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CONFORMED COPY
CREDIT NUMBER 3553-1-GH
(First Amendment)
Agreement Amending
Development Credit Agreement
(Third Economic Reform Support Credit)
between
REPUBLIC OF GHANA
and
INTERNATIONAL DEVELOPMENT ASSOCIATION
Dated December 11, 2001
CREDIT NUMBER 3553-1-GH
(First Amendment)
AGREEMENT AMENDING
DEVELOPMENT CREDIT AGREEMENT
AGREEMENT, dated December 11, 2001, between REPUBLIC OF GHANA (the Borrower) and 
INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association).
WHEREAS (A) the Borrower and the Association have entered into a Development 
Credit Agreement (Third Economic Reform Support Credit) dated July 27, 2001 (the 
Development Credit Agreement), for the purpose of providing support during the 
execution of the Borrower’s program designed to achieve structural adjustment of the 
Borrower’s economy as described in Recital (A) of the Development Credit Agreement 
(the Program);
(B)
the Borrower has requested the Association to provide additional 
assistance in support of the Program by increasing the amount made available under the 
Development Credit Agreement by an amount in various currencies equivalent to three 
hundred and fifty thousand Special Drawing Rights (SDR 350,000); and
WHEREAS the Association has agreed on the basis, inter alia, of the foregoing, 
to provide such additional assistance, representing the FY 2002 allocation under the 
Association’s Fifth Dimension Program established in 1988, to the Borrower upon the 
terms and conditions set forth in this Agreement;
NOW THEREFORE the parties hereto hereby agree as follows:
ARTICLE I
Amendments of the Development Credit Agreement
Section 1.01. Section 1.02 of the Development Credit Agreement is by:
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(a)
deleting the "and" at the end of paragraph (f), and substituting the 
period at the end of paragraph (g) with a semi-colon and the word "and"; and
(b)
adding a new paragraph (h) to read as follows: 
"(h)
‘Amending Agreement’ means the Agreement Amending the Development 
Credit Agreement (Third Economic Reform Support Credit) between the Borrower 
and the Association, dated, December 11, 2001."
Section 1.02. Section 2.01 of the Development Credit Agreement is amended to 
read as follows:
(a)
"Section 2.01. The Association agrees to lend to the Borrower, on the 
terms and conditions set forth or referred to in the Development Credit Agreement, an 
amount in various currencies equivalent to eighty eight million fifty thousand Special 
Drawing Rights (SDR 88,050,000) (the Credit), which includes: (a) an original amount 
in various currencies equivalent to eighty seven million seven hundred thousand 
Special Drawing Rights (SDR 87,700,000) (the Initial Financing); and (b) an additional 
amount in various currencies equivalent to three hundred fifty thousand Special 
Drawing Rights (SDR 350,000) (the Additional Financing)."
Section 1.02. Section 2.02 of the Development Credit Agreement is amended by 
adding a new paragraph (d) at the end of said Section 2.02 to read as follows:
"(d)
After a date twelve months from the date of the Amending 
Agreement, no withdrawal shall be made from the Credit Account in respect of 
expenditures to be financed out of the proceeds of the Additional Financing.  
At any time after such date, the Association may, by notice to the Borrower, 
cancel the unwithdrawn amount of the Additional Financing from the Credit 
Account or any part thereof."
Section 1.03. Section 2.03 is amended to read as follows:
"The Closing Date shall be December 31, 2002 or such later date as the 
Association shall establish.  The Association shall promptly notify the 
Borrower of such later date."
Section 1.04. Paragraph (b) (i) of Section 2.04 of the Development Credit 
Agreement is amended by adding after the term "cancelled" the following proviso 
reading:
"and that any commitment charge on the Additional Financing shall accrue 
from a date sixty days after the date of the Amending Agreement."
ARTICLE II
Effective Date; Termination
Section 2.01. This Amending Agreement shall not become effective until evidence 
satisfactory to the Association shall have been furnished to the Association that the 
execution and delivery of this Amending Agreement on behalf of the Borrower have been 
duly authorized or ratified by all necessary governmental action.
Section 2.02. As part of the evidence to be furnished pursuant to Section 2.01 
of this Amending Agreement, there shall be furnished to the Association an opinion or 
opinions satisfactory to the Association of counsel acceptable to the Association 
showing, on behalf of the Borrower, that this Amending Agreement has been duly 
authorized or ratified by, and executed and delivered on behalf of, the Borrower and 
is legally binding upon the Borrower in accordance with its terms.
Section 2.03. This Amending Agreement shall come into force and effect on the 
date upon which the Association shall dispatch to the Borrower notice of its 
acceptance of the evidence required by Section 2.01 of this Amending Agreement.
Section 2.04. If this Amending Agreement shall not have come into force and 
effect by a date ninety (90) days after the date of this Amending Agreement, this 
Amending Agreement and all obligations of the parties hereunder shall terminate, 
unless the
Association establishes a later date for the purposes of this Section.  If 
this Amending Agreement shall terminate under the provisions of this Section, the 
Development Credit Agreement shall continue in full force and effect, as if this 
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Amending Agreement had not been executed.
IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized 
representatives, have caused this Amending Agreement to be signed in their respective 
names in the District of Columbia, United States of America, as of the day and year 
first above written.
REPUBLIC OF GHANA
By /s/ Francis A. Tsegah
Authorized Representative
INTERNATIONAL DEVELOPMENT ASSOCIATION
By /s/ Peter C. Harrold
Acting Regional Vice President
Africa