Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized AFRICA Ghana Finance & Markets Global Practice IBRD/IDA Adaptable Program Loan FY 2012 Seq : 9 ARCHIVED on 18-Oct-2016 ISR25075 Implementing Agencies: Public Investment Department, Minstry of Finance Key Dates Key Project Dates Bank Approval Date:27-Mar-2012 Planned Mid Term Review Date:28-Feb-2015 Original Closing Date:31-Aug-2016 Project Development Objectives Effectiveness Date:26-Dec-2012 Actual Mid-Term Review Date:01-Jun-2015 Revised Closing Date:28-Feb-2018 Project Development Objective (from Project Appraisal Document) The objective of this Adaptable Program Lending (APL) Phase I project is to improve the legislative, institutional, financial, fiduciary and technical framework to generate a pipeline of bankable PPP projects. The overall objective of this Adaptable Program Lending (APL) two-phased initiative is to assist the GoG to increase targeted infrastructure and other social service levels and qualityby mobilizing private sector participation through a public-private partnership (PPP) model. Leveraging greater volumes of private sector investment in infrastructure provision is a critical Program endobjective. The two-phased APL is designed to promote the creation of a sustainable and cost-effective PPP market in Ghana. Has the Project Development Objective been changed since Board Approval of the Project Objective? PHRPDODEL Components Name Institutional, Fiduciary, Legislative and Financial Capacity Building:(Cost $10.00 M) PPP Pipeline Preparation and Transaction Advisory Support:(Cost $18.50 M) Project Management and Monitoring & Evaluation:(Cost $1.50 M) This component tab is not necessary since the project only has 3 components but we are unable to delete it. Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Unsatisfactory Moderately Satisfactory 10/18/2016 Page 1 of 10
Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions This ISR is based on the Supervision Mission that took place Aug 29-Sept 7, 2016. Progress since the last ISR has been positive. The PPP law has gone through two readings at Parliament, and is likely to be passed during the next sitting of Parliament in October 2016. The Project's Implementing Unit has procured all vacant staff positions and is nearing the completion of procurement of a Transport Sector Specialist and a Resident PPP Advisor. Additionally, a PPP champion has been appointed for the PPP program, the VGS framework has been approved by the Minister of Finance, and tremendous progress has been made in key transactions. Between now and the end of FY17, the Project is projected to disburse $9M. In order for the Project to realize a successful completion and establish sustainable structures within the remaining 17 months of the Project, Government will need to secure passage of the PPP law, speed up procurement processes and ensure prudent contract management to deliver on all the procurement before the Project's closure. 10/18/2016 Page 2 of 10
Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Substantial Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Moderate Moderate Technical Design of Project or Program -- Substantial Substantial Institutional Capacity for Implementation and Sustainability -- High High Fiduciary -- Moderate Moderate 10/18/2016 Page 3 of 10
Environment and Social -- Moderate Substantial Stakeholders -- Moderate Moderate Other -- -- -- Overall -- Substantial Substantial Results Project Development Objective Indicators PHINDPDOTBL PPP Law enacted (Text, Custom) Value The draft PPP law was submitted and approved by Cabinet and is nearing submission to Parliament. The draft PPP law has been through two readings at Parliament and is likely to be passed at the next sitting of Parliament in October 2016. Yes Date 26-Dec-2012 14-Mar-2016 30-Sep-2016 28-Feb-2018 PHINDPDOTBL Associated PPP Regulations approved in accordance with PPP Law. (Text, Custom) Value It was agreed that PIU would not use the sole source method to procure consultants, thus the PIU has begun a new open and competitive process for the recruitment of consultants to draft the regulations. Procurement of a consultant to formulate the regulations is ongoing. Firms have recently been shortlisted. Yes PHINDPDOTBL EOIs are issued to prospective sponsors\concessionaires for three PPP transactions. (Text, Custom) Value 0 The Transaction Advisor for one transaction is preparing procurement 0 3 10/18/2016 Page 4 of 10
documents for the first of three business cases under the transaction. Two full feasibility studies have been completed, three are nearing completion. One transaction is procuring a Transaction Advisor for the full feasibility stage. One Pre-feasibility study is underway. Four transactions are in the procurement process of hiring Transaction Advisors. Comments The RFP was issued the first week of September 2016 to the shortlisted private firms for the Takoradi Port (Dry Bulk) transaction. Four full feasibility studies are near completion (Takoradi Port (Container Terminal); National Sports College; SEC Building; Boankra Inland Port and Eastern Rail). One transaction has commenced the pre-feasibility stage (Accra-Tema Motorway), and one more is about to commence full feasibility phase (Accra-Takoradi Motorway). Three transactions are in the procurement process of hiring Transaction Advisors (Footbridges; Model Markets; Local Government Service Secretariat). Overall Comments Intermediate Results Indicators PPP Bill submitted to Cabinet (Text, Custom) Value Yes Yes Yes 10/18/2016 Page 5 of 10
Unsolicited Bid Guidelines for inclusion in PPP Regulations prepared and approved by the commitee (Text, Custom) Value Currently on hold Currently on hold Yes MoU signed between MoFEP and line ministries (Number, Custom) Value 0.00 8.00 8.00 2.00 Establishment and operationalisation of PPP Approval Committee (Text, Custom) Value Yes Yes Yes Seven year bonds issued by Government of Ghana (Text, Custom) Value This is no longer relevant and has been dropped given the restructuring that took place in June 2015. This is no longer relevant and has been dropped given the restructuring that took place in June 2015. Yes 10/18/2016 Page 6 of 10
Establishment and operationalisation of the VGS (Text, Custom) Value The VGS consultants have submitted their assignment to the Ministry of Finance who is in the process of reviewing it. Following this, the framework is expected to be approved by the Approval Committee. The VGS framework has been approved by the Ministry of Finance. Yes Establishment and operationalisation of BOG unit to provide Apex role for FIL (Text, Custom) Value Activity has been dropped from the project given that there will be no APPL II funding any longer. Activity has been dropped from the project given that there will be no APPL II funding any longer. Yes Pre-feasibility studies completed (Number, Custom) Value 0.00 4.00 6.00 5.00 Full Feasibility studies completed (Number, Custom) Value 0.00 1.00 2.00 4.00 10/18/2016 Page 7 of 10
Line Agency nodal units established and operationalised for First Mover Transactions (Number, Custom) Value 0.00 8.00 8.00 2.00 First moving transactions meets criteria for funding in phase II (Number, Custom) Value 0.00 0.00 0.00 1.00 Complete Relevant Safeguards Government Reports for PPP Projects as outlined in the PPP policy (Number, Custom) Value 0.00 0.00 0.00 4.00 Draft Regulations submitted to Cabinet (Yes/, Custom) Value N N N Y 10/18/2016 Page 8 of 10
PPP Fiscal Commitment and Contingent Liability Framework established (Text, Custom) Value Yes Yes Yes Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P125595 IDA-50970 Effective XDR 19.40 19.40 0.00 8.91 10.49 46% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P125595 IDA-50970 Effective 27-Mar-2012 22-v-2012 26-Dec-2012 31-Aug-2016 28-Feb-2018 Cumulative Disbursements 10/18/2016 Page 9 of 10
Restructuring History Level 2 Approved on 09-Jul-2015 Related Project(s) There are no related projects. 10/18/2016 Page 10 of 10