ghana water company limited - world bank...ministry of water resources works and housing gwcl -urban...

GHANA WATER COMPANY LIMITEDNpTEF? 0

Main Bankers: Societe Generale Bank Head Office

National Investment Bank Post Office Box MB 194Accra - Ghana

MyRef No . . West AfricaM y R f No :.... . .. ............

Your Ref. No.:... .................................... JU N E, 20 15

The Country DirectorWorld Bank Ghana OfficeInternational Development Association

69 Dr Isert Road

North Ridge Residential Area

P. 0. Box M27Accra - Ghana

ATTN: ROBERT I)EGRAFT HANSON

Dear Sir,

GHANA URBAN WATER PROJECT (GUWP)SUBMISSION OF AUDITED FINANCIAL STATEMENTS FOR THE YEAR

2014

Please find attached a copy of the Audited Financial Statements of the Ghana Urban

Water Project for the year ended December 31, 2014 for your information and retention.

Thank you.

Yours faithfully,

DANIEL AMPOH

(DIRECTOR, PMU)

Board of Directors: Mr. Eric Biliguo Adana (Chairman), Ing. F. C Lokko (Ag. Managing Director), Alhaji Ziblim Yakubu,

Mr. Seth Abbey, Mr. Nuhu Mallan Saani, Mrs. Mona Helen K. Quartey, Mr. Ibrahim Jargisu, Nana Ameyaw Kotoko II, Mr. Timothy NyameRegistered Office: 28th February Road, (Near Independence Square)

Telephone: 233-0302-666781-7 Fax: 233-0302-663552 Telegrams: DIR WA TWebsite: www.gwc.com.qh E-mail: info(qwcl.com.qh

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Deloitte.

Ministry of Water Resources Worksand HousingGWCL - Urban Water Project

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Report and Financial Statements31 December 2014

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Ministry of Water Resources Works and HousingGWCL - Urban Water Project

Report and Financial Statements 2014

Contents Page

Project Management Unit's Responsibilities 2

Independent Auditors Report 3

Statement of Project Financing and Expenditure 4-6

Balance Sheet 7

Cash Flow Statement 8

Notes to the Financial Statements 9 - 12

he Auditors Report on Special Account Statement 13

Special Account Statements 14-17

Special Account Reconciliations 18 - 22

a Notes to Special Accounts 23 - 51

a,


Statement of Project Management Unit's Responsibilities

The Project Management Unit (PMU) is responsible for preparing financial statements for each financial period

which give a true and fair view of the state of affairs of the Project at the end of the financial year and of the surplus

or deficit of the project for that period. In preparing those financial statements, the PMU is required to:

- select suitable accounting policies and then apply them consistently

- make judgements and estimates that are reasonable and prudent

- state whether the applicable accounting standards have been followed

- prepare the financial statements on the going concern basis unless it is

inappropriate to presume that the Project will continue in business

The PMU is responsible for ensuring that the Project keeps accounting records which disclose with reasonable

accuracy the financial position of the Project and which enables them to ensure that the financial statements comply

with Ghana National Accounting Standards. They are responsible for taking such steps as are reasonably open to

them to safeguard the assets of the Project, and to prevent and detect fraud and other irregularities.

2

S D eloitte Deloitte & ToucheIbex Court, 4 Liberation RoadAko Adjei InterchangeP.O. Box GP 453AccraGhana

a Tel: +233 (0) 302 775355/770559Fax: +233 (0) 302 775480Email: [email protected]/gh

Independent auditors' reportTo the Members of Ministry of Water Resources Works and Housing

GWCL - Urban Water Project

We have audited the Project financial statements of GWCL - Urban Water Project on pages 4 to 8 which have been

prepared under the accounting policies set out on page 9.

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing. An audit includes examinations,

on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an

assessment of the significant estimates and judgements made by the managers in the preparation of the financial

statements and of whether the accounting policies are appropriate to the project's circumstances, consistently

applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered

necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements

are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion,

we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion

In our opinion, the Project has kept proper accounting records and the financial statements are in agreement with

the records in all material respects and give in the prescribed manner, information required by the Credit

agreement. The financial statements give a true and fair view of the financial position of the Project as at 31

December 2014, and of its financial performance and cash flow for the year then ended is drawn up in accordance

with the Ghana National Accounting Standards issued by the Institute of Chartered Accountants, Ghana.

Deloitte & ToucheLicence No. ICAG/F12015/129Chartered Accountants4 LiberationAccra, GhanaFelix Nana SackeyPractising Certificate: Licence No. ICAG/P1131

.. ......... .......... 2015

Partners: F. N. Sackey A. Opuni-Ampong D. Owusu 3


Statement of financing and expenditureFor the year ended 31 December, 2014

2014 2014 2013 2013

Year to date Cumulative Year to date Cumulative

Financing $ $ $ $

Japanese Grant - TF 29255 - 501,266 - 501,266.00

IDA Credit - 2039 GH - 450,333 - 450,333.00

DFID - 1,650,099 - 1,650,099.00

PPF Q -1420 - GH - 600,000 - 600,000.00

PPF Q -1421 - GH - 600,000 - 600,000.00

PPF Q-1422 - GH - 487,939 - 487,939.00

PPF Q-1423 - GH - 144,056 - 144,056.00

PHRD GRANT - TF 052412 - 493,993 - 493,993.00

GWCL - Urban Water Project (Grant no H/132) 7,837,020 90,898,879 11,539,139 83,061,859.00

Urban Water Project(Grant no/H766 2,239,986 7,239,980 4,999,994 4,999,994.00

GOG Matching Fund on UWP no. H/132 - 1,645,186 - 1,645,186.00

Ghana Water Company 53,061 362,774 73,529 309,713.00

Netherlands Dev. Co-op Grant 1 - 2,679,116 - 2,679,116.00



Nordic Development Fund no. 429 - 5,097,831 269,656 5,097,831.00

Bank Interest Earned 118,105 2,027 118,105.00

Sale of Pre-Qualification Documents 5,675 92,418 - 86,743.00

Proceeds from Data Room - 667 - 667.00

Total Financing 10,135,742 126,033,215 16,884,345 115,897,473

Expenditures

Consultants' Services:

Professional Fees 186,000 1,766,511 176,120 1,580,511

Salaries 12,514 157,295 2,847 144,781

Foreign Consultants 251,112 14,601,179 856,629 14,350,067

Other Consultants 862,835 4,505,264 1,002,078 3,642,429

Management Contract Base Fees - 15,234,314 - 15,234,314

Civil works 8,907,052 56,527,237 9,044,116 47,620,185

Repairs,Replacement & rehabliation - - -

Fund (Repairs Rehabilitation Replacement Fund 978,271 10,341,107 369,775 9,362,836

SeveranceBenefits (GWCL Retrenchees) - 9,975,903 - 9,975,903

Sub-Total 11,197,784 113,108,810 11,451,565 101,911,026

4


Statement of financing and expenditureFor the year ended 31 December, 2014 (cont.)

2014 2014 2013 2013Year to date Cumulative Year to date Cumulative

Operating Expenses: $ $ $ $

Vehicle Running and Maintenance 46,118 382,958 26,291 336,840

Utilities (Water & Electricity) - 22,046 - 22,046

Workshop and Study Tours 7,855 1,098,411 107,204 1,090,556

Office Consumables 1,919 28,610 1,777 26,691

Telecom and Postage 4,686 99,560 4,823 94,874

Books, Journals and Newspapers 2,149 21,720 2,427 19,571

Meeting Expenses (WSRS) - 11,183 - 11,183

Advisory Committee Expenses - 3,574 - 3,574

Travelling and Transport 6,271 18,691 4,719 12,420

Bank Charges 3,016 209,078 9,464 206,062

Security Services - 10,669 - 10,669

Repairs and Maintenance 2,789 63,835 18,351 61,046

Exchange Loss/(Gain) 28,604 (67,161) 10,617 (95,765)

Audit Fees 9,015 93,537 11,950 84,522

Computer Services - 18,481 169 18,481

Insurance 3,247 44,352 3,982 41,105

Advertising and Publicity - 156,035 - 156,035

Honorarium 13,333 181,032 5,668 167,699

Generator Running Expenses - 1,808 - 1,808

Equipment Rental - 351 - 351

as Gain on F/A Disposal - (1,812) - (1,812)

Training 37,220 1,618,149 217,481 1,580,929

Printing and Stationery 19,417 176,666 16,753 157,249

I* Staff Recruitment - 3,048 - 3,048

Public Awareness Expenses - 145,172 - 145,172

Research Expenses (Public Opinion Poll) - 28,107 - 28,107

Internet & Website Hosting - 11,030 4,461 11,030

Hotel Accommodation 10,643 165,873 136,123 155,230

Perdiem/Outstation Allowance 11,698 71,148 - 59,450

4 Training of Retrenched staff - 760,387 - 760,387

Sub-total 207,980 5,376,538 582,260 5,168,558

5


Statement of financing and expenditureFor the year ended 31 December, 2014 (cont.)

2014 2014 2013 2013

Year to date Cumulative Year to date Cumulative

$ $ S $Capital ExpendituresMotor Vehicles for AVRL - 1,241,438 - 1,241,438

Electro Magnetic Bulk Meters - 3,103,116 2,647 3,103,116

Bulk meter installation 28,835 502,036 - 473,201

Equipment for stakeholders 285,079 1,288,128 82,647 1,003,049

313,914 6,134,718 85,294 5,820,804

Refurbishment of Office Building - 27,505 - 27,505

Communication Equipment - 5,352 - 5,352

Computers - 64,366 - 64,366

Furniture and Equipment 14,028 56,101 - 42,073

Generating Set - 17,485 - 17,485

Motor Vehicles - 421,331 - 421,331

Air Conditioners - 21,238 4,130 21,238

Sub-Total 14,028 613,378 4,130 599,350

Total Project Expenditure 11,733,706 125,233,444 12,123,249 113,499,738

Excess of Financing over expenditure (1,597,963) 799,772 4,761,096 2,397,735

6


Balance sheetAs at 31 December, 2014

Notes 2014 2013$ $

Non-current AsstsProperty, Plant & Equipment 2 27,691 22,898

Current AssetsReceivables & Prepayments 3 12,712 11,637

Cash and Bank 4 1,809,712 3,410,152

1,822,424 3,421,789

Total Assets 1,850,115 3,444,687

Financed By:Accumulated Fund 6 831,774 2,421,502

Current LiabilitiesPayables and Accruals 5 1,018,343 1,023,185

Total Liabilities 1,850,117 3,444,687

Project Dire or anagi g Di ect r (GWCL)

7


Cash flow statementFor the year ended 31 December 2014

2014 2013

Cash Flow from Operating Activities $ $

Payments to Consultants (11,197,784) (11,451,565)

Payments for other Goods and Services (207,990) (582,260)

Payment for previous Payables & accruals (1,391) (1,423,951)

Increase/(decrease) in Receivables & prepayments (1,075) 581

Net Cash Used for Operating Activities (11,408,240) (13,457,195)

Cash Flow from Investing ActivitiesPurchase of Property, plant & equipment (14,028) (4,130)

Capital expenditure on stakeholders (313,914) (85,295)

Interest Received - 2,028

Sale of Tender Documents 5,675 -

Data Room Proceeds -

P Net Cash Used for Investing Activities (322,267) (87,397)

Cash Flow from Financing ActivitiesCash Received from:

- Japanese Grant: PHRD TF 052412GH

- DFID-PPF- GWCL - Urban Water Project 7,837,020 11,539,139

- GWCL - Urban Water Project 2,239,986 4,999,994

- Netherlands Project - -

- Netherlands Project Grant 3 53,060 73,529

- Nordic Development Fund - 269,655

- Ghana Water Company Limited -

- GoG matching fund on UWP No. H/132

10,130,066 16,882,317

Changes in Cash & Cash Equivalent for the Year (1,600,440) 3,337,725

Balance as at 1 January 3,410,152 72,427

Balance as at 31 December 1,809,712 3,410,152

8


Notes forming part of the accountFor the year ended 31 December, 2014

1. Accounting Policies

The significant accounting policies which have been adopted and used in preparing the

accounts are as follows:

a) Basis of Accounting

The accounts have been prepared under the historic cost convention and complied with

applicable accounting standards.

b) Grants/credits

Grants are recognised in the period received.

c) Depreciation

Depreciation is provided in equal annual instalments over the estimated economic useful lives

of the assets. Depreciation of assets acquired during the year is charged from the

beginning of the month in which it is acquired. The rates of depreciation are as follows:

Office building 5%Motor vehicles 20%

Air conditioners 20%

Communication equipment 20%

Computers 20%Furniture and equipment 20%

Generating sets 10%

9


Notes forming part of the accountFor the year ended 31 December 2014 (cont.)

2. Property, plant & equipmentAt 1/1/14 Additions At 31/12114

Cost $ $ $

Office Building 27,505 - 27,505

Motor Vehicle 388,327 - 388,327

Air Conditioners 21,238 - 21,238

Communication Equipment 5,811 - 5,811

Computers 64,366 - 64,366Generating sets 17,485 - 17,485

Furniture & Equipment 42,072 14,028 56,100

566,804 14,028 580,832

Depreciation At Charge for At1/1/14 the year 31/12/14

$ $ $

Office Building 21,167 1,375 22,542

Motor Vehicle 388,325 - 388,325

Air Conditioners 15,578 1,424 17,002

Communication Equipment 5,792 - 5,792

Computers 56,925 3,768 60,693

to Generating sets 17,483 - 17,483

Furniture & Equipment 38,636 2,669 41,305

543,906 9,236 553,142

Net Book Value

a 31 December 2014 27,691

31 December 2013 22,898

a

10


Notes forming part of the accountFor the year ended 31 December, 2014 (cont.)

be 3. Receivables and Prepayment 2014 2013$ $

Prepaid Insurance 1,672 2,369

Staff Prepayment 4,476 4,429

Debtors 1,725

Funds expected from Government of Ghana 4,839 4,839

12,712 11,637

4. Cash and Bank Balances 2014 2013$ $

Barclays Bank - Cedi Account (1588960)Barclays Bank - USD Account (1259470) 3,012 3,012

Merchant Bank USD 30293-029 - -

Cash on hand - -

Ecobank Ghana Limited USD 1101.21478.0229 491 492

Merchant Bank USD 05762/88 100,530 279,530

Merchant Bank USD 2030/85 38,466 13,317

Bank of Ghana Matching Fund 112 185

Merchant Bank - Dollar interest 727 208

Merchant Bank - Cedi interest 859 309

* Merchant Bank USD (2) 012751/88 1,632,741 3,042,183

Merchant Bank Cedi (2)A/c no 00001/01/012750/10 1,779 39,527

Fidelity Bank Cedi no 1070008923610Fidelity Bank USD Account (1071008923620) 2,285 2,285

Bank of Ghana Cedi Escrow Account. A/c no 1018631387039 28,710 29,104

1,809,712 3,410,152

5. Payables and Accruals 2014 2013$ $

Ghana Telecom 1,661 1,661

Ghana Water Company Ltd 191 191

to Electricity Company of Ghana Ltd 1,669 1,669

Audit Fees 10,000 10,000

Accruals - Foreign Consultants 649,087 649,087

Accruals - Salaries - -

Accruals - professional fees (local) - -

Accruals - creditors 349,346 351,582

Accruals - Professional fees 1550 4,156

10% Counterpart Fund payable to IDA 4,839 4,839

1,018,343 1,023,185


Notes forming part of the AccountFor the year ended 31 December, 2014 (cont.)

6. Accumulated Fund 2014 2013$ $

eBalance b/f 2,421,502 (2,336,294)

Add: Financing 10,135,742 16,884,346

Consulting Services (1,294,982) (2,033,553)

Operating Expenses (207,980) (582,260)

Management Contract Base Fees

Civil Works (8,907,058) (9,044,116)

Capital Expenditures for stakeholders (327,943) (89,425)

Fund (Repairs Rehabilitation Replacement Fund) (978,271) (369,775)

Depreciation (9,236) (7,421)

831,774 2,421,502

12

d D eloitte Deloitte & ToucheIbex Court, 4 Liberation RoadAko Adjei InterchangeP.O. Box GP 453AccraGhana

. Tel: +233 (0) 302 775355 /770559

Ministry of Water Resources Works and Housing Fax: +233 (0) 302 775480Email: [email protected]

GWCL - Urban Water Project WWW2.deloite.comigh

Report of the auditors

GWCL - Urban Water Project

We have audited the Special Account Statement of the Ministry of Works and Housing, Water Sector Restructuring

Project (Urban Water Project), for the year ended 31 December, 2014 established under provision of Project

Preparation Facility PPF Q 1422-GH, PPF Q 1423-GH and UWP GRANT - H 132 GH and Netherlands

Development Co-operation Trust Fund - TF 092093 dated July 3, 2002, July 26 2002, 5 January 2005 and 21 May

2008 respectively.

Our audit was carried out in accordance with International Standards on Auditing. Accordingly our audit included

examination on a test basis, evidence relevant to the amounts and disclosures in the account.

The accompanying Special Account Statement was prepared on the basis of cash deposits and withdrawals for the

purpose of complying with the Credit Agreement.

In our opinion, the receipts are properly accounted for and withdrawals were made for the purposes of the project in

accordance with the Credit Agreement, and the Special Account Statement gives a true and fair view of the ending

balance, and the account activity for the year ended 31 December, 2014 on the basis of cash deposits and

withdrawals.

Deloitte & ToucheLicence No. ICAGIF/2015/129Chartered Accountants4 Liberation RoadAccra, GhanaFelix Nana SackeyPractising Certificate: Licence No. ICAG/P/1131

.. .......... 2014

Partners: F. N. Sackey A. Opuni-Ampong D. Owusu

m Ministry of Works and HousingWater Sector Restructuring ProjectUrban Water Project

Special Account StatementFor the year ended 31 December, 2014

Account No.: 125947011588960

Depository Bank: Barclays Bank Ghana Limited

Address: Head Office, P. 0. Box 1624, Accra, Ghana

Related Loan: Credit PPF Q-1422 GH

Currency: United States Dollars (US$)

Part A: Account Activity

Year ended 2014 Year ended 2013

$ $$$A Initial deposit: July 3, 2002 64,000.00 64,000.00

Add: World Bank replenishments tospecial account and direct payments (Not 424,985.15 424,985.15

Proceeds from the sale of Bidding Document 78,103.20 78,103.20

Understatement of cheque by Bank (note2) 108.70 108.70

Foreign Exchange difference (6,140.78) (6,140.76)

other lodgements (note 2) 32,947.30 32,947.30

Interest Earned 0.18 530,003.75 0.18 530,003.77

594,003.75 594,003.77

Deduct: Statement of Expenditures (withdrawalapplication Note 3) 424,985.15 424,985.15

Deduct: Subsequent Expenditures not coveredby application no/ 6(Note2) 55,203.88 55,203.88

Subsequent Expenditure (January-December 2 32,749.98 32,749.98


Subsequent Expenditure (January-December 2007)Subsequent Expenditure (January-December 2 13,444.96 13,444.96



Deduct: Recovery on Application no/ 5 7,748.67 7,748.67

Subsequent Expenditure (January-December 2 32.19 32.19

Subsequent Expenditure (January-December 2 32.06 590,991.96 32.06 590,991.96

* Bank balance as at 31st December, 2013 (Note4) 3,011.79 3,011.81

14

Ministry of Works and HousingWater Sector Restructuring ProjectUrban Water Project


Account No.: 00576/88/2030/85

Depository Bank: Merchant Bank Ghana Limited

Address: Head Office,Merban House, Accra, Ghana

Related Loan: Urban Water Project Grant # 132 GH



Year ended 2014 Year ended 2013$ $ $ $

Initial deposit: April 29, 2005 2,500,000.00 2,500,000.00

Transfer for Retrenchment ProgrammeAdditional transfer to meet Authorised Amount 1,500,000.00 1,500,000.00

Less amount recovered by the World Bank (15,394.95) (15,394.95)





Outstanding amount advance to Special Account 2,838,234.11 2,838,234.11

Add: World Bank replenishments tospecial account and direct payments (Not 108,196,332.97 100,153,846.68

Interest earned on Special account (Note 2) 7,734.50 7,734.50

Adjustments(Note2) 32,473.96 32,473.96

Adjustments(Note3) (34,075.55) (34,075.55)

Foreign Exchange difference (Note 2) 2,847.66 (499.70)

108,205,313.54 100,159,479.89

Less: Statement of Expenditures (withdrawala application no/3) 108,196,332.97 100,153,846.68

Less: Subsequent Expenditures coveredby application no/ 146( July-December 764,815.35 781,447.77

application no/ 211 (April - June 2014) 746,307.13 573,017.64

Deductions made from Application nos/ 3A-46) 1,196,554.59 1,196,554.59110,904,010.04 102,704,866.68

Bank balance as at 311st December, 2014 (Note) 139,537.61 292,847.32

15



Account No.: 30293-029/30293-002

Depository Bank: Merchant Bank Ghana Limited

Address: Head Office, Merban House, Accra, Ghana

Related Loan: Credit: PPF 142-3 GH



Year ended 2014 Year ended 2013

$ $ $ $Initial deposit: Hune 21, 2004 100,000.00 100,000.00

Less amount recovered by the World Bank (78,686.86) 78,686.86

Less transfer of closing bank balance to Grant (35.00) 35.00

Outstanding amount advance to Special Accou 21,278.14 21,278.14

Add: World Bank replenishments tospecial account and direct payments (Note4)

Interest Earnings (Note 2)Foreign Exchange difference 2.55 2.55

Non reflection of cost of repairs in Dec B/statement 3.00

Deduct: Statement of Expenditures (withdraw; (21,280.69) (21,280.69) 21,281.14

application Note 1)Deduct: Subsequent Expenditures not covered

by application no/

Bank balance as at 31st December, 2013 (Notel)

PPF 142-3 GH account has been closed.

16



Account No.: 1071008923620

Depository Bank: Fidelity Bank Ghana Limited

Address: Ridge Towers, PMB 43 Cantonment, Accra, Ghana

Related Loan: Credit ghana Urban Water Project Grant No. TF092093



Year ended 2014 Year ended 2013$ $ $ $

Initial deposit: November 25, 2009 2,500,000.00 2,500,000.00

Less amount recovered by the World Bank (1,156,345.25) (1,156,345.25)



Less transfer of closing bank balance to Grant Special Account (4,812.61) (4,812.61)

Outstanding amount advance to Special Account (0.00) (0.00)

Add: World Bank replenishments tospecial account and direct payments (Note4)

Interest Earnings (Note 2) 3104.27 3104.27

Foreign Exchange differenceNon reflection of cost of repairs in Dec B/statement

3,104.27 3,104.27

Deduct: Statement of Expenditures (withdrawalapplication Note 2) -

Deduct: Subsequent Expenditures not coveredby application no/ 706.72 706.72

Deduct: Subsequent Expenditures not coveredby application no/ 105.83 105.83

Deduct: Subsequent Expenditures not covered

g by application in 2012 5.03 5.03

Deduct: Subsequent Expenditures not coveredby application in 2013 2.06 819.64 2.06 819.64

Bank balance as at 31st December, 2014 (Notel) 2,284.63 2,284.63

17


Special Account Reconciliation Statement

Loan/Credit/PPF/Co-Financier Number: PPF-Q1422 GH

Account Number 1259470/1588960 with: Barclays Bank Ghana Limited, High Street

to US$

1 Amount advanced by World Bank (or Co- Financier) 64,000.00

2a. Less: Total amount recovered by World Bank (1,045.77)

(recovery process normally begins towards the end of the project)

2b. Less: Total amount recovered by World Bank (Re Appl no/40 (7,748.67)


3 Equals present outstanding amount advanced to the special account 55,205.56

4 Amount in Special Account at 31/12/13 per bank

statement (copy attached) Note 1 3,011.52

5 Plus amount of eligible expenditure submitted under Application no/

a6 Plus amount of eligible expenditure documented in summary sheet attached

after application No. 7 (April -December 2004) 55,203.88

January- December 2005) 32,749.98

( January- December 2006) 7,165.17

January- December 2007) 8.70


( January- December 2009) 19,385.44


7 Less lodgement on the sale of Bidding document etc on the Urban Water Project (35,959.92)

toLess lodgement on the sale of Bidding document etc on the Project in 2006 (15,892.25)

Less lodgement on the sale of Bidding document on the Project(2007) (2,500.00)



aLess lodgement in respect of unfinished FYIP civil works on the Project(2009) (16,100.03)


8 Equals Total advance accounted for: 50,858.22

8

9 Lessplnation on diseancy ofBetwen otalsn apearin on inesbandateoe(3,592

(ess. itdementi fomh aconfu notding dclamed, earne ntePret ceite to0 the82.5Lessogmnt ete saeo2idn oueto tePoet20)(,0.0

Prjc Liessldeeticepc funiihdFI i ok o naggProje09 (16,100.03

Lesldeetoah aeo idn oueto h rjc(00 2,1.8

18

am

Ministry of Works and HousingWater Sector Restructuring Project

Urban Water Project


Loan/Credit/PPF/Co-Financier Number: PPF-Q142-3 GH

Account Number: 30293-002/30293-002 with Merchant Bank, Merban House Ghana Limited, High Street

US$

1 Amount advanced by World Bank (or Co- Financier) 100,000.00

2 Less: Total amount recovered by World Bank

(recovery process normally begins towards the end of the project) 78,686.86

Less transfer of closing balance on account to Grant Special account 35.00


W 4 Amount in Special Account at 31/12/2013 per bank

statement (copy attached) Note 1

5 Plus amount of eligible expenditure documented in summary sheet attached

for the period (April 1st -31st May 2005) 21,280.69

6 Plus amount of eligible expenditure after Application

7 Less lodgement on sale of bidding document


Explanation of any discrepancy between totals appearing on Lines 3 and 8 above (e.g. items paid from account but not yet

claimed, earned interest credited to the account etc). Note 2

19

m3 Ministry of Works and HousingWater Sector Restructuring ProjectUrban Water Project


URBAN WATER PROJECT GRANT NO/-H766 GH

Account Number: 012751/88/012750/10 WITH: Merchant Bank, Merban House Ghana Limited, High Street

US$

1 Amount advanced by World Bank (or Co- Financier) 5,000,000.00

3 Equals present outstanding amount advanced to the special account 5,000,000.00


statement (copy attached) Note 1 1,634,519.72


for the period (July - December 2014) 3,366,505.22

8 Equals Total advance accounted for: 5,001,024.94

Explanation of any discrepancy between totals appearing on Lines 3 and 8 above

(e.g. items paid from account but not yet claimed, earned interest credited to

a ou Note 2

Project Direc an ging ctor(GWCL)

20



a LOANICREDITIURBAN WATER PROJECT- GRANT NO/H766 GH

Account Number: 1018631387039 with Merchant Bank, Merban House Ghana Limited, High Street(Escrow account)US$

la Amount advanced by Ghana Water Company 73,529.41

lb Amount advanced by Ghana Water Company 53,061.22


4 Amount in Special Account at 31/12/2013 per bank 28,710.09

statement (copy attached) Note 1

5 Plus amount of eligible expenditure documented in summary sheet attached 44,425.07

for the period (January-December 2013)

6 Plus amount of eligible expenditure after Application 53455.47

7 Less lodgement on sale of bidding document



(e.g. items paid from account but not yet claimed, earned interest credited to the

acco etc). Note 2

Project Direc r Mana ng i tor (GWCL)

21



Urban Water Project Grant No./ - H132 GH US$

Account Number: 005762 /8812030/ 85 with Merchant Bank, Merban House Ghana Limited, High Street 2,500,000.001,500,000.00

15,394.95

1 Amount advanced by World Bank (or Co- Financier)

1 a. Additional amount advanced by World Bank (or Co- Financier) 200,000.00

2 Less: Total amount recovered by World Bank


2a. Less Total amount recovered by World Bank


2b. Less Total amount recovered by World Bank


2c. Less Total amount recovered by World Bank

(recovery process normally begins towards the end of the project) 2,838,23411

2d. Less Total amount recovered by World Bank


3 Equals present outstanding amount advanced to the special account764,815.35

4 Amount in Special Account at 31/12/13 per bank statement (copy attached) Note 1

5 Plus amount of eligible expenditure documented in attached 746,307.13

Application not 173 for the period (July - October 2013)1,196,554.59

6 Plus amount of eligible expenditure documented in attached

Application nol188 for period (November - December 2013)34,075.55

7a. Plus Deductions from Application no/s 3A,5,6,7,8,14,15,18,25&28

(5,431.93+3,891+3,448.80+2,650+92,343.08+4,241.48+1759.42+48,827.01+549,979.88+ 2,881,290.23

86,373+82,742.05+757.88+25,972.93+124,571.75-68708.22Refunds(Note 3)

a8 Equals Total advance accounted for:


(e.g. items paid from account but not yet claimed, earned interest credited to the account etc). Note 2

PrToject Dir or Man in Drtr(WL

IUS$

22

SPECIAL ACCOUNT RECONCILIATION STATEMENT

AS AT 31ST DECEMBER 2014

URBAN WATER PROJECT TRUST FUND GRANT NO/ -TF092093

ACCOUNT NUMBER: 1071008923620 WITH :FIDELITY BANK LTD RIDGE TOWERS, US$

PMB 43 CANTONMENT ACCRA, GHANA2,500,000.00

I Amount advanced by World Bank (or Co- Financier) (1,156,345.25)

la. Additional amount advanced by World Bank (or Co- Financier)

2a Less: Total amount recovered by World Bank (413,166.80)


2b Less: Total amount recovered by World Bank (925675.34)


2c Less: Total amount recovered by World Bank


2d Less: Refund to World Bank



2,284.63


statement (copy attached) Note I

8 Equals Total advance accounted for:


(e.g. items paid from account but not yet claimed, earned interest credited to the account etc). Note 2

23

Ili


AS AT 31ST DECEMBER 2014

LOAN/CREDIT/URBAN WATER PROJECT-GRANT NO/ H132 GH US$

ACCOUNT NUMBER: 01256-400410-09 WITH: BANK OF GHANA, 748,000.00

HIGH STREET 679,117.47

62,629.53

1 a. Amount advanced by Government of Ghana

lb. Amount advanced by Government of Ghana 236,183.74

1c. Amount advanced by Government of Ghana 155,439.06

2 Less: Total amount recovered by Government of Ghana

(recovery process normally begins towards the end of the project) 1,881,369.80

1 Amount advanced by Ghana Water Company Limited

1d. Amount advanced by Government of Ghana

3 Equals present outstanding amount advanced to the special account 185.38

4 Amount in Special Account at 31/12/13 per bank 8,403.85

statement (copy attached) Note 189,789.90


for the period (May -December 2005) 439,013.09

6 Plus amount of eligible expenditure (January-December 2006) 496,642.60

6 Plus amount of eligible expenditure (January-December 2007) 11,821.16(58,161.52)

6 Plus amount of eligible expenditure (January-December 2008) 628,928.89117,856.94

6 Plus amount of eligible expenditure (January-December 2009) 143,185.73

7 Less Refund of Advance payment Guarantee iro Foramat Limited 12,281.43

8 Plus amount of eligible expenditure (January-December 2010)

9 Plus amount of eligible expenditure (January-December 2011) 1,889,947.45



8 Equals Total advance accounted for:


(e.g. items paid from account but not yet claimed, earned interest credited to the

account etc). Note 2

a2

24

Ministry of Works and Housing

Water Sector Restructuring Project

Urban Water Project

Notes forming part of the Special Account

Project Preparation Facililty (PPF 142-2 GH)US$

3,043.58

Note 1 Bank balance as at 31/12/130.27

Special Account No. 1259470 -----------------

Cedi current account no. 1588960 3,043.85

GHSO.50 @ 02.04: $1

T OTAL

Cedi Account No. 1588960

This account is operated at Barclays Bank Ltd, High

Street-Accra to enable the Project Management Unit

meet its day to day running expenses and to facilitate the

smooth administration of the Water Sector Restructuring

Project. Year ending

31/12/2013$

NOTE 2: EXPLANATION OF DISCREPANCIES 55,205.5650,890.55

4,315.01

(a) Total in line 3

m0 (b) Total in line 8

Lilil LAZ 108.70

Discrepancy explained as follows: 641.30

i)Understatement of pv no/ppf2/L47of 17/6/05 by Bank on bank statement: 0.18

(3,822,865.00-2,822,865.00)=01,000,000.00@9200=$= 108.70) 3,564.83

ii)Proceeds for sale of bidding document: -------------------------

(05,900,000.00 @ 09,200=$ =$641.30) 4,315.01

iii)lnterest Earned in 2013

iv)Exchange rate differences in Cedi expenses

233.061630.43

221.97

Other Lodgements(2005)1 Proceeds from Data Room 2,085.46

2 Deposit from DMMI (Dredging contractor)

3 Loan deductions deposited in Bank

Total

25


Notes forming part of the Special AccountFor the year ended 31 December 2014

PPF Q-1422 GH

Note 3. SOE Withdrawals Applications

Application No/ Amount

a* $

1 245,213.00

2 (Initial Deposit)3 39,775.00

4 29,153.43

5 46,400.00

6 30245.72

7 34,198.00

Total 424,985.15

Note 4. World Bank replenishments and direct payments

Application No/ Amount$

1 245,213.00

2 (Initial Deposit)3 39,775.00

4 29,153.43

5 46,400.00

6 30,245.72

7 34,198.00

Total 424,985.15

27


Notes forming part of the Special AccountFor the year ended 31 December, 2013

Special Account Reconciliation Statement Year ending$

PPF - Q142-3 GH

Note 1. Bank balance as at 31/12/2013

m Special Account No. 002031/66

Cedi current account no. 2030/85

so 000.03 @ GH01.43: $1

be

Cedi Account No. 2030/85This account is operated at Merchant Bank Ghana Ltd Merban House Accrato enable the Project Management Unit meet its day to dayrunning expenses and to facilitate the smooth administration Year ending

of the Urban Water Project. $

Note 2. Explanation on discrepancies 21,278.14

21,280.69

(a) Total in line 3 (2.55)

(b) Total in line 8

Difference

Discrepancy explained as follows:

The difference of US2.25 is due to exchange difference asa result of transcations in the Cedi Account

28



Special Account Reconciliation StatementUrban Water Project Grant No. - H132 GH

Note 1. Bank balance as at 31/12/2014 $

Special Account No. 005762/88 100,530.07

Cedi current account no. 2030/85Gho 138476.78 @ 03.55: $1 39,007.54

139,537.61

Cedi Account No. 2030/85This account is operated at Merchant Bank Ghana Ltd Merban House Accra to enable the

Project Management Unit meet its day to dayrunning expenses and to facilitate the smooth administrationof the Urban Water Project.

30




Note 2. Explanation of Discrepancies Year ending31112/2014

$

(a) Total in line 3 2,838,234.11

(b) Total in line 8 2,881,290.23

Difference (43,056.12) $

7,734.50

(1) Discrepancy explained as follows:$

1) Earned Interest Application no/ 86Balance b/Forward

7,734.50

Dollar A/C Less Interest transferred from account up to date 2012

Cedi A/C Less Interest transferred from account up to date 2012

Dollar Account:Summary Sheet no/6 7,734.49

Cedi Account:Summary Sheet no/7

Total Interest earned on Accounts (6,860.20)

(ii) Nonreflection of Expenditure in Bank Statement(Unpresented Cheque)Cedis Summary Sheet SS2/3 (3,492.08)

**3)10% deduction from Claim submitted by Innovative

Services which was originally claim under 100% eligibililty 43,429.50(603.26)

***4)Amount of $1,746.04 wrongfully deducted on previous Application no/14 (499.70)

now corrected (1746.04*2).5) Claim under category 3-A on Application no/15 resubmitted for replenishment 39,708.75

m 6) Claim under category 1-B on Application no/12 wrongfully deducted

7) Exchange Difference

TOTAL

31

M




Urban Water Project Grant No. - H132 GH

Note 3. SOE Withdrawal Applications

Application No/ Amount$

1 (Initial Deposit)

2 Retrenchment Benefit Fund 10,000,000.00

3A 10,157,003.76

5 301,841.92

6 276,771.56

7 134,276.15

8 1,200,328.94

9 315,056.14

10 307,286.20

11 315,423.88

* 12 579,302.51

13 -

14 393,173.81

15 665,304.58

a 16 321,663.55

17 1,414,661.86

18 1,073,487.53

19 753,868.69

20 2,040,820.19

21 1,650,093.03

22 1,486,645.75

23 1,773,804.07

24 990,113.50

25 873,286.09

26 19,152.13

27 49,685.29

28 2,081,993.49

29 2,480,391.40

30 480,388.67

31 1,216,727.60

32 1,336,221.81

33 1,423,069.70

34 2,393,154.76

3536

1,584,875.23

37 606,829.78

38 946,248.44

33

to




Note 3. SOE Withdrawal Applications (cont'd) Direct ApplicationDirect Application

39 1,226,743.22 Direct Application

40 7,748.67



43 1,047,800.53

44 1,598,235.53



47 1,418,617.87

48 - Direct Application

49 871,476.52 Direct Application



52 174,249.92

53 219,967.27


55 132,128.75

56 -

be 57 -

58 268,211.92

59 1,256,086.51



62 1,109,036.95



65 33,528.61


67 195,750.00 Paid in 2012

68 128,253.59

69 -

70 140,050.12

69 Direct Application 115,567.75

71 -

72 - Paid in 2012

73 -

74 -

75 - Paid in 2012

76 Direct Application 144,419.55 Paid in 2012

77 - Paid in 2012

78 - Paid in 2012

79 939,235.33 Paid in 2012


81 Direct Application 1,093,329.89 Paid in 2012





86 1,693,037.49 Paid in 2012





34




Note 3. SOE Withdrawal Applications (cont'd)

139 - Paid in 2013








146 Reimbursement 1,253,660.32 Paid in 2013



149 Paid in 2013

150 Reimbursement 340,399.87 Paid in 2013



















169 Direct Application 165,309.41 Paid in Jan 2014




173 Paid in Jan 2014




177 Direct Application Paid in 2013


179 Paid in 2013




184 Paid in 2014

185 Direct Application 166,245.18 Paid in 2014Paid in 2014

36




WO Note 3. SOE Withdrawal Applications (cont'd)

a 173 Repinishment 781,447.77 Paid in 2014

175 Direct Payment 181,953.57 Paid in 2014







187 Paid in 2014

188 RepInishment 573,017.64 Paid in 2014









197 Replnishment 934,255.29 Paid in 2014














211 Direct Payment

212 Direct Payment 294,811.01



108,196,332.97

37


Urban Water Project



Urban Water Project Grant No. - H132 GH

Note 4. World Bank Replenishments and direct payments (cont'd)


40 7,748.67



43 1,047,800.53

44 1,598,235.53



47 1,418,617.87

ON 48 - Direct Application




52 174,249.92

53 219,967.27


55 132,128.75

56 -

5758

268,211.92

59 1,256,086.51



62 1,109,036.95



65 33,528.61


67 195,750.00 Paid in 2013

68 128,253.59

69 -

70 140,050.12


71 -

72 - Paid in 2013

73 -

g 74 -

75 - Paid in 2013


77 - Paid in 2013

78 - Paid in 2013

79 939,235.33 Paid in 2013


81 Direct Application 1,093,329.89 Paid in 2013





39

us


Urban Water Project



86 1,693,037.49 Paid in 2013















101 440,099.18 Paid in 2013







108 396,051.55 Paid in 2013











119 210,401.69 Paid in 2013












131 1,598,328.19 Paid in 2013




e 135 Direct Application 40,371.62

40

a

p.




184 Paid in 2014


173 Replnishment 781,447.77 Paid in 2014


a 177 Direct Payment 20,670.18 Paid in 2014






187 Paid in 2014

188 Repinishment 573,017.64 Paid in 2014









197 Repinishment 934,255.29 Paid in 2014














211 Direct Payment212 Direct Payment 294,811.01

213 Direct Payment 356,250.00214 Direct Payment 20,953.82

108,196,332.97

42



Special Account Reconciliation StatementUWP Netherland Funding Designated Account TF 092093

Bank balance as at 31/12/2014

Note 1. Designated Account No. 1071008923620 2,286.69

Total 2,286.69

Note 2. Explanation of discripancies Year ending31/12/2014

As $

(a) Total in line 3

(b) Total in line 8 2,286.69

Difference (2,286.69)

Discrepancy explained as follows:Interest earned

Nov-09 416.67Dec-09 1,535.92

Jan-10 986.87

Feb-10 57.78

Mar-10 11.74

Apr-10 46.94

May-10 25.35

Jun-10 10.65

Jul-10 6.95

September 2.66

Oct/Nov/Dec 2010 0.99

Jan-Dec 2010 1.75

3,104.27

ExpenditureExpenditures not covered by Application 2010 (707)

Expenditures not covered by Application 2011 (106)

Expenditures not covered by Application 2012 (5)Expenditure not covered by Application in 2013 (2)

2,284.63

43




GOVERNMENT OF GHANA MATCHING FUNDYear ending

31/12/2014

Note iBank balance as at 31/12/2014

Gov't of Ghana Account No. 01256-400410-09Bank of Ghana Cedi Current AccountGhc 404.14 @ GH03.6: $1 112.26

112.26

Cedi Account No. 01256-400410-09This account is operated at Bank of Ghana High Street Accra

to provide 10% and 25% matching fund for the activities that are 90% and 75%

financed respectively by International Development Association (IDA)

under the Urban Water Project.

Note 2:EXPLANATION OF DISCREPANCIESYear ending

31/1212014$

(a) Total in line 3 1,881,369.80

(b) Total in line 8 1,889,947.45

Difference (8,577.65)

Discrepancy explained as follows: $

3)Exchange rate differences in Cedi expenses(2006) 9,684.67

3)Exchange rate differences in Cedi expenses(2007) 6,466.31

3)Exchange rate differences in Cedi expenses(2008) (20,021.12)

4)Exchange rate differences in Cedi expenses(2009) 542.95

5)Exchange rate didderences in Cedi expenses (2010) (6,098.27)

m 6) Exchange rate difference in Cedi expenses 2011 526.37

6) Exchange rate difference in Cedi expenses 2012 (136.04)

6) Exchange rate difference in Cedi expenses 2013 457.48

(8,577.65)

45



URBAN WATER PROJECT GRANT NO/ - H132 GHMERCHANT BANK GHANA LIMITED, MERBAN HOUSEINTEREST CEDI ACCOUNT NO 7968144

Note 1 Year ending31/12/2014

Bank balance as at 31/12/2013 $

Merchant Bank Ghana limited Interest AccountGHC3,091.23 @ GH03.6: $1 858.68

858.68

Cedi interest Account No. 007968/44This account is operated at Merchant Bank Ghana Limited - Merban House, Accra

as an interest bearing account for the local cedi Account no 2030/85It also enables the PMU know the exact inflows into the cedi local account from the

as Special Dollar Account.

Note 2


Account No. 7967/63Merchant Bank Ghana limited Interest AccountBalance per Bank Statement 727.51

727.51

Cedi interest Account No. 007967/63This account is operated at Merchant Bank Ghana Limited - Merban House, Accra

as an interest bearing account for the Special Dollar Account no 5762/88

It also enables the PMU know the exact transfer from the World Bank into the

Special Dollar Account.

46

m Ministry of Works and HousingWater Sector Restructuring ProjectUrban Water Project



URBAN WATER PROJECT GRANT NO/ - H766 GH

Note 1


Special Account No. 012751/88 1,632,740.51

Cedi current account no. 012750/10GhO 80635.17 @ 02.04: $1 1,779.21

1,634,519.72

Cedi Account No. 012750/10This account is operated at Merchant Bank Ghana Ltd Merban House Accra

to enable the Project Management Unit meet its day to day

running expenses and to facilitate the smooth administration

of the Urban Water Project.

48



URBAN WATER PROJECT GRANT NO/ - H766 GH

NOTE 2 :EXPLANATION OF DISCREPANCIESYear ending

31/12/2014

$ $(a) Total in line 3 21,278.14

(b) Total in line 8 21,280.69Difference (2.55)

$ $Discrepancy explained as follows:

1) Earned Interest Application no/Balance b/Forward

Dollar AC Less Interest transferred from account up to date 2013aCedi A/C Less Interest transferred from account up to date 2013

Dollar Account:Summary Sheet no/6

Cedi Account:Summary Sheet no/

Total Interest earned on Accounts(ii) Nonreflection of Expenditure in Bank Statement(Unpresented Cheque)

7) Exchange Difference

TOTAL

m49