Conformed Copy - C2040 - Rural Finance Project - Amendment 2

Page 1 January 5, 1992 PNDC Secretary for Finance and Economic Planning Ministry of Finance and Economic Planning P.O. Box M40 Accra, Ghana The Governor Bank of Ghana P.O. Box 2674 Accra, Ghana Credit No. 2040 GH (Rural Finance Project) Amendment of Project Agreement Dear Sirs, We refer to the Project Agreement (Rural Finance Project), dated July 28, 1989, as amended September 19, 1991, between the International Development Association (the Association) and the Bank of Ghana (BOG). Further to the discussions held with the representatives of the Republic of Ghana (the Borrower) and BOG, we are pleased to inform you that the Association hereby agrees to the following amendments to the above-referenced Project Agreement: 1. Paragraph 2(a) of Part A of Schedule 1 is amended and restated to read in its entirety as follows "(a) Interest on a PFI subsidiary loan shall be charged on the principal amount thereof outstanding from time to time at a reference interest rate which shall equal (i) the average of the current minimum savings deposit rate and the current maximum rate on 180-day deposits, in each case as quoted by a PFI in the clearing house system, minus (ii) two percentage points (the Reference Interest Rate)." 2. Paragraph 2(c) of Part C of Schedule 1 is deleted in its entirety. Please indicate the agreement of BOG and the Borrower with the foregoing by countersigning and dating the form of confirmation and acknowledgement, respectively, on the two original copies of this letter and returning one original, as countersigned, to us. This amendment shall become effective as of the date of receipt by the Association of this letter duly countersigned on behalf of BOG and the Borrower. Sincerely yours, Edwin R. Lim Director Western Africa Department CONFIRMED: BANK OF GHANA By Authorized Representative Date: January 14, 1993 ACKNOWLEDGED: Page 2 REPUBLIC OF GHANA By: Authorized Representative Date: January 14, 1993