Docaumt of

The World Bank

FOR OMCIAL USE ONLY

Reprt N. P-5643-GH

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL DEVELOPMENT ASSOCIATION

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED CREDIT

IN THE AMOUNT EQUIVALENT TO SDR 40.5 MILLION

TO

THE REPUBLIC OF GHANA

FOR A

NATIONAL FEEDER ROADS REHABILITATION AND MAINTENANCE PROJECT

NOVEMBER 19, 1991

This doement has a restricted distribution and may be used by recipients only in the performance oftheir official daties. Its contents may not otherwise be disclosed without World Dank authorization.

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CAMRENCY AND ECUJVAW.J;UX

Curency Unit a Cedis iUS$1.0 a Cedis 375

1.0 Cedi a USS.0027

lEIGHTS AND MEASURES

I mter (m) a 3.28 feet (ft)1 hectare (hs) a 2.47 acres

1 kilometer (km) a 0.62 m! to (ml)1 metric ton (t) U 2,205 pounds (b)

ABBREVIATIONS AND ACRONYMS

CRP Cocoa Rehabilitation Project NO0 O Non*Governmentat OrganizationDAMIDA - Danish International MV * Non-Motor Vehicles

Development Agency OPEC * Organization of PetroleusDFR * Department of Feeder Roads Exporting CountriesEPC . Envirornental Protection NFRRMP - National Feeder Roads

Counci L Rehabilitation and MaintenanceERP - Economic Recovery Progrea ProjectERR - Economic Rate of Return PCR * Project Completion ReportIBRD * International Bank for PPF - Project Preparation Facility

leconstruction & Development RRMP * Road Rehabilitation andIDA - International Development Maintenance Program

Association SAR - Staff Appra!sal ReportMAN * Ministry of Roads and SDR * Special Drawing Rights

Highways TRP-1 - First Transport RehabilitationNTADS * Media Term Agricultural Project

Development Strategy TRP-2 - Second TransportRehabilitation Project

USAID * United States Agency forInternationat Development

FISCAL YEAR

January 1 - Deceuber 31

FOR OFFICIAL USE ONLY

REPBLIC OF GHANA

NATIONAL FEEDER ROADS REHABILITATION AND MAINTENANCE PROJECT

CREDIT AND PROJECT SUMMARY

Borro r: Republic of Ghana.

B eneciarie: Ministry of Roads and Highways (MRH),Department of Feeder Roads (DFR).

Amo.mt SDR40.5 million (US$55.0 million equivalent)

Ta: Standard IDA terms with 40 years maturity.

Lncal Etarn Total-US$ Millions-

Eining Plan: IDA 27.3 27.7 55.0Government of Ghana 8.4 0.0 8.4USAID 20.0 1.0 21.0DANIDA 0.0 15.0 15.0OPEC-Fund 0.0 5.0 5.0Japanese Grant Fund 0Q -1, 1Total JL71W

Rat of Ret=: 44%, based on quantifiable benefits from componentscovering 76% of total project costs.

StaffAgpraisal Re": Report No. 9823-GH

M88: IBRD 23004

This document has a restricted distribution and may be used by recipients on'v in te -arformanceof their official duties. Its contents may not otherwise be disclosed without Wt... ..an. authorization.

MEMORANDUM AND RECOMMENDATION OF THE PRESIDENTQ TE INRNAT AL DEVELOMNT ASSOCIATION

TO THE EXECUTIVE DIRECTORSON A PROPOSED CREDIT

TO THE REPUBLIC OF GHANAFOR A NATIONAL FEEDER ROADS REHABLITATION AND MAINTENANCE

1. I submit for your approval the following memorandum and recommendation on aproposed development credit to the Republic of Ghana for SDR 40.5 million, the equivalentof US$55.0 million, on standard IDA terms with a maturity of 40 years to help finance aNational Feeder Roads Rehabilitation and Maintenance Project. Cofinancing of US$42.6million has been tentatively confirmed by USAID and DANIDA under parallel financing andby the OPEC Fund and a Japanese Grant under joint financing arrangements.

2. Bacrond. Due to prolonged neglect of routine and periodic maintenance before1983, most of Ghana's extensive feeder road network (21,300 km) is unusable. The mostrecent survey of feeder road conditions indicates that about 60% of the system (some 12,800km) is in poor or very poor condition while only 16% (some 3,400 kin) is in good and 24%(some 5,100 km) is in fair condition. Some 39% (8,300 km) of the network are gravel-surfaced while 61% (13,000 km) are earth roads. Poor feeder roads pose a serious constraintto agricultural production and marketing in Ghana. Transport costs account for up to 70percent of marketing costs as a result of the poor state of the feeder road network. In manyinterior rural areas fertile farming centers have lost access to markets due to broken downroads and difficult mobility which often make head-porterage the only alternative fortransporting agricultural produce and inputs. However, this is costly and slow, it constrainslabor supply at harvest time, and it contributes to rural poverty.

3. So far, the feeder roads program has concentrated on: (i) rehabilitation of feeder roadsin cocoa growing areas through the Cocoa Rehabilitation Project (CPP; CR 1854-GH);(i) rehabilitation of non-cocoa feeder roads on a selective basis through TransportRehabilitation Projects-1 and -2 (TRP-1; CR 1858-GH and TRP-2; CR 2192-GH); and (iii)introduction of a successful labor-intensive road rehabilitation program based on lightequipment and contractor training and support through the now completed Road Rehabilitationand Maintenance Project (RRMP; CR 1601-GH). Important results achieved in Ghana's roadsector through these projects are: (i) policy and institutional reforms have largely beenimplemented; (ii) force account works have decreased and direct departmental labor has beenreduced; (iii) the contracting system was reformed, full competitive bidding was established,and payment to contractors has improved; (iv) domestic contractor and consulting capacities

* have increased; and (v) a road fund has been set up ensuring regular flow of counterpartfunds to the road agencies and contractors.

* 4. Feeder road planning, construction, rehabilitation and maintenance are the soleresponsibilities of the Department of Feeder Roads (DFR). It was established in 1981 andfunctions as a civil service agency under the Ministry of Roads and Highways (MRH). DFRstaff presently includes 36 engineers, some 40 other professional staff and 330 technicalpersonnel. It has its head office in Accra and maintains small offices in all regions (10) andin 10 (out of 32) road areas. IDA started its support to DFR in 1985 through its RRMP andpresently assists the department through TRP-1 and TRP-2, and the CRP. IDA assistance sofar has concentrated on institutional capacity building, especially in feeder road planning, ontechnical assistance in procurement and contract management, and on staff training. Recently

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IDA helped DFR preparing a long-term rural road strategy. DFR has already become animportant agency, but its organization is not yet fully developed. Given the importance ofincreasing agricultural production and marketing ir Ghana's economic recovery program, theGovernment with IDA and other donor support, nis prepared a seven year (1992-1999)National Feeder Roads Rehabilitation and Maintenance Program (NFRRMP). This programis in support of the Medium-Term Agricultural Development Strategy (MTADS).

5. Proiet bjectives. The project will (a) contribute to Ghana's economic recovery andgrowth by removing bottlenecks in rural areas to farm production and marketing andimplementing a sustainable feeder road maintenance performance and budgeting system;(b) reduce rural poverty by creating rural employment through labor-intensive road works,inclu4ing employment of women; and (c) increase the capacity of DFR to sustain the programby improving planning, programming, budgeting and management systems and relatedtraining.

6. Projec Descrpton. The 1992-99 feeder roads program will improve and expandGhana's feeder road network, and improve maintenance management. An initial four-yeartime slice has been identified for this project. Project components are: (a) full rehabilitationof 2,500 km of feeder roads in 16 selected road areas with high and medium agriculturalpotential (49% of total project cost); (b) regravelling of 2,850 km of feeder roads which wererehabilitated since 1983 and are now under maintenance (21%); (c) construction of up to5,000 culverts including spot improvements on some 720 km of lower priority feeder roads toprovide minimum access (6%); (d) road maintenance and workshop equipment, tools andspare parts (3%); (e) consultant services for engineering design and contract supervision for(a), (b) and (c) above, for an organization and management study, a maintenance performancebudgeting system development; a domestic contracting industry assessment and developmentstudy; and a socio-economic impact study (6%); (f) technical assistance to support DFR inproject management, feeder road planning and maintenance, and equipment maintenance andrepair operations (5%); (g) training for DFR staff and support for the Koforidua labor-basedtraining school (2%); (h) support to the domestic contracting industry including provision ofcontractor training and light equipment for labor-based contractors (4%); (i) DFRdecentralization support to develop and test a district-based routine maintenance system onfeeder roads involving local communities (2%); and (i) rural mobility and environmentalimprovements through promotion and dissemination of non-motorized vehicles and throughtree planting alongside selected feeder roads (2%).

7. The estimated total cost of the project amounts to US$106.0 million (including taxesand contingencies) with a foreign exchange component of US$50.3 million or 47% of totalproject cost. IDA will finance US$55.0 million equivalent (55% of project cost excludingtaxes and duties). Cofinancing agencies will cover 40% of project cost. USAID andDANIDA will finance US$21.0 million and US$15.0 million, respectively while the OPEC-Fund will contribute US$5.0 million. A Japanese Grant Fund amounting to US$1.6 millionhas already been made availaole. Project costs are summarized in Schedule A while ScheduleB contains procurement arrangements and estimated IDA disbursements. Schedule C shows atimetable of key project processing events. Schedule D contains the status of Bank Groupoperations in Ghana. A map is also attached. The Staff Appraisal Report No. 9823-GH,dated November 18, 1991 is being distributed separately.

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8. PoJ I eati. All project components will be implemented through DFR,with the exception of the rural mobility and environment component which will beimplemented through selected NGOs and cooperatives. To enable an early start of the projectand to assure timely disbursement of project funds, a detailed schedule for procurementprocessing and project implementation was developed. This schedule will serve as amonitoring instrument to measure project progress and will be updated regularly. Projectpreparation is at an advanced stage. Therefore project implementation can start soon. UnderPPF funding, 560 km of feeder roads for rehabilitation have been selected and are beingdesigned; 1,140 km of feeder roads have been selected and design will start soon; and 800 kmstill need to be selected.

9. Proect Sustainabiity. DFR institutional capacity will be expanded and strengthenedthrough staff training and introduction of planning, programming, budgeting and managementsystems to assist the susainability of the feeder roads program. A decentralization supportcomponent will assist in the development of administrative and financial capacities in thenewly formed districts which will eventually finance and execute routine feeder roadmaintenance. For a transition period of several years, while district capacities are being builtup, these maintenance funds will be provided from the Central Government's budget.Funding of rehabilitation and periodic maintenance (regravelling) will continue to come fromGovernment sources (road fund and budget) and from external financing.

10. Lessons Learned from Previous Proiects. A thorough assessment of past and ongoingroad projects in Ghana has been conducted and has resulted in the ide.tification of a numberof key lessons learnt. These were subsequently used as important linkages for the design ofthis operation. Previous road projects tended to be primarily "rehabiitation-driven", withoutpaying enough attention to systematic maintenance organization, funding and capacitybuilding. This operation has been designed as a "maintenance-driven" project whichconcentrates on (i) the development of a maintenance culture in Ghana's feeder roads sub-sector, and (ii) the linkage of execution of road works with the establishment of a sustainableroad maintenance management system. The approach taken links maintenance planning,design, programming, budgeting and works supervision with (i) an institutional capacitybuilding program, and (ii) appropriate mechanisms ot works execution relying nearlyexclusively on private contractors. Other principal lessons learnt from previous operationsindicate the need for (i) detailed scheduling of procurement processing and projectimplementation; (ii) frequent project supervision and annual implementation reviews;(iii) definition and usage of monitorable targets in assessing project progress; (iv) mid-termreview to adjust project design; (v) time-bound action program for institutional strengtheningof the implementing road agency; and (vi) reliance on an adequate mix of equipment-intensiveand labor-based private contractors for works execution.

11. Rationale for IDA Ibvolvement. Until recently Governments strategy for roadrehabilitation and maintenance focused on trunk roads. A network stabilization plansupported by TRP-i and TRP-2 was developed in 1987, with the aim of clearing therehabilitation and maintenance backlog during the 1988-97 period. Systematic feeder roadrehabilitation and maintenance started only around 1987 after DFR became a relatively strongorganization. IDA plays a unique role in the feeder roads sub-sector, due to (a) its leadingrole in rehabilitating the rest of the transport sector; (b) its support for a medium-termagricultural development program in Ghana for which feeder roads are crucial; (c) itssignificant experience in Ghana in starting successful pilot programs in feeder roads, and in

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support of related institutions; and (d) its catalytic role in mobilizing cofinancing. The projectwill support the goals of the Government's Economic Recovery Program (ERP) and will beconsistent with the IDA-supported MTADS in the agricultural sector. It will also complementthe trunk and cocoa road rehabilitation programs currently underway through TRP-1, TRP-2,and CRP.

12. Ar . The agreements reached during negotiations are: (i) as conditions ofcredit effectiveness: (a) the creation of a planning division at DFR head office; (b) theappointment of a contract management specialist; (c) the appointment of two qualifiedaccountants for the existing project unit in MRH to assist DFR in carrying out all financialaspects of project implementation; and (d) the Borrower will deposit into DFR's accounts inCedis the equivalent of US$300,000 as its counterpart contribution to the project for fiscalyear 1992; (ii) the appointment of a deputy director of planning, not later than December 31,1992; the establishment of some 20 new road area offices during the project implementationperiod, as needed and starting July 1, 1992; and the expansion of DFR at the district levelfollowing Government decentralization objectives by extending its technical support to thedistricts and, starting July 1, 1992, as needed the training of about 80 additional foremen fordistrict-level operations; (iii) Government will provide US$3.4 million equivalent incounterpart funds towards financing the project; (iv) Government will also provide additionalUS$12.7 million equivalent from budgetary allocations for the 1993 to 1996 period (fouryears) to finance routine and recurrent feeder road maintenance in the 110 districts; a fundingschedule for the timely availability of these funds was agreed; (v) a mid-term project reviewwill be carried out not later than December 31, 1994 with focus on (a) performanceevaluation of DFR as implementing agency; (b) the adequacy of the Borrower's counterpartfunding as well as the level of budgetary allocations and actual expenditures for routine andrecurrent maintenance; (c) redesign/restructuring of project components as needed; and (d)agreements on implementation of study, technical assistance and training results andrecommendations; and (vi) DFR will incorporate into its existing feeder road guidelines forengineering design and execution of works environmentally sound procedures, standards andpractices.

13. Environmental Asp s. An environmental assessment has been conducted of thedirect and indirect environmental impacts of feeder road rehabilitation and maintenance, andrecommendations of the study will be integrated into DFR's planning and implementationactivities. Direct environmental impacts resulting from local runoff and the destruction ofnatural soil and road embankments will be minimized with improved design and adequatechoice of work methods. To avoid indirect impacts, the proposed project will not includefeeder road rehabilitation in natural reserves, national parks and other protected areas. Theproject includes training in environmental assessment, especially the incorporation ofenvironmental considerations into contractor training programs. The project will also finance(a) planting of fruit trees along some 600 km of feeder roads by NGOs and cooperatives, on acontract basis for both the initial planting and its after-care; and (b) a campaign to raiseenvironmental awareness about feeder road maintenance issues such as erosion control andprevention. DFR will work in close cooperation with the Environmental Protection Council(EPC) and selected NGOs and cooperatives to implement this campaign.

14. Progm Obeca e The project will alleviate poverty in rural areas in twoways: firsy, through the provision of seed money to NGOs and cooperatives for startinghire-purchase schemes for non-motor vehicles (NMV). This will reduce headloading and

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increase rural mobility, productivity and income. These hire-purchase programs wiil providea long-term revolving fund (provided by bilateral cofinanciers) for bringing more intermediatemeans of transport (cycles, trailers, farm vehicles) into the rural transport system. Secondly,through labor-based contracting, the project will generate a minimum of 2.4 million person-days of employment and US$3.6 million in direct rural income Or carrying out 1,000 km oflabor-based feeder road rehabilitation works. Women's share in the labor-force is expected tobe 50%. To achieve this share, the project will finance a campaign for increased participationof women in feeder road works through selected NGOs and cooperatives. The project willalso directly improve infrastructure and public sector management.

15. feitgs. The project will improve farm production and marketing and lead todiverrified rural development. It will reduce transport costs. It will also promote labor-basedroad construction technology, help implement a sustainable maintenance performancebudgeting system, provide rural employment through extensive community participation inrehabilitation and maintenance works, and foster increased rural mobility through low-costintermediate means of transport which will reduce extensive head-porterage mostly done bywomen. All of these measures will have significant impacts on poverty reduction. Overallproject ERR is 44%, based on quantifiable benefits from project components covering 76% oftotal project costs. ERR estimates of project roads are equally sensitive to both cost increasesin civil works and decreases in project benefits. Simultaneous 20% cost increases ofrehabilitation and maintenance works and 20% benefit decreases reduce the overall projectERR to 21%.

16. RiSk. There are no major risks associated with the implementation of this project.Timely execution of the physical components of the project will largely depend on earlyGovernment approval of procurement of works and selection of design and contractsupervision consultants. Project risks reiate to (i) difficidties in developing a sustainablefeeder road maintetance management system; (ii) constraints in DFR's institutional capacity;and (iii) possible increases in the cost of feeder road rehabilitation and maintenance works.These risks will be addressed by obtaining Government assurance for adequate and timelyfunding of routine and recurrent maintenance; by establishment of a maintenance performancebudgeting system to be operated by DFR; by DFR staff training, hiring of sufficient middlelevel professional and technical staff as well as technical assistance to fill critical positions;and by adoption of cost effective methods of feeder road design and prompt payment tocontractors for completed works. All road works proposed under the project will be executedthrough private contractors. Domestic and international contracting capacity in Ghana isconsidered adequate.

17. Recommendation. I am satisfied that the proposed credit would comply with theArticles of Agreement of the Association and recommend that the Executive Directorsapprove it.

Lewis T. PrestonPresident

AtachmentsWashington, D.C.November 19, 1991

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Schedule A

REPUBLIC OF GHANA

NATIONAL FEEDER ROADS REHABILITATION AND MAINTEANCE PROJECT

ESTIMATED COSTS AND FINANCING PLAN

EsAtd Proiect Cost:

US$ Millions

EEER RPADPROGAM

Feeder Road Rehabilitation 21.9 17.5 39.4Feeder Road Regravelling 9.8 10.0 19.8Culverts/Spot Improvements 3.6 1.1 4.7Maintenance/Workshop Equipment 0.3 3.5 3.8Design and Supervision LA .2.7Subtotal 36.9 33.5 70.4

INSTITUTIONAL SUPPORT PROGRAM

Management Line Positions 0.2 1.0 1.2Technical Line Positions 0.2 1.4 1.6United Nations Volunteers 0.1 0.1 0.2Studies 0.3 0.6 0.9Training 0.3 1.0 1.3Construction Industry Support 0.5 4.1 4.6Rural Mobility and Environment 0.8 1.1 1.9.FR Decentralization Support U. 1ASubtotal 3.2 9.9 13.1

Total Project Base Cost 40.1 43.4 83.5Physical Contingencies 3.8 3.4 7.2Price Contingencies 5A ..M UTotal Project Cost 49.0 50.3 99.3Taxes and Duties - .. lgTotal Project Cost (including taxes)

Financing Plloal Feidn l9a

US$ Millions

IDA 27.3 27.7 55.0Government of Ghana (Road Fund and Budget) 8.4 0.0 8.4USAID 20.0 1.0 21.0DANIDA 0.0 15.0 15.0OPEC 0.0 5.0 5.0Japanese Grant Fund J.. Total

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_ ScheduleBREPUJBLIC OF GRANA

NATIONAL FEEDER ROADS IEHABLITATION AND MAINTENANCE P'%OJECT

PROCUREMENT METHODS AND DISBURSEMENTS

A.APocreenj(US$ mition)

Parallela= CQmponet JCB UR Qd= Shogning Financing Ttl91

1. Civil Works 44.29 13.80 25.74 83.83(38.53) (6.97) (45.50)

2. Equipment, Spare 4.21 0.51 4.19 8.91Parts. Vehicles & (3.97) (0.48) (4.45)Materials

3. Technical Assistance 2.24 2.70 4.94and Studies (1.60) (1.60)

4. En ineerng, Training 4.57 3.77 8.34& OerSpport -0.4_Z 0A

Total Project 48.50 13.80 6.81 0.51 36.40 106.02IDA IfL Mk(0.71

1 IDA shares in parentheses

B. Disbursement

IDA ount PercentageIDA Amount oanwf ExpenditureCatewory (US Million) to be Tinanced

(a) Civil works 40.95 100% of foreign expendituresand 60% of local expenditures

(b) Eaiement, spare parts, 4.00 100% of foreign exoenditures andvehicles and materials 90% of local expe itures

(c) En ieering services, 4.55 100%t cal assistance,studies traininand Wuahtg

(d) Refinancing of PPF 0.75

(d) Unallocated Al.7

TOTAL

Estimated IDA Disbursements

IDA Fisal Yr EY2 F SY lio 9 _Y26 g"M7

Annual 0.5 11.5 14.9 14.3 10.4 3.4Cumulative 0.5 12.0 26.9 41.2 51.6 55.0

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Schedule C

REULIC Q HA A

NATIONAL FEEDER ROADS REHABILITATION AND MAINTENANCE PROJECT

Timetable of Key Protect Processin Events

(a) Time taken to preparethe project: One and a half years

(b) Prepared by: Government with IDA assistance.

(c) First IDA Mission: July 1990

(d) Appraisal mission departure: June 1991

(e) Negotiations: October 1991

(f) Planned date of effectiveness: April 1992

(g) Relevant PCRs: First & Second Highway Projects(Combined PCR No. 5189)Third Highway (Emergency Maintenance)Project (No. 6946)Road Rehabilitation & MaintenanceProject (Fourth Highway): PCR underpreparation

-9 Schedule DPage 1 of 2

THE STATUS OF SANK GROUP OPERATIONS IN GHANASTATENENT OF BANK LOANS AND IDA CREDITS

'48 of September 30, 1991)Amount In USS Mi t ion

Loan or (tess cancellation)Credit FiscolNumber Year Borrower Purpose Bank IDA Undisbursed10 loans and 36 credits fully disbursed 189.72 799.94

Of which SALs and Program Loans &>

Cr. 1393 83 Gtana Recon. Inports 40.00 0.00F-0090 84 Ghana Export Rehab. 35.89 0.00

Cr. 1435 84 Ghana Export Rehab. 40.10 0.00Cr. 1573 85 Ghana Recons. Inport 60.00 0.00

A-0030 86 Ghana Recons. Inport 26.97 0.00Cr. 1777 87 Ghana SAC 1 34.00 0.00

A-0250 87 Ghana SAC ' 81.00 0.00A-0130 86 Ghana Industriat Sector Adjust. 25.00 0.00A*0251 88 Ghana SAC I 15.00 0.00

Cr. 1911-1 89 Ghana Financial Sector Adjust. 6.60 0.00Cr. 2005-1 90 Ghana SAC II 5.70 0.00Cr. 2005 89 Ghana SAC II 120.00 0.00Cr. 1342 83 Ghana Water Supply TA 13.00 0.00

Cr. 2005-2 90 Ghana SAC 11 8.30 0.00Sub-Total 511.56 0.00

Cr. 1498 84 Ghana Second Oil Palm 25.00 6.95Cr. 1564 85 Ghana Accra District Rehab. 22.00 4.33Cr. 1601 85 Ghana Road Rehab. & Maintenance 40.00 0.60

A-0010 85 Ghana Road Rehab. & Maintenance 10.00 0.10Cr. 1653 86 Ghana Health & Educatior. Reha&. 15.00 2.52Cr. 1672 86 Ghana Industrial Sector Adjust. 28.50 0.17Cr. 1674 86 Ghana Ports Rehabilitation 24.50 1.02Cr. 1744 87 Ghana Education Sector Adjust. 34.50 0.77Cr. 1759 87 Ghana Northern Grid Extension 6.30 0.33Cr. 1778 * 87 Ghana Struc. Adjust. Inst. Support 10.80 0.22Cr. 1801 87 Ghana Agricultural Svcs. Rehab. 17.00 7.13Cr. 1819 87 Ghana Petroleula Ref. & Dist. 15.00 10.02Cr. 1847 87 Ghana Public Enterprise TA 10.50 7.58Cr. 1854 88 Ghana Cocoa Rehabilitation 40.00 39.37Cr. 1858 88 Ghana Transport Rehabilitation 1 60.00 36.91Cr. 1874 88 Ghana Priority Works 10.60 4.25Cr. 1921 88 Ghana Mining Sector Rehab. 40.00 21.38Cr. 1911 * 88 Ghana Financial Sector Adjust. 100.00 3.73Cr. 1946 89 Ghana Tetecomunications II 19.00 11.90Cr. 1976 89 Ghana Forest Res. Management 39.40 31.67Cr. 1996 89 Ghana Private SNE Dev. 30.00 22.49Cr. 2039 89 Ghana Water Sector Rehab. 25.00 21.67Cr. 2040 89 Ghana Rural Finance 20.00 17.69Cr. 2061 90 Ghana Fifth Power (ECG) 40.00 33.93Cr. 2109 90 Ghana VRA/Sixth Power 20.00 20.68Cr. 2140 * 90 Ghana Education Sector Adjust. II 50.00 35.32Cr. 2157 90 Ghana Urban II 70.00 68.33Cr. 2180 91 Ghana Agric. Diversification (Tree) 16.50 17.00Cr. 2192 91 Ghana Transport Rehabilitation II 6.00 91.32Cr. 2193 91 Ghana Health & Population II 27.00 25.39Cr. 2224 91 Ghana Econ. Management Support 15.00 13.59Cr. 2236 * 91 Ghana Private Investment 120.00 62.07Cr. 2247 91 Ghana Natural Agric. Research 22.00 22.17Cr. 2278 92 Ghana Community Secondary Scho.ts 14.70 11.11

TOTAL 189.72 1934.24 653.51of which has been repaid 114.13 13.28

TOTAL now held by Bank and IDA 75.59 1920.96Amount sold C 38of which repaid 0.38

TOTAL undisbursed 0.00 1920.96 653.51

a Approved during or after FY80.b Not yet effective.* SAL/SECAL.

- 10 -Schedule D

GHANA Page 2 of 2STATEMENT OF IFC INVESTMENTS

(As of September 30, 1991)

Amount in US$ millionDate Borrower Type of Business Loan Equity Total

1984 Ashanti Goldffelds Mining 55.0 - 55.0 1>Corp.

1986 Keta Basin Oil Oil * 4.5 4.5 2>Exploration

1988 Canadian Bogosu Mining 0.6 0.6Resources Ltd.

1989 Canadian Bogosu Mining - 0.4 0.4Resources 1:

1989 Wahame Steel Ltd. Steel Mfg. 3.2 - 3.21989 Canadian Bogosu Mining 47.5 0.5 48.0 3>

Resources III1989 Continental Merchant Banking - 0.9 0.9

Acceptances Ltd.1990 Ashanti Goldfields Mining 70.0 70.0 4>

Corp. II1990 Iduapriem Mining 3.0 3.01991 Atugan (AEF) Atuninum 0.3 - 0.31991 Plastic Laminates (AEF) Plastics 0.6 - 0.61991 totel Investments, Ltd. Tourism 4.2 - 4.21991 Dimples Inn (AEF) Tourism 0.2 * 0.21991 Canadian Bovisu Mining 0.8 0.4 1.2

Resources IV1991 Continental Merchant Banking 3.0 0.0 3.0

Accentances II1991 Ghanal Atuninin * 0.6 0.6

1991 Securities Discount House - 0.2 0.2Discount House

1991 Appiah-Nenkah Soap Mfg. 0.9 * 0.91991 Iduapriem II Mining 48.0 - 48.0 5>

Total Gross Comi tmant 233.7 11.1 244.8Less repayments and write-offs 14.1 4.5 18.6Total Comnitments Now Held by IFC 219.6 6.6 226.2Total Undisbursed 40.6 0.7 41.3

1> Includes a US$27.5 million participation.2' Amount was fully written off.3> Includes a US$29.0 million participation.4> Includes a USS35.0 million participation.5> Includes a US$30.0 million participation.

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