Ghana - National Feeder Roads Rehabilitation and Maintenance Project

Docaumt of The World Bank FOR OMCIAL USE ONLY Reprt N. P-5643-GH MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT IN THE AMOUNT EQUIVALENT TO SDR 40.5 MILLION TO THE REPUBLIC OF GHANA FOR A NATIONAL FEEDER ROADS REHABILITATION AND MAINTENANCE PROJECT NOVEMBER 19, 1991 This doement has a restricted distribution and may be used by recipients only in the performance of their official daties. Its contents may not otherwise be disclosed without World Dank authorization. CAMRENCY AND ECUJVAW.J;UX Curency Unit a Cedis i US$1.0 a Cedis 375 1.0 Cedi a USS.0027 lEIGHTS AND MEASURES I mter (m) a 3.28 feet (ft) 1 hectare (hs) a 2.47 acres 1 kilometer (km) a 0.62 m! to (ml) 1 metric ton (t) U 2,205 pounds (b) ABBREVIATIONS AND ACRONYMS CRP Cocoa Rehabilitation Project NO0 O Non*Governmentat Organization DAMIDA - Danish International MV * Non-Motor Vehicles Development Agency OPEC * Organization of Petroleus DFR * Department of Feeder Roads Exporting Countries EPC . Envirornental Protection NFRRMP - National Feeder Roads Counci L Rehabilitation and Maintenance ERP - Economic Recovery Progrea Project ERR - Economic Rate of Return PCR * Project Completion Report IBRD * International Bank for PPF - Project Preparation Facility leconstruction & Development RRMP * Road Rehabilitation and IDA - International Development Maintenance Program Association SAR - Staff Appra!sal Report MAN * Ministry of Roads and SDR * Special Drawing Rights Highways TRP-1 - First Transport Rehabilitation NTADS * Media Term Agricultural Project Development Strategy TRP-2 - Second Transport Rehabilitation Project USAID * United States Agency for Internationat Development FISCAL YEAR January 1 - Deceuber 31 FOR OFFICIAL USE ONLY REPBLIC OF GHANA NATIONAL FEEDER ROADS REHABILITATION AND MAINTENANCE PROJECT CREDIT AND PROJECT SUMMARY Borro r: Republic of Ghana. B eneciarie: Ministry of Roads and Highways (MRH), Department of Feeder Roads (DFR). Amo.mt SDR40.5 million (US$55.0 million equivalent) Ta: Standard IDA terms with 40 years maturity. Lncal Etarn Total -US$ Millions- Eining Plan: IDA 27.3 27.7 55.0 Government of Ghana 8.4 0.0 8.4 USAID 20.0 1.0 21.0 DANIDA 0.0 15.0 15.0 OPEC-Fund 0.0 5.0 5.0 Japanese Grant Fund 0Q -1, 1 Total JL71W Rat of Ret=: 44%, based on quantifiable benefits from components covering 76% of total project costs. StaffAgpraisal Re": Report No. 9823-GH M88: IBRD 23004 This document has a restricted distribution and may be used by recipients on'v in te -arformance of their official duties. Its contents may not otherwise be disclosed without Wt... ..an. authorization. MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT Q TE INRNAT AL DEVELOMNT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT TO THE REPUBLIC OF GHANA FOR A NATIONAL FEEDER ROADS REHABLITATION AND MAINTENANCE 1. I submit for your approval the following memorandum and recommendation on a proposed development credit to the Republic of Ghana for SDR 40.5 million, the equivalent of US$55.0 million, on standard IDA terms with a maturity of 40 years to help finance a National Feeder Roads Rehabilitation and Maintenance Project. Cofinancing of US$42.6 million has been tentatively confirmed by USAID and DANIDA under parallel financing and by the OPEC Fund and a Japanese Grant under joint financing arrangements. 2. Bacrond. Due to prolonged neglect of routine and periodic maintenance before 1983, most of Ghana's extensive feeder road network (21,300 km) is unusable. The most recent survey of feeder road conditions indicates that about 60% of the system (some 12,800 km) is in poor or very poor condition while only 16% (some 3,400 kin) is in good and 24% (some 5,100 km) is in fair condition. Some 39% (8,300 km) of the network are gravel- surfaced while 61% (13,000 km) are earth roads. Poor feeder roads pose a serious constraint to agricultural production and marketing in Ghana. Transport costs account for up to 70 percent of marketing costs as a result of the poor state of the feeder road network. In many interior rural areas fertile farming centers have lost access to markets due to broken down roads and difficult mobility which often make head-porterage the only alternative for transporting agricultural produce and inputs. However, this is costly and slow, it constrains labor supply at harvest time, and it contributes to rural poverty. 3. So far, the feeder roads program has concentrated on: (i) rehabilitation of feeder roads in cocoa growing areas through the Cocoa Rehabilitation Project (CPP; CR 1854-GH); (i) rehabilitation of non-cocoa feeder roads on a selective basis through Transport Rehabilitation Projects-1 and -2 (TRP-1; CR 1858-GH and TRP-2; CR 2192-GH); and (iii) introduction of a successful labor-intensive road rehabilitation program based on light equipment and contractor training and support through the now completed Road Rehabilitation and Maintenance Project (RRMP; CR 1601-GH). Important results achieved in Ghana's road sector through these projects are: (i) policy and institutional reforms have largely been implemented; (ii) force account works have decreased and direct departmental labor has been reduced; (iii) the contracting system was reformed, full competitive bidding was established, and payment to contractors has improved; (iv) domestic contractor and consulting capacities * have increased; and (v) a road fund has been set up ensuring regular flow of counterpart funds to the road agencies and contractors. * 4. Feeder road planning, construction, rehabilitation and maintenance are the sole responsibilities of the Department of Feeder Roads (DFR). It was established in 1981 and functions as a civil service agency under the Ministry of Roads and Highways (MRH). DFR staff presently includes 36 engineers, some 40 other professional staff and 330 technical personnel. It has its head office in Accra and maintains small offices in all regions (10) and in 10 (out of 32) road areas. IDA started its support to DFR in 1985 through its RRMP and presently assists the department through TRP-1 and TRP-2, and the CRP. IDA assistance so far has concentrated on institutional capacity building, especially in feeder road planning, on technical assistance in procurement and contract management, and on staff training. Recently -2- IDA helped DFR preparing a long-term rural road strategy. DFR has already become an important agency, but its organization is not yet fully developed. Given the importance of increasing agricultural production and marketing ir Ghana's economic recovery program, the Government with IDA and other donor support, nis prepared a seven year (1992-1999) National Feeder Roads Rehabilitation and Maintenance Program (NFRRMP). This program is in support of the Medium-Term Agricultural Development Strategy (MTADS). 5. Proiet bjectives. The project will (a) contribute to Ghana's economic recovery and growth by removing bottlenecks in rural areas to farm production and marketing and implementing a sustainable feeder road maintenance performance and budgeting system; (b) reduce rural poverty by creating rural employment through labor-intensive road works, inclu4ing employment of women; and (c) increase the capacity of DFR to sustain the program by improving planning, programming, budgeting and management systems and related training. 6. Projec Descrpton. The 1992-99 feeder roads program will improve and expand Ghana's feeder road network, and improve maintenance management. An initial four-year time slice has been identified for this project. Project components are: (a) full rehabilitation of 2,500 km of feeder roads in 16 selected road areas with high and medium agricultural potential (49% of total project cost); (b) regravelling of 2,850 km of feeder roads which were rehabilitated since 1983 and are now under maintenance (21%); (c) construction of up to 5,000 culverts including spot improvements on some 720 km of lower priority feeder roads to provide minimum access (6%); (d) road maintenance and workshop equipment, tools and spare parts (3%); (e) consultant services for engineering design and contract supervision for (a), (b) and (c) above, for an organization and management study, a maintenance performance budgeting system development; a domestic contracting industry assessment and development study; and a socio-economic impact study (6%); (f) technical assistance to support DFR in project management, feeder road planning and maintenance, and equipment maintenance and repair operations (5%); (g) training for DFR staff and support for the Koforidua labor-based training school (2%); (h) support to the domestic contracting industry including provision of contractor training and light equipment for labor-based contractors (4%); (i) DFR decentralization support to develop and test a district-based routine maintenance system on feeder roads involving local communities (2%); and (i) rural mobility and environmental improvements through promotion and dissemination of non-motorized vehicles and through tree planting alongside selected feeder roads (2%). 7. The estimated total cost of the project amounts to US$106.0 million (including taxes and contingencies) with a foreign exchange component of US$50.3 million or 47% of total project cost. IDA will finance US$55.0 million equivalent (55% of project cost excluding taxes and duties). Cofinancing agencies will cover 40% of project cost. USAID and DANIDA will finance US$21.0 million and US$15.0 million, respectively while the OPEC- Fund will contribute US$5.0 million. A Japanese Grant Fund amounting to US$1.6 million has already been made availaole. Project costs are summarized in Schedule A while Schedule B contains procurement arrangements and estimated IDA disbursements. Schedule C shows a timetable of key project processing events. Schedule D contains the status of Bank Group operations in Ghana. A map is also attached. The Staff Appraisal Report No. 9823-GH, dated November 18, 1991 is being distributed separately. -3- 8. PoJ I eati. All project components will be implemented through DFR, with the exception of the rural mobility and environment component which will be implemented through selected NGOs and cooperatives. To enable an early start of the project and to assure timely disbursement of project funds, a detailed schedule for procurement processing and project implementation was developed. This schedule will serve as a monitoring instrument to measure project progress and will be updated regularly. Project preparation is at an advanced stage. Therefore project implementation can start soon. Under PPF funding, 560 km of feeder roads for rehabilitation have been selected and are being designed; 1,140 km of feeder roads have been selected and design will start soon; and 800 km still need to be selected. 9. Proect Sustainabiity. DFR institutional capacity will be expanded and strengthened through staff training and introduction of planning, programming, budgeting and management systems to assist the susainability of the feeder roads program. A decentralization support component will assist in the development of administrative and financial capacities in the newly formed districts which will eventually finance and execute routine feeder road maintenance. For a transition period of several years, while district capacities are being built up, these maintenance funds will be provided from the Central Government's budget. Funding of rehabilitation and periodic maintenance (regravelling) will continue to come from Government sources (road fund and budget) and from external financing. 10. Lessons Learned from Previous Proiects. A thorough assessment of past and ongoing road projects in Ghana has been conducted and has resulted in the ide.tification of a number of key lessons learnt. These were subsequently used as important linkages for the design of this operation. Previous road projects tended to be primarily "rehabiitation-driven", without paying enough attention to systematic maintenance organization, funding and capacity building. This operation has been designed as a "maintenance-driven" project which concentrates on (i) the development of a maintenance culture in Ghana's feeder roads sub- sector, and (ii) the linkage of execution of road works with the establishment of a sustainable road maintenance management system. The approach taken links maintenance planning, design, programming, budgeting and works supervision with (i) an institutional capacity building program, and (ii) appropriate mechanisms ot works execution relying nearly exclusively on private contractors. Other principal lessons learnt from previous operations indicate the need for (i) detailed scheduling of procurement processing and project implementation; (ii) frequent project supervision and annual implementation reviews; (iii) definition and usage of monitorable targets in assessing project progress; (iv) mid-term review to adjust project design; (v) time-bound action program for institutional strengthening of the implementing road agency; and (vi) reliance on an adequate mix of equipment-intensive and labor-based private contractors for works execution. 11. Rationale for IDA Ibvolvement. Until recently Governments strategy for road rehabilitation and maintenance focused on trunk roads. A network stabilization plan supported by TRP-i and TRP-2 was developed in 1987, with the aim of clearing the rehabilitation and maintenance backlog during the 1988-97 period. Systematic feeder road rehabilitation and maintenance started only around 1987 after DFR became a relatively strong organization. IDA plays a unique role in the feeder roads sub-sector, due to (a) its leading role in rehabilitating the rest of the transport sector; (b) its support for a medium-term agricultural development program in Ghana for which feeder roads are crucial; (c) its significant experience in Ghana in starting successful pilot programs in feeder roads, and in -4- support of related institutions; and (d) its catalytic role in mobilizing cofinancing. The project will support the goals of the Government's Economic Recovery Program (ERP) and will be consistent with the IDA-supported MTADS in the agricultural sector. It will also complement the trunk and cocoa road rehabilitation programs currently underway through TRP-1, TRP-2, and CRP. 12. Ar . The agreements reached during negotiations are: (i) as conditions of credit effectiveness: (a) the creation of a planning division at DFR head office; (b) the appointment of a contract management specialist; (c) the appointment of two qualified accountants for the existing project unit in MRH to assist DFR in carrying out all financial aspects of project implementation; and (d) the Borrower will deposit into DFR's accounts in Cedis the equivalent of US$300,000 as its counterpart contribution to the project for fiscal year 1992; (ii) the appointment of a deputy director of planning, not later than December 31, 1992; the establishment of some 20 new road area offices during the project implementation period, as needed and starting July 1, 1992; and the expansion of DFR at the district level following Government decentralization objectives by extending its technical support to the districts and, starting July 1, 1992, as needed the training of about 80 additional foremen for district-level operations; (iii) Government will provide US$3.4 million equivalent in counterpart funds towards financing the project; (iv) Government will also provide additional US$12.7 million equivalent from budgetary allocations for the 1993 to 1996 period (four years) to finance routine and recurrent feeder road maintenance in the 110 districts; a funding schedule for the timely availability of these funds was agreed; (v) a mid-term project review will be carried out not later than December 31, 1994 with focus on (a) performance evaluation of DFR as implementing agency; (b) the adequacy of the Borrower's counterpart funding as well as the level of budgetary allocations and actual expenditures for routine and recurrent maintenance; (c) redesign/restructuring of project components as needed; and (d) agreements on implementation of study, technical assistance and training results and recommendations; and (vi) DFR will incorporate into its existing feeder road guidelines for engineering design and execution of works environmentally sound procedures, standards and practices. 13. Environmental Asp s. An environmental assessment has been conducted of the direct and indirect environmental impacts of feeder road rehabilitation and maintenance, and recommendations of the study will be integrated into DFR's planning and implementation activities. Direct environmental impacts resulting from local runoff and the destruction of natural soil and road embankments will be minimized with improved design and adequate choice of work methods. To avoid indirect impacts, the proposed project will not include feeder road rehabilitation in natural reserves, national parks and other protected areas. The project includes training in environmental assessment, especially the incorporation of environmental considerations into contractor training programs. The project will also finance (a) planting of fruit trees along some 600 km of feeder roads by NGOs and cooperatives, on a contract basis for both the initial planting and its after-care; and (b) a campaign to raise environmental awareness about feeder road maintenance issues such as erosion control and prevention. DFR will work in close cooperation with the Environmental Protection Council (EPC) and selected NGOs and cooperatives to implement this campaign. 14. Progm Obeca e The project will alleviate poverty in rural areas in two ways: firsy, through the provision of seed money to NGOs and cooperatives for starting hire-purchase schemes for non-motor vehicles (NMV). This will reduce headloading and -5- increase rural mobility, productivity and income. These hire-purchase programs wiil provide a long-term revolving fund (provided by bilateral cofinanciers) for bringing more intermediate means of transport (cycles, trailers, farm vehicles) into the rural transport system. Secondly, through labor-based contracting, the project will generate a minimum of 2.4 million person- days of employment and US$3.6 million in direct rural income Or carrying out 1,000 km of labor-based feeder road rehabilitation works. Women's share in the labor-force is expected to be 50%. To achieve this share, the project will finance a campaign for increased participation of women in feeder road works through selected NGOs and cooperatives. The project will also directly improve infrastructure and public sector management. 15. feitgs. The project will improve farm production and marketing and lead to diverrified rural development. It will reduce transport costs. It will also promote labor-based road construction technology, help implement a sustainable maintenance performance budgeting system, provide rural employment through extensive community participation in rehabilitation and maintenance works, and foster increased rural mobility through low-cost intermediate means of transport which will reduce extensive head-porterage mostly done by women. All of these measures will have significant impacts on poverty reduction. Overall project ERR is 44%, based on quantifiable benefits from project components covering 76% of total project costs. ERR estimates of project roads are equally sensitive to both cost increases in civil works and decreases in project benefits. Simultaneous 20% cost increases of rehabilitation and maintenance works and 20% benefit decreases reduce the overall project ERR to 21%. 16. RiSk. There are no major risks associated with the implementation of this project. Timely execution of the physical components of the project will largely depend on early Government approval of procurement of works and selection of design and contract supervision consultants. Project risks reiate to (i) difficidties in developing a sustainable feeder road maintetance management system; (ii) constraints in DFR's institutional capacity; and (iii) possible increases in the cost of feeder road rehabilitation and maintenance works. These risks will be addressed by obtaining Government assurance for adequate and timely funding of routine and recurrent maintenance; by establishment of a maintenance performance budgeting system to be operated by DFR; by DFR staff training, hiring of sufficient middle level professional and technical staff as well as technical assistance to fill critical positions; and by adoption of cost effective methods of feeder road design and prompt payment to contractors for completed works. All road works proposed under the project will be executed through private contractors. Domestic and international contracting capacity in Ghana is considered adequate. 17. Recommendation. I am satisfied that the proposed credit would comply with the Articles of Agreement of the Association and recommend that the Executive Directors approve it. Lewis T. Preston President Atachments Washington, D.C. November 19, 1991 -6- Schedule A REPUBLIC OF GHANA NATIONAL FEEDER ROADS REHABILITATION AND MAINTEANCE PROJECT ESTIMATED COSTS AND FINANCING PLAN EsAtd Proiect Cost: US$ Millions EEER RPADPROGAM Feeder Road Rehabilitation 21.9 17.5 39.4 Feeder Road Regravelling 9.8 10.0 19.8 Culverts/Spot Improvements 3.6 1.1 4.7 Maintenance/Workshop Equipment 0.3 3.5 3.8 Design and Supervision LA .2.7 Subtotal 36.9 33.5 70.4 INSTITUTIONAL SUPPORT PROGRAM Management Line Positions 0.2 1.0 1.2 Technical Line Positions 0.2 1.4 1.6 United Nations Volunteers 0.1 0.1 0.2 Studies 0.3 0.6 0.9 Training 0.3 1.0 1.3 Construction Industry Support 0.5 4.1 4.6 Rural Mobility and Environment 0.8 1.1 1.9 .FR Decentralization Support U. 1A Subtotal 3.2 9.9 13.1 Total Project Base Cost 40.1 43.4 83.5 Physical Contingencies 3.8 3.4 7.2 Price Contingencies 5A ..M U Total Project Cost 49.0 50.3 99.3 Taxes and Duties - ..lg Total Project Cost (including taxes) Financing Pl loal Feidn l9a US$ Millions IDA 27.3 27.7 55.0 Government of Ghana (Road Fund and Budget) 8.4 0.0 8.4 USAID 20.0 1.0 21.0 DANIDA 0.0 15.0 15.0 OPEC 0.0 5.0 5.0 Japanese Grant Fund J.. Total -7- _ ScheduleB REPUJBLIC OF GRANA NATIONAL FEEDER ROADS IEHABLITATION AND MAINTENANCE P'%OJECT PROCUREMENT METHODS AND DISBURSEMENTS A.APocreenj (US$ mition) Parallel a= CQmponet JCB UR Qd= Shogning Financing Ttl91 1. Civil Works 44.29 13.80 25.74 83.83 (38.53) (6.97) (45.50) 2. Equipment, Spare 4.21 0.51 4.19 8.91 Parts. Vehicles & (3.97) (0.48) (4.45) Materials 3. Technical Assistance 2.24 2.70 4.94 and Studies (1.60) (1.60) 4. En ineerng, Training 4.57 3.77 8.34 & OerSpport -0.4_Z 0A Total Project 48.50 13.80 6.81 0.51 36.40 106.02 IDA IfL Mk(0.71 1 IDA shares in parentheses B. Disbursement IDA ount Percentage IDA Amount oanwf Expenditure Catewory (US Million) to be Tinanced (a) Civil works 40.95 100% of foreign expenditures and 60% of local expenditures (b) Eaiement, spare parts, 4.00 100% of foreign exoenditures and vehicles and materials 90% of local expe itures (c) En ieering services, 4.55 100% t cal assistance, studies trainin and Wuahtg (d) Refinancing of PPF 0.75 (d) Unallocated Al.7 TOTAL Estimated IDA Disbursements IDA Fisal Yr EY2 F SY lio 9 _Y26 g"M7 Annual 0.5 11.5 14.9 14.3 10.4 3.4 Cumulative 0.5 12.0 26.9 41.2 51.6 55.0 -8- Schedule C REULIC Q HA A NATIONAL FEEDER ROADS REHABILITATION AND MAINTENANCE PROJECT Timetable of Key Protect Processin Events (a) Time taken to prepare the project: One and a half years (b) Prepared by: Government with IDA assistance. (c) First IDA Mission: July 1990 (d) Appraisal mission departure: June 1991 (e) Negotiations: October 1991 (f) Planned date of effectiveness: April 1992 (g) Relevant PCRs: First & Second Highway Projects (Combined PCR No. 5189) Third Highway (Emergency Maintenance) Project (No. 6946) Road Rehabilitation & Maintenance Project (Fourth Highway): PCR under preparation -9 Schedule D Page 1 of 2 THE STATUS OF SANK GROUP OPERATIONS IN GHANA STATENENT OF BANK LOANS AND IDA CREDITS '48 of September 30, 1991) Amount In USS Mi t ion Loan or (tess cancellation) Credit Fiscol Number Year Borrower Purpose Bank IDA Undisbursed 10 loans and 36 credits fully disbursed 189.72 799.94 Of which SALs and Program Loans &> Cr. 1393 83 Gtana Recon. Inports 40.00 0.00 F-0090 84 Ghana Export Rehab. 35.89 0.00 Cr. 1435 84 Ghana Export Rehab. 40.10 0.00 Cr. 1573 85 Ghana Recons. Inport 60.00 0.00 A-0030 86 Ghana Recons. Inport 26.97 0.00 Cr. 1777 87 Ghana SAC 1 34.00 0.00 A-0250 87 Ghana SAC ' 81.00 0.00 A-0130 86 Ghana Industriat Sector Adjust. 25.00 0.00 A*0251 88 Ghana SAC I 15.00 0.00 Cr. 1911-1 89 Ghana Financial Sector Adjust. 6.60 0.00 Cr. 2005-1 90 Ghana SAC II 5.70 0.00 Cr. 2005 89 Ghana SAC II 120.00 0.00 Cr. 1342 83 Ghana Water Supply TA 13.00 0.00 Cr. 2005-2 90 Ghana SAC 11 8.30 0.00 Sub-Total 511.56 0.00 Cr. 1498 84 Ghana Second Oil Palm 25.00 6.95 Cr. 1564 85 Ghana Accra District Rehab. 22.00 4.33 Cr. 1601 85 Ghana Road Rehab. & Maintenance 40.00 0.60 A-0010 85 Ghana Road Rehab. & Maintenance 10.00 0.10 Cr. 1653 86 Ghana Health & Educatior. Reha&. 15.00 2.52 Cr. 1672 86 Ghana Industrial Sector Adjust. 28.50 0.17 Cr. 1674 86 Ghana Ports Rehabilitation 24.50 1.02 Cr. 1744 87 Ghana Education Sector Adjust. 34.50 0.77 Cr. 1759 87 Ghana Northern Grid Extension 6.30 0.33 Cr. 1778 * 87 Ghana Struc. Adjust. Inst. Support 10.80 0.22 Cr. 1801 87 Ghana Agricultural Svcs. Rehab. 17.00 7.13 Cr. 1819 87 Ghana Petroleula Ref. & Dist. 15.00 10.02 Cr. 1847 87 Ghana Public Enterprise TA 10.50 7.58 Cr. 1854 88 Ghana Cocoa Rehabilitation 40.00 39.37 Cr. 1858 88 Ghana Transport Rehabilitation 1 60.00 36.91 Cr. 1874 88 Ghana Priority Works 10.60 4.25 Cr. 1921 88 Ghana Mining Sector Rehab. 40.00 21.38 Cr. 1911 * 88 Ghana Financial Sector Adjust. 100.00 3.73 Cr. 1946 89 Ghana Tetecomunications II 19.00 11.90 Cr. 1976 89 Ghana Forest Res. Management 39.40 31.67 Cr. 1996 89 Ghana Private SNE Dev. 30.00 22.49 Cr. 2039 89 Ghana Water Sector Rehab. 25.00 21.67 Cr. 2040 89 Ghana Rural Finance 20.00 17.69 Cr. 2061 90 Ghana Fifth Power (ECG) 40.00 33.93 Cr. 2109 90 Ghana VRA/Sixth Power 20.00 20.68 Cr. 2140 * 90 Ghana Education Sector Adjust. II 50.00 35.32 Cr. 2157 90 Ghana Urban II 70.00 68.33 Cr. 2180 91 Ghana Agric. Diversification (Tree) 16.50 17.00 Cr. 2192 91 Ghana Transport Rehabilitation II 6.00 91.32 Cr. 2193 91 Ghana Health & Population II 27.00 25.39 Cr. 2224 91 Ghana Econ. Management Support 15.00 13.59 Cr. 2236 * 91 Ghana Private Investment 120.00 62.07 Cr. 2247 91 Ghana Natural Agric. Research 22.00 22.17 Cr. 2278 92 Ghana Community Secondary Scho.ts 14.70 11.11 TOTAL 189.72 1934.24 653.51 of which has been repaid 114.13 13.28 TOTAL now held by Bank and IDA 75.59 1920.96 Amount sold C 38 of which repaid 0.38 TOTAL undisbursed 0.00 1920.96 653.51 a Approved during or after FY80. b Not yet effective. * SAL/SECAL. - 10 - Schedule D GHANA Page 2 of 2 STATEMENT OF IFC INVESTMENTS (As of September 30, 1991) Amount in US$ million Date Borrower Type of Business Loan Equity Total 1984 Ashanti Goldffelds Mining 55.0 - 55.0 1> Corp. 1986 Keta Basin Oil Oil * 4.5 4.5 2> Exploration 1988 Canadian Bogosu Mining 0.6 0.6 Resources Ltd. 1989 Canadian Bogosu Mining - 0.4 0.4 Resources 1: 1989 Wahame Steel Ltd. Steel Mfg. 3.2 - 3.2 1989 Canadian Bogosu Mining 47.5 0.5 48.0 3> Resources III 1989 Continental Merchant Banking - 0.9 0.9 Acceptances Ltd. 1990 Ashanti Goldfields Mining 70.0 70.0 4> Corp. II 1990 Iduapriem Mining 3.0 3.0 1991 Atugan (AEF) Atuninum 0.3 - 0.3 1991 Plastic Laminates (AEF) Plastics 0.6 - 0.6 1991 totel Investments, Ltd. Tourism 4.2 - 4.2 1991 Dimples Inn (AEF) Tourism 0.2 * 0.2 1991 Canadian Bovisu Mining 0.8 0.4 1.2 Resources IV 1991 Continental Merchant Banking 3.0 0.0 3.0 Accentances II 1991 Ghanal Atuninin * 0.6 0.6 1991 Securities Discount House - 0.2 0.2 Discount House 1991 Appiah-Nenkah Soap Mfg. 0.9 * 0.9 1991 Iduapriem II Mining 48.0 - 48.0 5> Total Gross Comi tmant 233.7 11.1 244.8 Less repayments and write-offs 14.1 4.5 18.6 Total Comnitments Now Held by IFC 219.6 6.6 226.2 Total Undisbursed 40.6 0.7 41.3 1> Includes a US$27.5 million participation. 2' Amount was fully written off. 3> Includes a US$29.0 million participation. 4> Includes a USS35.0 million participation. 5> Includes a US$30.0 million participation. 여