I I I I MINISTRY OF FOOD AND AGRICULTURE GHANA COMMERCIAL AGRICULTURE PROJECT (GCAP) & GHANA JSDF GRANT FOR PERI- I URBAN VEGETABLE VALUE CHAIN FOR POVERTY REDUCTION PROJECT I FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 I I I I I I I I I I I I I r i AUDIT SERVICE In case of reply the number and date of the lette~ should be quoted My fl.ef. Gc..AP.lP~r!A.~P./2018/02 M. 96 Good Governance Your Ref. No~ ................................ . and Accountability P. 0. Box ........................................................... . .. ACCRA Tel:,233 (0) 302 664920/28/29 Fax: .233 (0) 302 6751495 ··········27tii . j1iNE························1·g·········· Website: www.ghaudit.org ........................................................... 20 ............. . GHANA COMMERCIAL AGRICULTURE PROJECT (GCAP) Ministry of Food and Agriculture IDA Credit Number 5077-GH I Auditor's Report on the Financial Statement , We have audited the accompanying financial statements on pages 4 to 16 of the · Ghana Commercial Agriculture Project (GCAP) financed under IDA Credit Number 5077-GH for the year ended December 31, 2018. The statements comprise the statement of financial position as at 31st December 2018, the statement of sources and uses of funds, statement of expenditures (SOEs) and statement of cash flows for the year then ended, and a summary of significant I accounting policies and other explanatory information. Management's responsibility for the financial statements E 2. Ministry of Food and Agriculture, which is the implementing agency for ' GCAP is responsible for the preparation and fair presentation of these financial I statements in accordance with International Financial Reporting Standards, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, ( whether due to fraud or error. .. I I I I Auditor's responsibility I 3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International I Standards of Supreme Auditing Institutions (ISSA). I 4. Those standards require that we comply with ethical requirements, and I plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatement. I 5. An audit involves performing procedures to obtain audit evidence about the I amounts and disclosures in the financial statements. The procedures selected I depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. I In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in I order to design audit procedures that are appropriate in the circumstances, but I not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of I accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial I statements. I 6. We believe that the audit evidence that we have obtained is sufficient and I appropriate to provide a basis for our audit opinion. [ r I I I Opinion I 7. In my opinion, the financial statements present fairly, in all material I · respects, the financial position of GCAP as at 31st December 2018 and in accordance with International Financial Reporting Standards and the Project I Agreement Guidelines I I SAMUEL AMOFA ASSISTANT AUDITOR-GENERAL I FOR: AUDITOR GENERAL I I I I I I I I I [ . I I' Ghana Commercial Agriculture Project (GCAP) & (GWCP) I IDA Credit No. 5077-GH IDA-PPF No. Q7760-GH IDA-TrustFundNo. TFoA.4745 Year Ended 31 December 2018 I CONTENTS PAGE I General Information 1 I Project Background 3 I Statement of Project Implementation Unit's Responsibilities 4 Financial Statements: 6 I . I Statement of Sources and Uses of Funds 6 I . Balance Sheet 7 I Notes to the Financial Statements 8 I Designated Accounts Statement 13 I Notes to the Designated Accounts Statement 14 I I Annex 1 - Schedule of Fixed Assets Register 15 I I . ' I I ·, [ I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA-PPF No. Q7760-GH IDA-TrustFundNo. TF0A4745 Year Ended 31 December 2018 I GENERAL INFORMATION Steering Committee Members I Hon. Owusu Afriyie Akoto (Dr)- Minister, MOFA - Chairman Hon. Sagre Bambangi (Dr)- Dep. Minister MOFA - Member I R. P. Ankobiah-Ag. Chief Director, MOFA Sauda Ahmed, Head, World Bank Unit, MOF - Member - Member Charles N ornoo - PC, GCAP - Member I Mawuli Agboka - OM, GCAP Asante Krobea - MOFA Member - Member - Member I Ben Vas Nyamadi (Dr.) - GIDA Angela Dannson - MOFA Ebenezer Sampong - EPA - Member - Member I Richard Adjei (Dr.) - GIPC Amos W. Wuni - Exe.Sec, LC - Member - Member - Member Kwesi Korboe-MOFA I I I Project Implementation Unit Charles Nornoo Mawuli Agboka - Project Coordinator - Operations Manager I Ben Johnson Adu Nyarko Andorful - Financial Management Specialist - Social Safeguards Specialist George Amoasah Environmental & Safeguard Specialist I Geoffrey Anno Galina Okartei-Akko - Monitoring and Evaluation Specialist - Agri-Business Analyst I Philip Laryea Allswell E. Okai - Contract Management Specialist - Agricultural Economist Bloomfield Crosby Attipoe - Senior Infrastructure Engineer/Zonal I Reuben Ashong Amama Kaleem-Habib Coordinator - Environmental Specialist (SADA Zone) - Social Safeguards Specialist (SADA zone) I I I [ Page\ I r I Ghana Commercial Agriculture Project (GCAP) I I. IDA Credit No. 5077-GH IDA-PPF No. Q7760-GH IDA-TrustFundNo. TF0A4745 Year Ended 31 December 2018 I Project Office Ministry of Food and Agriculture I P. 0. BoxM 37 Ministries, Accra. I Independent Auditors Ghana Audit Service I Bankers Agriculture Development Bank (ADB), I ... Bank of Ghana (BoG) Accra I I I I I I I I j : . ' I I I ,: [ Page 12 I'' I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA-PPF No. Q7760-GH IDA-Trust Fund No. TF0A4745 Year Ended 31 December 2018 I PROJECT BACKGROUND I The Agreements The Credit Agreement No.5077-GH and IDA-PPF No. Q7760 was approved in September 2012 and became effective on 8 April 2013. The agreements were signed by the Government of Ghana and the I International Development Association (IDA) of the World Bank for foreign exchange facilities of SDR64.5m (US$1oom) investment loan and USAID funding of US$45m. The funding will be administered under Public International Organisation grant to the World Bank in conformity to I USAID's FORWARD Initiative and primarily to address the food security situation by increasing household incomes, improving the competitiveness of the rice, maize and soya beans value chains and expanding market opportunities for smallholder farmers. The USAID Trust fund was modified to I reduce the total amount of the Recipient Executed Trust Fund (RETF) to US$16.95m on 23 February 2018. The Closing date of the USAID TF, which was September 30, 2017 was extended to May 31, 2018 and further extended to January 31. 2019. I '. Ghana Commercial Agriculture Project (GCAP) will contribute directly to the medium term macro- economic growth by leveraging on improved agricultural productivity and production for both I smallholder and nucleus farms in selected project intervention areas, the project will expand the opportunities for Ghana's poor to participate in this growth. I On 20 November 2015, the project obtained approval and was restructured. As part of the restructuring, there were revisions to the Project Development Objectives (PDO) as well as the main components of the project. The new PDO is stipulated as follows: To improve agricultural productivity and production of both smallholder and nucleus farms in selected project intervention areas with I increased access to reliable water, land, finance, and agricultural input and output markets. On 8th May 2018, the project obtained yet another approval for Additional Financing of SDR 34.8m I (US$5om) from IDA and was also restructured. The Closing Date of the Project was extended by fifteen (15) months from September 30, 2019 to December 31, 2020. The original PDO has been reviewed by removing the reference to "increased access to reliable water, land, finance and I agricultural input and output markets" which mainly define the interventions undertaken by the project to achieve the development objectives. Other changes include: (i) simplification of the project structure by merging the existing seven (7) components into four (4). I The revised components are as follows: \ '1 I 1. Facilitating investment promotion in commercial agriculture 2. Promoting private sector investments and small-holder linkages in selected areas 3. Rehabilitation/modernization of irrigation schemes and reforming of irrigation institutions and management I 4. Project management, monitoring and evaluation The closure date of the project has been extended to 31 December 2020 for the IDA Credit, and the I end date for the USAID Grant extended to 31 Jan 2019. The total funds available as indicated above (IDA US$150 million, JSDF US$2.85 million and USAID US$ 16.95 million). I . "' [ Page\ 3 • I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA-PPF No. Q7760-GH IDA-TrustFundNo. TF0A4745 Year Ended 31 December 2018 I THE JAPAN SOCIAL DEVELOPMENT FUND (JSDF) GRANT FOR THE PERI-URBAN VEGETABLE VALUE CHAIN FOR POVERTY REDUCTIION PROJECT. GRANT No. I TFOA4745. The grant agreement for the Ghana Peri-Urban Vegetable Value Chain for Poverty Reduction was I approved on November 4, 2016 and became effective on the June 15, 2017. This grant is funded out of the Japan Social Development Fund (JSDF) and proposes to extend to the Government of Ghana an amount not to exceed two million eight hundred and fifty thousand United States Dollars (US$2,850,ooo). The objective of the project is to improve productivity and market access I by the beneficiary vegetable farmers in selected Peri-urban communities in the country. Repayment of Credit I The Government of Ghana shall repay the principal amount of IDA Credit in semi-annual instalments payable on each 15 January and 15 July, commencing 15 July 2022 and ending 15 January 2052. The I facility is an interest free loan however it attracts a 7.5% service charge and a 0.5% Commitment Fee. Statement of Project Implementation Unit's Responsibilities I The Project Implementation Unit is responsible for the preparation of the financial statements for the period, which has been prepared in all material respects in accordance with the accounting policies I described in note 1 to the financial statement. In preparing these financial statements, the Project Implementation Unit has selected suitable accounting policies and then applied them consistently, made judgements that are reasonable and prudent and followed the cash basis of accounting. I The Project Implementation Unit is responsible for ensuring that the Project keeps proper accounting records that disclose with reasonable accuracy at any time the financial performance of the Project. The I Project Implementation Unit is also responsible for safeguarding the assets of the Project and taking reasonable steps for the prevention and detection of fraud and other irregularities. I Principal Activities The principal activities of the project are set out on page 2 of this report. I Financial Results I The Statement of sources and uses on page 6 shows net increase in project funds during the year of US$ 4,137,287 (2017= US$9,747,429). I Independent Auditor The Ghana Audit Service has expressed willingness to continue in office as auditors for the project. I I [ Page 14 r I Ghana Commercial Agriculture Project (GCAP) I ' IDA Credit No. 5077-GH IDA-PPF No. Q7760-GH IDA-Trust Fund No. TFo.A,4745 Year Ended 31 December 2018 I BY ORDER OF THE PROJECT IMPLEMENTATION UNIT: I Project Coordinator: I Financial Management Specialist: I :l~ ................. June 2019 I ,:, I I I i ,. I I I I I I I I [ ( Page 15 r .. I Ghana Commercial Agriculture Project (GCAP) I ~ j"' IDA Credit No. 5077-GH IDA Credit No. Q7760 Financial Statements For the year ended 31 December 2018 I I STATEMENT OF SOURCES AND USES OF FUNDS (All amounts are expressed in US dollars unless otherwise stated) Current Cumulative Cumulative Total I SOURCES Balance 1 January 2018 US$ 9,747,429 to date US$ to 2018 US$ Funds received during the year (Note 2) I Adjustments 12,601,710 22,349,139 .Q 68,967,844 &!Q..Q 68,9:ZQ,944 56,366,133 3J,QQ 56,369.~33 I USES Works for Part C.2(b) & A (except Part A.3(d) and Parts C.1(a) and C.2(b) Category 1 2,241,758 12,262,482 10,020,724 Goods ,Consultants' services, etc I ( under Part B.1 through B.3) Works, Goods, non-consulting & Consulting services for Part C3 2 4 0 0 785,515 416,248 785,516 416,248 .. Matching Grants for Sub-projects under I Parts A.3(d), C.1(b) and C.2(a) Agri-business Service Grants for Agri- business Services under Part C.4 5 6 25,251 0 9,064,713 140,869 9,027,463 140,869 I Goods, Consultants, Services, Training and Operating Costs under Part D of the Project Project Preparations Fund (PPF) 7 8 1,605,302 0 16,753,763 1,327,674 15,158,046 1,327,674 I Works under Part E.1, E.2 and E.4 (sub- comp 5.1, 5.2& 5.4) Goods, non-consulting services and 9A 8,002,193 8,002,193 0 consultants' services under Part E.1, E.2, E.4 9B 931,348 4,624,466 3,693,119 I ' (sub -comp 5.1, 5.2 & 5,4) Works, goods under Part E.3 (sub- component 5.3) 10A 3,996,889 3,996,889 0 Goods, non- consulting services and I consultants' services under Part E.3 (sub- component 5.3) Staff Retrenchment in GIDA and ICOUR 10B 788,287 1,799,091 1,010,804 and severance payments under Parts F.1 I and F.2 (sub-components 6.1 and 6.2) Works, Goods, consulting services, Training 11 0 3,376,505 3,376,504 and non-consultant services under Parts F.3 I and F,4 (sub-components 6.3 and 6,4) and Parts G.1 and G.2 (sub-components 7.1 and 7.2) 12 383,195 1,300,202 917,008 I .. Goods, Consultant's services, Training and Operating Costs from Interest Accounts 9 230,924 959,921 728,997 Withholding Tax 0 (2,415) 0 Advance to Tamale Office 6,706 18,046 11,340 I Adjustments - Others Total Uses of Funds (Note 3) 18,211,853 7,492 64,833,65:z 7,492 46,621,804 Net increase in project funds during I . the year 4,137,287 4,137.287 9,747,429 Page 16 [ . I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA Credit No. Q7760 Financial Statements For the year ended 31 December 2018 I BALANCE SHEET (All amounts are expressed in US dollars unless otherwise stated) I . As at 31 December Cumulative Cumulative to I Non-Current Assets Note date US$ to 2018 US$ I Project Expenditure 64,815,742 46,621,804 Current assets I Cash and Bank Balances Project Advances 3 4 4,137,287 18,046 9,747,429 I 4,155,332 9,747,429 . I Total Assets 68.9z1.oz4 56.369.233 I Current liabilities Withholding Tax 5 Q Q I Net assets 68.971.074 56,369.233 I Represented by: Accumulated Fund 6 6S.9z1.oz4 56.369.233 I I ·, I The financial statements on pages 6 and 7 were approved by the Project Implementation Unit oi'JJ:.fune 2018 and signed on its behalf by: I , Project Coordinator: I I -; ., Financial Management Specialist: Page 17 I [ I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA Credit No. Q7760 Financial Statements For the year ended 31 December 2018 I NOTES (All amounts in the notes are expressed in US dollars unless otherwise stated) I 1. Accounting policies The following are the significant accounting policies adopted in the preparation of these financial statements: I (a) Basis of accounting I The financial statements have been prepared on the historical cost convention in accordance with World Bank financial reporting requirements and in compliance with the credit agreement numbers 5700-GH and PPF-Q7760 on cash basis. I (b) Income Income is recognized on cash basis and credited directly to the respective designated accounts. I (c) Project expenditure I This comprises expenditure incurred under the seven (7) components of the project and the administrative expenditure incurred by the PIU and Tamale satellite office. It is recognised when goods and services are paid for. This includes project expenses capitalised at period end. I (d) Fixed assets Property, plant and equipment are expensed in the year of acquisition. I (e) Foreign currency translation I Transactions in foreign currencies (currencies other than the United States Dollar) are converted by the Commercial Bank (ADB Bank) at the rate ruling at the date in which the transaction took place. . : Current assets and liabilities denominated in foreign currencies are translated at the rate of I exchange ruling at the balance sheet date and fixed assets translated at the rate of exchange ruling at the time of acquisition. Gains or losses arising on foreign currency transactions are credited to or charged against recurrent expenditure in the period in which they arise. I (f) Cumulative expenditure This comprises expenditure incurred under the four (4) components of the project from inception I to date, as well as the three (3) new components following the restructure of the project during the year ended 2015. I (g) Advances This comprises funds transferred to satellite office in Tamale for project activities. This is added to uses upon retirement. I I Page 18 [ •• I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA Credit No. Q7760 Financial Statements For the year ended 31 December 2018 I . I• NOTES(CONTINUED) (All amounts in the notes are expressed in US dollars unless otherwise stated) Funds received I 2. This represents funds received from IDA and interest received on it. I 2018 Application number Description Amount US$ Designated Account A I GCAP(A)35 Funds received from IDA 12.417.783.88 I subtotal 12,417,783.88 ' I A B Interest Interest received Interest received 78,815.27 - I C Interest received 105,111.32 subtotal I 183,926.5() Total 12,601.710.47 I I ... I I I I I I Page 19 [ I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA Credit No. Q7760 Financial Statements For the year ended 31 December 2018 I NOTES TO FINANCIAL STATEMENTS (CONTINUED) (All amounts in the notes are expressed in US dollars unless otherwise stated) 3. Project expenditure I Cumulative to 2017 Current Year Cumulative to date US$ US$ I Category US$ I ,. ,, ; .; . Works for Part C.2(b) & A (except Part A.3(d) and Parts C.1(a) and C.2(b) Goods ,Consultants' services, etc (under Part B.1 through B.3) 1 2 10,020,724 2,241,758 12,262,482 785,516 0 785,515 I Works, Goods, non-consulting & Consulting services for Part C3 Matching Grants for Sub-projects under 4 416,248 0 416,248 Parts A.3(d), C.1(b) and C.2(a) 5 9,027,463 25,251 9,064,713 I Matching Grants for Sub-projects under Parts A.3(d), C.1(b) and C.2(a) 6 140,869 0 140,869 Goods, Consultants, Services, Training and I Operating Costs under Part D of the Project Project Preparations Fund (PPF) Works under Part E.1, E.2 and E.4 (sub-comp 7 8 15,158,046 1,327,674 1,605,302 0 16,753,763 1,327,674 5.1, 5.2& 5-4) 9A I Goods, non-consulting services and consultants' services under Part E.1, E.2, E-4 (sub-comp 5.1, 5.2 & 5.4) 0 8,002,193 8,002,193 4,624,466 9B 3,693,119 931,348 I Works, goods under Part E.3 (sub- component 5.3) Goods, non- consulting services and 10A 0 3,996,889 3,996,889 consultants' services under Part E.3 (sub- I component 5.3) Staff Retrenchment in GIDA and ICOUR and 10B 1,010,804 788,287 1,799,091 severance payments under Parts F.1 and F.2 I (sub-components 6.1 and 6.2) Works, Goods, consulting services, Training and non-consultant services under Parts F.3 11 3,376,504 0 3,376,505 and F.4 (sub-components 6.3 and 6.4) and I Parts G.1 and G.2 (sub-components 7.1 and 7.2) 12 917,008 383,195 1,300,202 I Subtotal (A) 45,873,975 17,974.223 63.850.613 Goods, consultants' services, Training and I , Operating Costs from Interest Account Withholding Tax Adjustments - ZONAL OFFICE ADVANCE 9 728,997 11,340 231.054 ~ 959.921 (2,415) 18.046 7,492 7,492 I Subtotal (B) z4z,82g 237.760 983,044 I Total(A+B) 46,621.804 18,211,982 64,833.657 Page 110 l . I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA Credit No. Q7760 Financial Statements For the year ended 31 December 2018 I NOTES {CONTINUED) (All amounts in the notes are expressed in US dollars unless otherwise stated) I 4. Cash and Bank Balances 2018 I US$ 2017 US$ I ADB IDA Designated Accounts - A ADB IDA Designated Accounts - C 1,238,635 2,797,240 3,766,304 5,834,491 ADB IDA Sub Designated DA-A Cedi I Account ADB Interest on Designated Accounts PPF Cedi Account 5,118 96,294 Q 3,318 143,316 Q I 4,137,287 9,747,429 I Cumulative to date US$ Cumulative to 2017 US$ I 5. Creditors Withholding tax due Ghana Revenue 0 0 I Authority I 6. Accumulated Fund The accumulated fund is financed by: I Funds received from IDA Other sources including interest 67,898,753 1,072,321 55,480,969 888,264 I 68,971,074 I I I I Page 111 [ NOTES TO FINANCIAL STATEMENTS Cumulative to 2017 Cumulative to 2017 Current Year-2018 Cumulative to 2018 NOTE 3 - PROJECT EXPENDITURE Mapped to New Old Catee:orv Category New Catee:orv New Cate1rnrv Works for Part C.2(b) & A (except Part A.3(d) and Parts C.1(a) and C.2(b) 1 10,020,724 13 405,308 10,426,032 Goods ,Consultants' services, etc (under Part B.1 through B.3) 2 785,516 13 0 785,515 Works, Goods, non-consulting & Consulting services for Part C3 4 416,248 13 0 416,248 Goods, Consultants, Services, Training and Operating 28,456,037 2,248,370 30,692,279 Costs under Part D of the Project 7 15,158,046 13 1,605,302 16,753,763 Project Preparations Fund (PPF) 8 1,327,674 13 0 1,327,674 Goods, Consultant's services, Training and Operating 728,997 231,054 959,924 Costs from Interest Accounts 9 13 Zonal Office Advance 11,340 13 6,706 18,046 Withholding Taxes 0 0 (2,415) Exchange Loss 7,492 13 7,492 Matching Grants for Sub-projects under Parts A.3(d), C.1(b) and C.2(a) 5 9,027,463 14 25,251 9,064,713 9,168,332 25,251 9,205,582 Matching Grants for Sub-projects under Parts A.3(d), C.1(b) and C.2(a) 6 140,869 14 0 140,869 Works under Part E.1, E.2 and E-4 (sub-comp 5.1, 5.2& SA) 9A 0 15 8,002,193 8,002,193 Goods, non-consulting services and consultants' services under Part E.1, E.2, E-4 (sub -comp 5.1, 5.2 & 5-4) 9B 3,693,119 15 931,348 4,624,466 Works, goods under Part E.3 (sub-component 5.3) 10A 0 15 3,996,889 3,996,889 Goods, non- consulting services and consultants' services 8,997,435 14,101,912 23,099,346 under Part E.3 (sub-component 5.3) 10B 1,010,804 15 788,287 1,799,091 Staff Retrenchment in GIDA and ICOUR and severance payments under Parts F.1 and F.2 (sub-components 6.1 and 6.2) 11 3,376,504 15 0 3,376,505 Works, Goods, consulting services, Training and non- consultant services under Parts F.3 and F-4 (sub- components 6.3 and 6-4) and Parts G.1 and G.2 (sub- components 7.1 and 7.2) 12 917,008 15 383,195 1,300,202 Plantin11 For Food & Jobs (Certified Seeds) 16 1,836,450 1,8~6,4.<;o 1,836,450 1,836,450 TOTAL 46,621,804 18,211,983 64,833,657 Page 112 ... - .. - - .. - .. - - - - - - - .. - - - I I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA-PPF No. Q7760-GH Financial Statements For the year ended 31 December 2018 I I DESIGNATED ACCOUNTS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018 (All amounts are expressed in US dollars unless otherwise stated) I } US$ A US$ C TOTAL US$ Balance - 1 January 2018 I Transfer from IDA 3,766,304 12,417.784 5,834,491 9,600,795 12,417.784 Total Funds Available in the I Designated Accounts Movement: 1611841088 518341491 2.2.,018,5:zg I Movement from C to A (3,000,000) 3,012,000 12,000 Eligible Expenditures paid during I the year Zonal Advance balance 17,938,747 6.706 25,251 17,963,997 6,706 I 14,945,453 3,032,251 17,982,703 I Balance at 31 December 2018 1,238,635 2.,:zg:z,2.40 4,035,8~ I ~' I , The Designated Accounts statement on page 13 was approved by the Project ~ 1);-· Implementation Unit orJ.~ .. June 2019 and signed on its behalf by: I I I Financial Management Specialist: I I I Page I 13 [ •·· I Ghana Commercial Agriculture Project (GCAP) I IDA Credit No. 5077-GH IDA-PPF No. Q7760 Financial Statements For the year ended 31 December 2018 I NOTES (All amounts in the notes are expressed in US$) I 1. Accounting policies The following are the significant accounting policies adopted in the preparation of the designated I (a) account statement: Basis of accounting I The Designated Account Statement has been prepared in accordance with the provisions of the Credit Agreements Nos. 5077-GH, TF --- and PPF Q7760-GH. I (b) Opening balance This amount represents prior year closing balances brought forward. I (c) Transfer from IDA This represents transfers from the World Bank. Transfers are recognised as income when it hits the I (d) designated accounts. Interest earned I These amounts represent refunds of transaction charges in the designated accounts during the period under review. - • I (e) Eligible expenditure This is made of all eligible payments made by the project during the period under review. I I I I '' I I I [ F Page\ 14 . .,. .. ___ .,. _____________ _ Annex 1 - Schedule of Fixed Assets Register DETAILS OF ADDITIONS TO FIXED ASSETS FOR THE YEAR ENDED 31 DECEMBER 2018 FIXED ASSET RECORD - GHANA COMMERCIAL AGRIC PROJECT COMPUTERS - CMP (LAPTOPS, DESKTOPS, NOTEBOOKS) DATE: ADDITIONS IN 2018 COMPUTERS 1 MOFA/GCAP/PIU-CMP/412 HP SPECTRE X360 LAPTOP 5CD751701C NEXT COMPUTERS MOFA ROBERT AMPRATWUM 1-Jun-18 PV No. 235/18 8,500.00 4.41 1,927.44 1--- 2 MOFA/GCAP/PIU-CMP/413 HP SPECTRE X360 LAPTOP 5CD7517108 NEXT COMPUTERS MOFA EBENEZER ACHEAMPONC 1-Jun-18 PV No. 235/18 8,500.00 4.41 1,927.44 ·~~-- 3 MOFA/GCAP/CMP/303 HP LAPTOP COMPUTER · .,,...,~··=--- -SRAA{;EHAR ENT MED-MOFA PATRICK OFORI 17-Jul-18 PV No. 259/18 10,810.00 4.52 2,391.59 4 MOFA/GCAP-CMP/304 HP LAPTOP COMPUTER BRAA GERAR ENT MED-MOFA AGYEMAN 17-Jul-18 PV No. 259/18 10,810.00 4.52 2,391.59 5 MOFA/GCAP/CMP/137 HP LAPTOP COMPUTER BRAA GERAR ENT MED-MOFA GEORGE BAWUAH 17-Jul-18 PV No. 259/18 10,810.00 4.52 2,391.59 6 MOFA/GCAP/CMP/138 HP LAPTOP COMPUTER BRAA GERAR ENT MED-MOFA GEORGE ARTHUR 17-Jul-18 PV No. 259/18 10,810.00 4.52 2,391.59 7 MOFA/GCAP/CMP/139 HP DESKTOP WITH 27" MONITOR BRAA GERAR ENT MED-MOFA PATRICK OFORI 17-Jul-18 PV No. 259/18 10,575.00 4.52 2,339.60 8 MOFA/GCAP/CMP/139 HP PRINTER BRAA GERAR ENT MED-MOFA PATRICK OFORI 17-Jul-18 PV No. 259/18 6,697.50 4.52 1,481.75 TOTAL 77,512.50 17,242.60 , Page I 15 ·------------------- ·., ., DETAILS OF ADDITIONS TO FIXED ASSETS FOR THE YEAR ENDED 31 DECEMBER 2018 BRAA GERAR REHOBOTH ENTERPRISEIGCAP OFFICE M&E SPECIALIS 17-Jul-18IPV No 148/2018 1,762.50 4.26 413.73 BRAA GERAR REHOBOTH ENTERPRISEIGCAP OFFICE PROJ COORDINI 17-Jul-18IPV No 148/2018 3,466.25 4.26 813.67 5,228.75 1,227.40 Page I 16 [ ; I . I I I I I I I I I I .-· I .. I .: I -. I . I I I I [