Conformed Copy - C1911 - Financial Sector Adjustment Credit - Amendment 1

Page 1 August 24, 1988 Dr. Kwesi Botchwey The Provisional National Defense Council Secretary for Finance and Economic Planning Ministry of Finance and Economic Planning P.O. Box M-40 Accra Republic of Ghana Re: Credit No. 1911 G (Financial Sector Adjustment Credit) Amendment Dear Dr. Botchwey: We refer to the Development Credit Agreement (Financial Sector Adjustment Credit) dated June 14, 1988, between the Republic of Ghana and the International Development Association (the Association). The Association proposes to amend the Development Credit Agreement for the above-referenced Project by adding a new sub- paragraph to paragraph 2 of Schedule 2 to the Development Credit Agreement so that paragraph 2 shall read as follows: "2. (a) Contracts for goods estimated to cost the equivalent of up to $2,000,000 each may be awarded: (i) in case of procurement of goods by the Borrower, its political subdivisions or stateowned enterprises, on the basis of the Borrower's or the state-owned enterprise's procedures which have been reviewed and found acceptable to the Association; and (ii) in case of procurement by private entities, on the basis of their normal procurement procedures. (b) Contracts for petroleum and petroleum products commonly traded on the international market may be awarded on the basis of the normal procurement procedures of the purchaser of such items." Please confirm your agreement with the foregoing by signing the enclosed copy of this letter and returning it to us. Sincerely yours, Anand K. Seth Acting Director Western Africa Department CONFIRMED: REPUBLIC OF GHANA By Authorized Representative Date: August 24, 1988 Page 2