Ghana - Structural Adjustment Credit : Credit 1778 - Credit Agreement - Conformed

C,.XA - 20T -Cr AFRICAN FACILITY CREDIT NUMBER A 25-1 GH (Amendment) Agreement Amending African Facility Credit Agreement (Structural Adjustment Credit) between REPUBLIC OF GHANA and INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY for SUB-SAHARAN AFRICA Dated 0 k} so, 1987 AFRICAN FACILITY CREDIT NUMBER A 25-1 GH (Amendment) AGREEMENT AMENDING AFRICAN FACILITY CREDIT AGREEMENT AGREEMENT, dated C)Q qA,/ 3b , 1987, between REPUBLIC OF GHANA (the Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY for SUB- SAHARAN AFRICA (the Administrator). WHEREAS (A) the Borrower and the Administrator have entered into an African Facility Credit Agreement (Structural Adjustment Credit), dated May 19, 1987, (the African Facility Credit Agree- ment) for the purpose of assisting in the financing of the program referred to in Preamble (B) of the African Facility Credit Agree- ment (the Program); (B) the Borrower has requested the Administrator to provide additional assistance towards the financing of the Program by increasing the amount made available under the African Facility Credit Agreement by an amount in various currencies equivalent to eleven million six hundred thousand Special Drawing Rights (SDR 11,600,000); and WHEREAS the Administrator has agreed, on the basis, inter alia, of the foregoing, to provide such additional assistance 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 African Facility Credit Agreement Section 1.01. Section 1.02 of the African Facility Credit Agreement is amended by deleting the "and" at the end of Sub- section (d), substituting "; and" for "." at the end of Subsection (e) and adding a new Subsection (f) as follows: "(f) 'Amending Agreement' means the Agreement Amending African Facility Credit Agreement (Structural Adjustment Credit) between the Borrower and the Administrator, dated CUA, 1987." -2- Section 1.02. Section 2.01 of the African Facility Credit Agreement is amended to read as follows: "Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the African Facility Credit Agreement, an amount in various currencies equivalent to seventy-five million six hundred thousand Special Drawing Rights (SDR 75,600,000) in two tranches, the first tranche being an amount in various currencies equivalent to sixty-four million Special Drawing Rights (SDR 64,000,000) (the First Tranche) and the second tranche being an amount in various currencies equivalent to eleven million s*x hundred thousand Special Drawing Rights (SDR 11,600,000) (the Second Tranche)." Section 1.03. The following new paragraph (d) is added to Section 2.02 of the African Facility Credit Agreement: "(d) Except as the Borrower and the Administrator shall otherwise agree, all amounts withdrawn from the African Facility Credit Account or made subject to a special commitment pursuant to Section 5.02 of the General Conditions, shall initially be charged against the First Tranche until that tranche has been exhausted, and shall thereafter be charged against the Second Tranche." Section 1.04. A proviso is added at the end of Section 2.04 of the African Facility Credit Agreement reading as follows: "; provided, however, that commitment charges on the Second Tranche shall accrue from a date sixty days after the date of the Amending Agreement." Section 1.05. Sub-paragraph (h) of paragraph 2 of Schedule 1 to the African Facility Credit Agreement is amended to read as follows: "(h) expenditures for foodgrains after proceeds of the African Facility Credit in an aggregate amount equivalent to SDR 11,600,000 have been withdrawn from the African Facility Credit Account to finance foodgrains." Section 1.06. Paragraph 3 of Schedule 1 to the African Facility Credit Agreement is amended by increasing the amount referred to in this paragraph from SDR 45,500,000 to SDR 51,300,000. -3- ARTICLE II Effective Date; Termination Section 2.01. This Amending Agreement shall not become effec- tive until evidence satisfactory to the Administrator shall have been furnished to the Administrator that the execution and deliv- ery 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 pur- suant to Section 2.01 of this Amending Agreement, there shall be furnished to the Administrator an opinion or opinions satisfactory to the Administrator of counsel acceptable to the Administrator showing, on behalf of the Borrower, that this Amending Agreement has been duly authorized or ratified by, and executed and deliv- ered 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 Administrator dispatches 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 obli- gations of the parties hereunder shall terminate, unless the Administrator establishes a later date for the purposes of this Section. If this Amending Agreement shall terminate under the provisions of this Section, the African Facility Credit Agreement shall continue in full force and effect, as if this Amending Agreement had not been executed. -4- IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this Amending Agree- ment 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 Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY for SUB-SAHARAN AFRICA By $ cA egional Vice President C Africa INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that the foregoing is a true copy of the original in the archives of the International Development Association. FOR SECRETARY