6,558 Meetings/Seminars/Workshops WATER E(12) Meetings/Seminars/Workshops LAW E(13) Meetings/Seminars/Workshops MOT E(14) 2,601 12,329-14,930 12,329 Meetings/Seminars/Workshops NSC E(15) 1, ,807 - Evaluation E(16) - 2,329 19,983 22,311 22,311 Evaluation MRH E(17) - 2,134-2,134 2,134 Evaluation WATER E(18) Evaluation LAW E(19) Evaluation MOT E(20) - 3,342-3,342 3,342 Evaluation NSC E(21) Meals E(22) 18,875 2,952 2,964 24,791 5,916 Repairs and Maintenance E(23) GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

9 samoa bonsu + co p. o. box ks an 7751, accra Communications E(24) 1,310 4,407-5,717 4,407 Hotel Accommodation E(25) 18,298 38,861 2,320 59,479 41,181 Hotel Accommodation MRH E(26) 12, ,758 - Hotel Accommodation WATER E(27) Hotel Accommodation LAW E(28) 3, ,829 - Hotel Accommodation MOT E(29) 12, ,102 - Hotel Accommodation NSC E(30) 1, ,356 - Hotel Accommodation MOTI E(31) 1, ,284 - Water E(32) In-Country Travels/Visa Fees E(33) 91,120 61, ,235 61,116 In-Country Travels MRH E(33)a In-Country Travels WATER E(33)b In-Country Travels LAW E(33)c 26, ,645 - In-Country Travels MOT E(33)d 12, ,976 - In-Country Travels NSC. E(33)e 4, ,395 - Cleaning E(34) - 1,374-1,374 1,374 Vehicle Operating and Maintenance E(35) Equipment/Office Operation and Managet E(36) - 4,549-4,549 4,549 Exchange Difference E(37) Audit E(38) 2,024 3,331-5,356 3,331 Transfer to IDA Cedi Account E(39) Transfer to IDA Cedi Force Account E(40) Petty Cash E(41) - - Visa Fees E(42) , , , , ,053 3,229,986 1,386, ,119 5,440,745 2,210,759 Cash and Bank at 31st December (227,764) 988, , ,024 1,153,788 3,002,222 2,374, ,347 6,366,768 3,364,547 GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

10 iamoa bonsu + co p. o. box ks an 771,accra GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PID) OF FINANCE (MOF) IDA LOAN NO GH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, ACCOUNTING POLICIES a) Presentation of Financial Statements The Financial Statements are presented in line with IPSAS as amended by the applicable notes stated hereunder as they may be applicable. b) Currency of Presentation of Financial Statements Level Approximattion The Financial Statements and Statement of Receipts and Expenditures which shows how the receipts for the year have been utilised is denominated in the United States Dollars All amounts are stated to the bearest US Dollar. c) Cost Convention Modified by International Public Sector Accounting System. The Financial Statements have been prepared under the historical cost convention in US Dollars or as amended by conversions into US Dollars from the currency of original transaction and are in accordance with applicable International Public Sector Accounting Standards. All activities included in these Financial Statements are continuing. d) Accrual Concept or Cash Basis A modified accrual concept has been adopted in the following manner. For Services or Consultancies, full accrual is made in the Financial Statements when there is every obligation that the amount is or will definitely be due or were actually due by the end of the year. For others, they are on actual cash basis. Fund deposits for goods are treated on cash basis whether the goods have been fully or partly supplied except where the full cost is known and there is an unpaid balance at the end of the reporting period. For Audit Fees, where the service is contracted after the reporting period, there was no contract in the reporting period and therefore the Audit Fee is accrued in the year the service was contracted; where the contract had existed before the year end or the end of the reporting period, the Audit Fee becomes and obligation and is therefore accrued. e) Plant and Equipment (Fixed Assets) All Plant and Equipment (Fixed Assets) acquired under the IDA Loan No GH have been stated at the actual payments during the year as against the actual contractual cost of purchase. The actual contractual cost of purchase is fully incorporated when all the contractual obligations are met and all payments obligations are made. Unpaid amounts are stated under Contingencies in consonance with IPSAS. f) Depreciation No depreciation has been charged in the Financial Statements, against the principles of IPSAS. However, for consistency with the Project Financial Statements and in line with the GOG's Basis for preparation of Financial Statement, depreciation has not been charged but should be charged based on a policy yet to be adopted by the Project. g) Foreign Currency Transactions The IDA Loan, is denominated in SDR. However the unit of currency forming the basis of Withdrawal Applications, Direct Payments or Drawings/Replenishment into the Designated Account, is in US Dollars. Direct payments in the Euro, the Japanese Yen or the British Pound are also converted into US$ after obtaining the SDR component and its equivalent in US$ from IDA. The expenditure in Ghana Cedis are denominated both in US Dollars or Ghana Cedi in the currency of the contract payment terms. The Financial Statements have been translated into US Dollars at rates ruling on the dates of receipt of the Withdrawal Application. Fund balances in Ghana Cedis are translated at rates ruling on Financial Position dates. GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

11 samon bonsu + co p. 0. box ks an 7751, accra h) Inventories (Stocks) All stock items existing at the end of the year are valued at cost or net realisable value whichever is lower. Like the note on Depreciation, no write-offs has been done to reduce or amortise the cost. The inventories are therefore carried at cost or the carrying value is based on cost as stated in the Note under Accrual Concept or Cash Basis Note. i) Accumulated Non-Capital Expenditure All Non-Capital Asset Items, i.e. services such as Training, Consultancies, Goods and direcvtly related costs and Project Operating Costs are shown in the Financial Statements under "Accumulated Non-Capital Expenditure". 1) Project Commencement The Project commenced on November 22, 2012 upon the signing of the IDA Loan Agreement and it became effective November 26, 2012 Disbursements from the IDA Loan started with Withdrawal Application 1 with value Date of November 10, 2011 for US$300, received on April 03, There has been no GOG's contribution towards the Project since the start of the Project. GOG contributions have rather been in kind which have not valued 2 a) PLANT AND EQUIPMENT, (FIXED ASSETS) These have been shown in the Financial Statements as follows: Balance Addition in Dec Dec-13 us $ US$ Furniture 26,561 13,894 Computer Accessories 22,558 22,558 Motor Vehicle - - Computer/Accounting Software 8,280 8,280 Office Equipment 42,893 42,893 TOTAL 100,292 87,625 2.b) PLANT AND EQUIPMENT, (FIXED ASSETS) REGISTER Attached is the Schedule of Fixed Assets acquired with dates, costs and locations. The costs are stated in exactly the currency of purchase for which 'no objection' was sought from IDA. Any attempt to convert them into Us, using the estimated closing rate of the various currencies will give results different from the original SDR equivalent and those figures in the Financial Statements. 3 CASH AND BANK BALANCES These consist of: US$ US$ IDA Designated Account US$ 865,725 1,106,722 IDA Sub-Designated Account US$ Forex 24,079 21,809 IDA Cedi Account 36,209 25,246 Office Petty Cash ,024 1,153,788 4 ACCRUED EXPENSES These representing professional fees in respect of audit for the years 2014 conducted in 2015 as follows: Year GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

12 samoa bonsu + co p. o. box ks an 7751, accra 5 ACCUMULATED NON-CAPITAL EXPENDITURE US$ US$ 6 INVESTMENTS 100,292 87,625 A. GOODS 2,543,208 1,243,005 B. CONSULTANTS' SERVICES - - C. NON-CONSULTIUNG SERVICES D. TRAINING a. Foreign 1,337, ,259 b. Local 657,202 52, , ,053 E. OPERATION COSTS 5,440,745 2,210,759 7 OPERATING EXPENSES Allowance 14,342 12,492 4,650 31,484 Fuel and Lubricants 34,933 28,554 15,277 78,765 Advertisements 18,787 36,843 81, ,954 Advertisements LAW Advertisements NSC 2, ,843 Stationery and Supplies 18,970 3, ,016 Bank Charges 18,112 6,693 3,086 27,891 Meetings/Seminars/Workshops 22,716 34,660 62, ,191 Meetings/Seminars/Workshops MRH 0 6,558-6,558 Meetings/Seminars/Workshops LAW Meetings/Seminars/Workshops MOT 2,601 12,329-14,930 Meetings/Seminars/Workshops NSC 1, ,807 Evaluation - 2,329 19,983 22,311-2,134-2,134 Evaluation MRH Evaluation MOT - 3,342-3,342 Meals 18,875 2,952 2,964 24,791 Repairs and Maintenance Communications 1,310 4,407-5,717 Hotel Accommodation 18,298 38,861 2,320 59,479 Hotel Accommodation MRH 12, ,758 Hotel Accommodation LAW 3, ,829 Hotel Accommodation MOT 12, ,102 Hotel Accommodation NSC 1, ,356 Hotel Accommodation MOTI 1, ,284 Water In-Country Travels/Visa Fees 91,120 61, ,235 In-Country Travels LAW 26, ,645 In-Country Travels MOT 12, ,976 In-Country Travels NSC. 4, ,395 Cleaning - 1,374-1,374 Vehicle Operating and Maintenance Equipment/Office Operation and Managerial Support - 4,549-4,549 Audit 2,024 3,331-5,356 Visa Fees , , , , , , , ,035 GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

13 samoa bonsu + co p. o. box ks an 7751, accra 8 CONTINGENT LIABILITY These were contracts awarded for which part-payments were made leaving the stated outstandings. These outstanding balances will be due for payment in 2015 when the terms of the contract are met. Howevger bills submitted for completed certified portions of the and unpaid are included contract in the Financial Statements as part of the category of expenditure it relatse and as an accrual. Date of Contract Description Payee Contract Date of Contract Full Contract Amt. Paid Cont. Amt Transaction Advisory Services For US$ US$ US$ a. Asutuare Bulk Water Supply DBFOT 30-May Feb , , ,164 Assignment 30-Apr Feb-16 b. 10-Jul Jul-16 2,416, ,353 2,223,553 The Development of Boankra Inland Port and Eastern Railway Line PPP Project. c. The Establishment of a National Airline 20-Aug Sep , , ,939 d. Project Co-ordinator Mr. Isaac Oware Aboagye 01-Jul Jul , ,300 32,900 e. Financial Management Specialist Mr. Emile William Kofi Agbo 11-Dec Dec , ,800 50,400 f. Communication Expert Corpcom Ghana Limited 26-Nov Jun-15 70,300 48,100 22,200 4,354, ,740 3,412,156 This further analysed as follows in respect periods/years of expected payments. Year ,594, ,138 3,412,156 9 LONG TERM LOAN - IDA TOTAL Initial Deposit - 300, ,000 Re-imbursement into Designated Account 3,000, ,558 2,374,200 6,063,758 Direct Payments ,000, ,558 2,374,200 6,363,758 Opening Balance - January 01 1,153, , Addition During Year to December 31 3,000, ,558 2,374,200 6,363,758 4,153,788 1,142,785 2,374,200 6,363, GOVERNMENT OF GHANA FUND Opening Balance - January 01 Addition During Year to December GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

14 samoa bonsu + co p. a. box ks an 7751, accra EXCHANGE 11 ACCUMULATED INTERESTS AND EXCHANGE GAINS INTERESTS GAINS(LOSS) IDA IDA IDA TOTAL Designated Sub-designated Sub-designated DOLLAR DOLLAR GHANA CEDI Interests on Bank Balances Exchange Gains/Loss GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

15 samoa bonsu + co p. o. box ks an 7751, accra GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PID) OF FINANCE (MOF) IDA LOAN NO GH STATEMENT OF CASH FLOWS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2014 CUMULATIVE TOTALS FINANCING / Cash and Bank Balance at 1st January 1,153, ,227 - Initial Advance , , ,000 Disbursements from the IDA Loan 3,000,000 2,374, ,558 6,063,758 3,063,758 Transfer from IDA Designated Account Government of Ghana Contribution TOTAL FINANCING 4,153,788 2,527, ,558 6,363,758 3,363,758 FUNDS FROM OTHER SOURCES Interest Received Other Receipts 2, ,222 - Exchange Gains Exchange Loss Sundry Creditors _ , , TOTAL FUNDS AVAILABLE 4,156,010 2,527, ,347 6,366,768 3,364,547 PROJECT EXPENDITURES 1. Investment Cost A. GOODS (12,667) (80,887) (6,738) (100,292) (87,625) B. CONSULTANTS' SERVICES (1,021,095) (259,333) (446,188) (1,726,616) (705,521) Project Consultants (279,109) (439,701) (97,782) (816,593) (537,484) C. NON-CONSULTIUNG SERVICES D. TRAINING a. Foreign (968,748) (285,805) (82,454) (1,337,007) (368,259) b. Local (604,386) (41,520) (11,296) (657,202) (52,816) OPERATING EXPENSES Allowance (14,342) (12,491) (4,650) (31,484) (17,141) OTHER OPERATING EXPENSES (329,639) (253,902) (188,010) (771,552) (441,912) (3,229,986) (1,373,640) (837,119) (5,440,745) (2,210,758) Closing Cash and Cash Equivalents 926,024 1,153, , ,024 1,153,788 REPRESENTED BY: Bank Balances: Transfer In-Transit at 31-Dec - - IDA Designated Account 865,725 1,106,722 IDA Sub-Designated Account 24,079 21,809 IDA Sub-Designated Cedi Account 36,209 25,246 GOG Account - - Office Petty Cash ,024 1,153,788 GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS

16 iamoa bonsu + co I ~ f- ~ I f r Ir F F--' Ullr~ r r-, r p. o. box ks an 7751, accra GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PID) OF FINANCE (MOF) IDA LOAN NO GH INDEPENDENT AUDITORS' REPORT ON THE SUMMARY STATEMENT OF THE DESIGNATED ACCOUNT TO THE BOARD OF INTERNATIONAL DEVELOPMET FUND (IDA) ON THE GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT-IDA LOAN NO GH We have audited the accompanying Summary Statement of the Designated Account of the Ghana Public Private Partnership Project under the Loan Agreement (Loan No GH) dated 22nd Novenber, 2012 for the year ended 31st December, The Designated Account is the responsibility of the Project Co-ordinating Unit (PCU) of the Ghana Public Private Partnership Project. Our responsibility is to express an independent opinion, on the Designated Account based on our audit. We conducted our audit in accordance with International Standards on Auditing and IDA guidelines for Designated Accounts. These standards and IDA guidelines that we plan and perform our audit to obtain reasonable assurance that the Summary Statement of the Designated Account is free from material misstatement. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the Summary Statement of the Designated Account give a true and fair view of the Financial Position and the Designated Account of the Ghana Public Private Partnership Project under the Loan Agreement No GH for the year ended 31st December, 2014 and complies with International Public Sector Accounting Standards. asamoa bonsu & co. (ICAGIFl2015/155), C/75813 asylum down Kaanyemi Crescent ACCRA osei yaw asamoa(icaglp/1192) GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT FINANCIAL STATEMENTS