Ghana - Third Economic Reform Support Operation Credit Project

Document of The World Bank Report No: 26214 IMPLEMENTATION COMPLETION REPORT (TF-26516; IDA-35530; IDA-35531; TF-50290) ON A LOAN/CREDIT/GRANT IN THE AMOUNT OF US$110 MILLION TO THE REPUBLIC OF GHANA FOR A THIRD ECONOMIC REFORM SUPPORT OPERATION CREDIT June 27, 2003 Poverty Reduction Economic Management Unit Africa Region  CURRENCY EQUIVALENTS (Exchange Rate Effective March 2003) Currency Unit = Cedi (c) c7,200 (March 2001) = US$ 1.00 US$ 1.00 = c8,588 (March 2003) FISCAL YEAR January 1- December 31 ABBREVIATIONS AND ACRONYMS BOG Bank of Ghana CAS Country Assistance Strategy CG Consultative Group COCOBOD Cocoa Board DIC Divestiture Implementation Committee ECG Electricity Corporation of Ghana ERSO Economic Reform Support Operation ERSO II Second Economic Reform Support Operation GCB Ghana Commercial Bank GPRSP Ghana Poverty Reduction Strategy Paper GOG Government of Ghana HIPC Heavily Indebted Poor Countries ICR Implementation Completion Report IDA International Development Association IMF International Monetary Fund LBC Licensed Buying Company LDP Letter of Development Policy MTEF Medium-Term Expenditure Framework NIB National Investment Bank NTEs Non-Traditional Exports PE Public Enterprise PR President's Report PRGF Poverty Reduction and Growth Facility PUFMARP Public Financial Management Reform Project PSMR Public Sector Management Reform Project PURC Public Utilities Regulatory Commission SDR Special Drawing Rights TOR Tema Oil Refinery VAT Value-Added Tax VRA Volta River Authority Vice President: Callisto E. Madavo Country Director Mats Karlsson Sector Manager Emmanuel Akpa Task Team Leader/Task Manager: Rene Bonnel  GHANA THIRD ECONOMIC REFORM SUPPORT OPEATION CREDIT CONTENTS Page No. 1. Project Data 1 2. Principal Performance Ratings 1 3. Assessment of Development Objective and Design, and of Quality at Entry 2 4. Achievement of Objective and Outputs 6 5. Major Factors Affecting Implementation and Outcome 10 6. Sustainability 11 7. Bank and Borrower Performance 12 8. Lessons Learned 13 9. Partner Comments 14 10. Additional Information 14 Annex 1. Key Performance Indicators/Log Frame Matrix 16 Annex 2. Project Costs and Financing 17 Annex 3. Economic Costs and Benefits 18 Annex 4. Bank Inputs 19 Annex 5. Ratings for Achievement of Objectives/Outputs of Components 20 Annex 6. Ratings of Bank and Borrower Performance 21 Annex 7. List of Supporting Documents 22 Annex 8. Government Comments 24  Project ID: P050619 Project Name: ERSO III Team Leader: Rene Bonnel TL Unit: AFTP4 ICR Type: Core ICR Report Date: June 26, 2003 1. Project Data Name: ERSO III L/C/TF Number: TF-26516; IDA-35530; IDA-35531; TF-50290 Country/Department: GHANA Region: Africa Regional Office Sector/subsector: General public administration sector (50%); Banking (30%); Crops (10%); General industry and trade sector (5%); Health (5%) Theme: State enterprise/bank restructuring and privatization (P); Export development and competitiveness (P); Fighting communicable diseases (S); Education for all (S); Tax policy and administration (S) KEY DATES Original Revised/Actual PCD: 04/30/2001 Effective: 08/06/2001 08/06/2001 Appraisal: 05/14/2001 MTR: 11/01/2003 Approval: 07/26/2001 Closing: 12/31/2002 12/31/2002 Borrower/Implementing Agency: Government of Ghana/Government /Ministry of Finance and Economic Development Other Partners: STAFF Current At Appraisal Vice President: Callisto E. Madavo Callisto E. Madavo Country Director: Mats Karlsson Peter Harrold Sector Manager: Emmanuel Akpa Charles Humphreys Team Leader at ICR: Ren