The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Ghana Economic Transformation Project (P166539) AFRICA WEST | Ghana | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2020 | Seq No: 3 | ARCHIVED on 30-Oct-2020 | ISR43782 | Implementing Agencies: Ghana Investment Promotion Center, Ministry of Trade and Industry, Ministry of Business Development, Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 02-Jul-2019 Effectiveness Date: 31-Aug-2020 Planned Mid Term Review Date: 15-Jul-2022 Actual Mid-Term Review Date: Original Closing Date: 30-Nov-2025 Revised Closing Date: 30-Nov-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to promote private investments and firm growth in non-resource based sectors. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Enabling investments:(Cost $35.00 M) Crowding-in investments: Promoting spatial and industrial planning and development:(Cost $79.00 M) Accelerating entrepreneurship and MSME growth:(Cost $80.00 M) Project management and evaluation:(Cost $6.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Effectiveness achieved: the project effectiveness date was extended to August 31, 2020, and the project was declared effective by this new deadline. The extension allowed the Ministry of Finance (MOF) to meet the remaining conditions that were still outstanding at the last ISR report, i.e. the establishment of the Project Coordination Unit (PCU) in accordance to agreed requirements with the World Bank and the approval of the Project Implementation Manual (PIM). The project was restructured prior to effectiveness to allow for key PCU staff to be either competitively recruited or assigned, allowing for the assignment of two accountants from the Controller and Accountant General’s Department to the PCU to fill the financial management specialist function. The restructuring also revised the requirement of having technical specialists in place before effectiveness, to allow for more time to recruit qualified candidates (specifically for Components 1 and 2), within three months of effectiveness. Project Coordination Unit (PCU): MOF has established the PCU, which is now almost fully staffed. Presently, the staffing of the PCU includes the Project Coordinator, Project Administrator, Procurement Specialist, Financial Management Specialist, Safeguards Specialist, and Component 3 10/30/2020 Page 1 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Technical specialist. Contracts have been signed with all the recruited and seconded specialists before the end of August 2020. Office space located near MOF and most Technical Implementation Agencies (TIAs) has been renovated to host the PCU; this should facilitate regular exchange between the PCU and the TIA focal persons. Also, procurement of essential goods and office supplies necessary for the running of the office has been completed. The PCU staff have started working in their offices and is now leading the day-to-day management of the project. More proactively, the PCU has taken the lead on organizing important workshops that brought together all the TIAs. These include a three-day offsite workshop for the PCU and TIA focal persons to unpack the PIM that would ensure a smooth implementation of activities and another three-day Safeguards training for the PCU and TIA focal persons. Dated covenants: With the project now effective, the focus has shifted towards meeting all the dated covenants. Two of the dated covenants were due one month after effectiveness and have already been met, and these are establishing the Project Oversight Committee (POC) and the Technical Committee. Four dated covenants are due within three months of effectiveness and are yet to be met. These include recruiting technical (i.e. Components 1 and 2) specialists, recruiting a Monitoring and Evaluation (M&E) specialist, recruiting one or more organizations as “Independent Verification Agents”, and recruiting an independent external auditor. On recruiting an independent external auditor, country systems will be used, i.e. MOF will request from the Auditor General’s Department to second an auditor to the PCU. Project Workplan: the PCU and all the TIAs have submitted their initial workplans which have gone through several iterations. The World Bank has provided a few final comments which, once addressed, will enable the PCU to finalize the work plan and upload relevant activities into the procurement plan. MOF projects US$17m in disbursement during FY21, mainly driven by the two funds to be set up within the Venture Capital Trust Fund (VCTF) and for which the feasibility studies are underway. Other key consultancies for which the Terms of Reference have already been developed and reviewed will be launched soon, including the corporate strategies for both the Ghana Investment Promotion Center and Ghana Standards Authority, as well as the national Special Economic Zone policy and benchmarking and the launch of the Small and Medium Enterprise (SME) grants window to be implemented by the National Board for Small-Scale Industries (NBSSI). Implementation of project activities: a few critical activities have taken off, and these include consultancies for NBSSI and VCTF. Consultancy services for the revision of the strategic plan for NBSSI is underway. Similarly, VCTF also has two consultancies ongoing which include (i) an institutional reform roadmap and implementation support for the VCTF and (ii) the feasibility study for the establishment of two new funds (startup catalyst and strategic industries funds). Business Pulse Survey: the World Bank supported the implementation of the Ghana COVID-19 Business Tracker (also known as BPS/business pulse survey), results from which were released on August 3, 2020. The survey showed that even though the partial lockdown had been lifted at the time of the survey, firms were still severely affected, with 16.1 percent of firms still being closed, mostly in the education (65%), transport (34%), and accommodation and food (24%) sectors. Ninety one percent of firms that remained open reported that their sales had decreased in April 2020 compared to the same period last year, with the average decrease in sales being about 61%. Firms also reported difficulties in accessing finance or sourcing inputs; highlighting how the pandemic affects firms in different ways. The results of the BPS would be useful information guiding the implementation of the first round of SME grants under the project to support firms affected by COVID19. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Substantial Substantial Substantial Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Moderate Moderate Moderate 10/30/2020 Page 2 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Stakeholders Moderate Moderate Moderate Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Enabling investments IN00902353 ►Improvement in the overall business enabling environment as measured by the Doing Business Ease of Doing Business Score (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 59.22 60.00 60.00 70.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 This indicator will track the aggregate Doing Business Score (Ease of Doing Business score) for Ghana Comments: over the lifetime of the project. Cross-cutting IN00902354 ►Private sector investments leveraged through project activities (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20,000,000.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 This indicator tracks private investments leveraged through project activities, including investments Comments: realized to develop SEZ and early-stage or risk financing for SMEs and start-ups supported by the project, in non-resource sectors. Accelerating Entrepreneurship and MSME growth IN00902355 ►Increase (additional) in average value of gross sales by firms supported by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 This indicator will measure the increase over and above the average increase in the value of sales registered by a sample among beneficiary SMEs with attribution to Component 3b. The project will do a Comments: small annual sampling to calculate the average value of sales in the absence of the project by working with the Statistics Bureau to obtain data from a sample of comparable firms. Since the indicator will be averaged across SME beneficiaries, the time element of firm growth will be averaged over the lifetime of 10/30/2020 Page 3 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) the project. The component expects to support an additional 15% increase in gross sales for beneficiary SMEs at the end of the project. IN00902471 Increase (additional) in average value of gross sales by women-owned firms supported by the project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Intermediate Results Indicators by Components Enabling Investments IN00902476 ►Improvement in investor perception of GIPC performance (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 This indicator will be based on a GIPC survey of investor perception. Baseline will be measured at project Comments: effectiveness. IN00902479 ►Increase in number of QI services delivered (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 100.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 Comments: This indicator will track the number of QI services delivered by Ghana Standards Authority. Crowding-in investments: Promoting spatial and industrial planning and development IN00902472 ►Viability Gap Fund established (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 Technical and operational components of the Viability Gap Fund established including both public and Comments: private participation. IN00902475 ►Number of infrastructure subprojects implemented under Viability Gap Fund (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 10/30/2020 Page 4 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value 0.00 0.00 0.00 10.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 The number of infrastructure investments financed by the Viability Gap Fund to provide critical last-mile Comments: infrastructure for SEZs. Accelerating Entrepreneurship and MSME growth IN00902473 ►Number of SMEs benefitting from capacity upgrading support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 300.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 The number of SMEs that receive assistance from the support financed under Component 3b Comments: (MarketConnect and Entrepreneurship Hub Ecosystem). IN00902477 Of which women-owned (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 120.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 IN00902478 ►Number of SMEs and entrepreneurs receiving financial support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 150.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 The number of entrepreneurs and SMEs that receive financial assistance from the SME support funds Comments: under Components 3b and 3c. IN00902481 Of which women-owned (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 60.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 Cross-cutting IN00902474 ►Number of direct jobs created by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1,000.00 10/30/2020 Page 5 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 This indicator measures the direct number of jobs created by the project, including additional jobs created Comments: amongst beneficiaries of the MarketConnect program (Component 3b) and employees of companies which set up operations in any of the SEZs supported by the project (Component 2). IN00902480 Of which women (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 400.00 IN00902482 ►Beneficiaries satisfied with quality of services provided by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 75.00 Date 06-Jun-2019 10-Apr-2020 23-Oct-2020 06-Sep-2025 Satisfaction amongst direct project beneficiaries based on a beneficiary survey. This survey will include staff of the government organizations supported under all project components, the SMEs and entrepreneurs supported under component 3, potential SEZ investors and developers under component 2, and communities where SEZ infrastructure projects are developed and supported by the project through Comments: Component 2. To close the gap on the feedback provided, this survey will cover the same group of beneficiaries year on year to ensure that the feedback is being appropriately acted upon. Results from these surveys will be discussed between The World Bank and the PCU and other implementing agencies at least on an annual basis, to ensure the analysis of the data collected is being used to adjust project implementation as needed. Performance-Based Conditions IN00902483 ►PBC 1 Formal establishment of a Doing Business reform inter-ministerial committee (“DBRIMC”) and technical working groups for Doing Business (“DB”) reforms Report (Yes/No, Output, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 1.1 Annual DB reform action plans approved by DBRIMC (Yes/No, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902485 10/30/2020 Page 6 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) ►PBC 2 Formal establishment of the ORC (Yes/No, Outcome, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902486 ►PBC 3 GIPC corporate strategy completed and approved by the GIPC’s Board (Yes/No, Output, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 3.1 Investor services program designed and workplans approved by GIPC’s Board (Yes/No, Output, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902488 ►PBC 4 National QI policy adopted by the Cabinet, published and disseminated (Yes/No, Output, 1.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902489 ►PBC 5 Updated legal framework for SEZ completed (Yes/No, Process, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- 10/30/2020 Page 7 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) IN00902490 ►PBC 6 EGA established according to best practice, as specified in the DLI Verification Protocol, with budget allocation effective to cover EGA’s operational costs (Yes/No, Intermediate Outcome, 2.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902491 ►PBC 7 VCTF governance, operational, legal, and regulatory reforms, including approval of a sustainable funding model, and rebranding completed, as specified in the DLI Verification Protocol (Yes/No, Output, 3.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902492 ►PBC 8 Annual DBR action plan updated and approved by DBRIMC. Data exchange framework agreement adopted between line agencies including at least RGD, GRA, and the Social Security and National (Yes/No, Outcome, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902493 ►PBC 9 Key staff of GIPC recruited in line with GIPC corporate strategy (Number, Output, 0.75, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 9.1 Standard operating procedures adopted by GIPC’s board (Yes/No, Output, 0.75, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 10/30/2020 Page 8 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902495 ►PBC 10 GSA staffing structure updated in line with updated GSA strategy (Number, Output, 0.75, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 10.1 National QI services program developed and workplans approved by GSA’s board (Yes/No, Output, 0.75, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902497 ►PBC 11 Updated legal framework for SEZ approved by the parliament (Yes/No, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 11.1 Memorandum of cooperation signed between the institutions responsible for investment promotion and spatial development and related agencies and approved by the economic management team of the gov't (Yes/No, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902499 ►PBC 12 Approval by VCTF’s board and MoF of a sustainable VCTF funding model, in line with recommendation of the VCTF organizational assessment financed by the Project. (Yes/No, Output, 2.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 10/30/2020 Page 9 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902500 ►PBC 13 Aggregate improvement, as specified in the DLR Verification Protocol, in DB score on at least 4 indicators compared to the scored for the previous year subsequent to the achievement of DLI #1.3 (Number, Outcome, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 118.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902501 ►PBC 14 Official launch of investment relationship management system (“IRMS”) announced by GIPC’s board. (Yes/No, Output, 0.75, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 14.1 Official launch of investment information systems ("IIS") announced by GIPC (Yes/No, Output, 0.75, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902503 ►PBC 15 Ghana standard Authority bill enacted, as specified in the DLI Verification Protocol (Yes/No, Output, 1.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902504 10/30/2020 Page 10 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) ►PBC 16 Inter-agency cooperation in place as evidenced by survey conducted among public and private stakeholders (minimum score 60%) (Percentage, Outcome, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 16.1 Spatial development strategy and related public investment prioritization plan developed and adopted by EMT. (Yes/No, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902506 ►PBC 17 Three comprehensive SEZ assessments completed based on the prioritization plan (Number, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902507 ►PBC 18 Licensing mechanism approved by Cabinet (Yes/No, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902508 ►PBC 19 Maintained and updated IIS and IRMS. (Yes/No, Intermediate Outcome, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- 10/30/2020 Page 11 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) IN00902509 ►PBC 20 At least 30% of public entrepreneurship funding is done through EGA (excluding VCTF funding) (Percentage, Outcome, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902510 ►PBC 21 10 SCF Investments and/or SIF Investments completed (Number, Output, 2.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902511 ►PBC 22 Aggregate improvement, as specified in the DLR Verification Protocol, in DB score on at least 4 indicators compared to the scores for the previous year. (Number, Outcome, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 118.00 118.00 118.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902512 ►PBC 23 Annual DB Action plan updated and approved by DBRIMC. Aggregate improvement in DB score on at least 3 indicators compared to the scores for the previous year subsequent to the achievement of DLI #1.5. (Number, Outcome, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 118.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902513 ►PBC 24 Maintained and updated IIS and IRMS. (Yes/No, Outcome, 0.50, 0.00%) 10/30/2020 Page 12 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902514 ►PBC 25 Increase in inter-agency cooperation compared to the previous year, as evidenced by survey conducted among public and private stakeholders (minimum score 70%) (Percentage, Outcome, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902515 ►PBC 26 Hiring of transaction advisor completed. (Number, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 26.1 At least one masterplan and feasibility study completed on the basis of the prioritization plan. (Number, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 26.2 Governance arrangement and operational manual completed and approved by the EMT for special purpose vehicle to operate the VGF (Yes/No, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902518 ►PBC 27 Licensing mechanism for private zone developers, including accompanying forms, drafted (Yes/No, Process, 1.50, 0.00%) 10/30/2020 Page 13 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902519 ►PBC 28 At least 40% of public entrepreneurship funding is done through EGA (excluding VCTF funding) (Percentage, Outcome, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902520 ►PBC 29 20 SCF Investments and/or SIF Investments completed (Number, Output, 2.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902521 ►PBC 30 Maintained and updated IIS and IRMS. (Yes/No, Outcome, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 03-Apr-2020 -- IN00902522 ►PBC 31 At least two investment promotion trips completed in priority sectors (Number, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- 10/30/2020 Page 14 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) PBC 31.1 Conclusion of contract negotiation with one private developer/operator for one of the three priority sites promoted. (Number, Output, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902524 ►PBC 32 At least 50% of public entrepreneurship funding is done through EGA (excluding VCTF funding) (Percentage, Outcome, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- PBC 32.1 Evidence of effectiveness of EGA's program funding, management, and evaluation functions and operational performance, as specified in the DLI Verification Protocol (Yes/No, Outcome, 1.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value No No No -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902526 ►PBC 33 At least two investment promotion trips completed in priority sectors (in addition to the trips completed under DLI 5.3 (Number, Output, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902527 ►PBC 34 30 SCF Investments and/or SIF Investments completed (Number, Output, 2.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- 10/30/2020 Page 15 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) IN00902528 ►PBC 35 Aggregate improvement, as specified in the DLR Verification Protocol, in DB score on at least 3 indicators compared to the scores for the previous year subsequent to the achievement of DLI #1.4 (Number, Outcome, 0.50, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 118.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902529 ►PBC 36 One new developer licensed for a specific SEZ, as specified in the DLI Verification Protocol (Number, Output, 2.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- IN00902530 ►PBC 37 40 SCF Investments and/or SIF Investments completed (Number, Output, 2.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY6 Value 0.00 0.00 0.00 -- Date -- 03-Apr-2020 23-Oct-2020 -- Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P166539 IDA-64650 Effective USD 200.00 200.00 0.00 0.61 203.33 0.3% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P166539 IDA-64650 Effective 02-Jul-2019 17-Jan-2020 31-Aug-2020 30-Nov-2025 30-Nov-2025 Cumulative Disbursements 10/30/2020 Page 16 of 17 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History Level 2 Approved on 28-Aug-2020 Related Project(s) There are no related projects. 10/30/2020 Page 17 of 17