The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Ghana Economic Transformation Project (P166539) WESTERN AND CENTRAL AFRICA | Ghana | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2020 | Seq No: 9 | ARCHIVED on 20-Jul-2023 | ISR57308 | Implementing Agencies: Ghana Investment Promotion Center, Ministry of Finance, Ministry of Trade and Industry, National Entrepreneurship and Innovation Programme, Office of the Registrar of Companies, Venture Capital Trust Fund Key Dates Key Project Dates Bank Approval Date: 02-Jul-2019 Effectiveness Date: 31-Aug-2020 Planned Mid Term Review Date: 09-Dec-2022 Actual Mid-Term Review Date: 05-Dec-2022 Original Closing Date: 30-Nov-2025 Revised Closing Date: 30-Nov-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to promote private investments and firm growth in non-resource based sectors. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Enabling investments:(Cost $40.00 M) Crowding-in investments: Promoting spatial and industrial planning and development:(Cost $50.00 M) Accelerating entrepreneurship and MSME growth:(Cost $99.00 M) Project management and evaluation:(Cost $11.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions In the last 6 months, the GETP has made strong progress towards achieving its PDO of increasing private investment and firm growth in non- resource-based sectors following the successful Mid-Term Review which took place from December 5-8, 2022. The Progress towards achievement of the Project Development Objective and Implementation Progress remains Moderately Satisfactory. The project has made some progress towards two out of four PDO results indicators. The project implementation progress includes: Component 1: Enabling investments:(Cost $40.00 M): This sub-component has achieved modest results to date, mostly driven by regulatory reforms coordinated by the Business Regulatory Reform (BRR) unit of the Ministry of Trade and Industry (MOTI). For example, the digitization of the fire processing permit has reduced the time to get the required pre-construction approvals. Moreover, the BRR strengthened public-private dialogue launching the e-feedback platform. The Office of Registrar of Companies (ORR) was established and, the National Quality Policy and the Ghana Standards Act were approved in 2022. 7/20/2023 Page 1 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Component 2: Crowding-in investments: Promoting spatial and industrial planning and development:(Cost $50.00 M) The works at the Tema Export Processing Zone are completed, including the i) rehabilitation of the 1.6km access road from AMP Logistics – Cocoa Tuton; ii) rehabilitation of 1.75km existing main access road; iii) rehabilitation of 0.5km Niche Cocoa – Melcom road; and iv) construction of 295 perimeter wall fence. Component 3: Accelerating entrepreneurship and MSME growth:(Cost $99.00 M): This sub-component achieved several key results, most notably the establishment of the Ghana Enterprises Agency (GEA) and the Ghana Venture Capital and Private Equity Association (GVCA). The GEA’s COVID-19 Recovery Grant (CRG) scheme awarded over 600 Small and Medium Enterprises (SMEs) that were negatively affected by the pandemic. The SME Growth Scheme was launched in January 2023 and will support 1,100 SMEs through a firm performance assessment, technical assistance and/or grants. The Venture Capital Trust Fund established the Startup Catalyst Fund and Strategic Industries Fund and made initial investments in general partners. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Substantial Substantial Macroeconomic Substantial High High Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Substantial Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Other -- -- -- Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Enabling investments IN01325009 ►Time to obtain a construction permit (Days, Custom, PBC) Baseline Actual (Previous) Actual (Current) End Target Value 87.00 87.00 64.00 40.00 Date 14-Apr-2022 01-Dec-2022 11-Jul-2023 30-Nov-2025 7/20/2023 Page 2 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) The PCU is working with MOTI to update the figure and the related methodology. Comments: IN01325051 ►Time to resolve commercial disputes at district courts (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 204.00 204.00 98.00 106.00 Date 14-Apr-2022 01-Dec-2022 11-Jul-2023 30-Nov-2025 The PCU and MOTI are verifying the methodology for calculating this indicator. Comments: Cross-cutting IN01325007 ►Private sector investments leveraged through project activities (Amount(USD), Custom, PBC) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 13,000,000.00 16,000,000.00 250,000,000.00 Date 06-Jun-2019 17-Jan-2023 11-Jul-2023 06-Sep-2025 Private investment leverage by VCTF increased to US$16m (June 2023) from US$13m (in Dec 2022). Yet Comments: to record additional investments via SEZ and GIPC that will be attributed to the project. Accelerating Entrepreneurship and MSME growth IN01325008 ►Increase (additional) in average value of gross sales by firms supported by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 11.00 15.00 Date 06-Jun-2019 17-Jan-2023 11-Jul-2023 06-Sep-2025 IN01325010 Increase (additional) in average value of gross sales by women-owned firms supported by the project (Percentage, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 58.00 15.00 Intermediate Results Indicators by Components Enabling Investments IN01325055 ►Improvement in investor perception of GIPC performance (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 7/20/2023 Page 3 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value 0.00 0.00 0.00 50.00 Date 06-Jun-2019 01-Dec-2022 11-Jul-2023 06-Sep-2025 This indicator will be based on a GIPC survey of investor perception. The procurement of the survey firm Comments: is currently underway. IN01325057 ►Increase in number of QI services delivered (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 70,000.00 74.00 300.00 Date 06-Jun-2019 17-Jan-2023 11-Jul-2023 06-Sep-2025 The PCU is working with GSA to determined which new services introduced since project approval. Comments: IN01325061 ►Number of new systems and tools deployed for improved investor servicing (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.00 Date 01-Jul-2020 01-Dec-2022 11-Jul-2023 30-Nov-2025 IN01325063 ►Number of Conformity Assessment Bodies certified (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 2.00 10.00 Date 01-Jul-2020 01-Dec-2022 11-Jul-2023 30-Nov-2025 Crowding-in investments: Promoting spatial and industrial planning and development IN01325052 ►Viability Gap Fund established (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 06-Jun-2019 17-Jan-2023 11-Jul-2023 06-Sep-2025 Government through the PPP Act, 2020 (Act 1039) established a Viability Gap Fund for all sectors including SEZ. VGF accounts opened at the Bank of Ghana. However, this predates project activities. The Comments: VGF has not yet been made operational. IN01325056 ►Number of infrastructure subprojects implemented under Viability Gap Fund (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 7/20/2023 Page 4 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value 0.00 0.00 0.00 2.00 Date 06-Jun-2019 01-Dec-2022 11-Jul-2023 06-Sep-2025 The number of infrastructure investments financed by the Viability Gap Fund to provide critical last-mile Comments: infrastructure for SEZs. IN01325059 ►Establishment of a Project Development Facility for spatial development (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 01-Jul-2020 17-Jan-2023 11-Jul-2023 30-Nov-2025 Government through the PPP Act, 2020 (Act 1039) established a Project Development Facility for all Comments: sectors. PDF accounts opened at the Bank of Ghana. However, this predates project activities. IN01325062 ►Number of infrastructure projects/investments supported by the PDF (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 6.00 6.00 10.00 Date 01-Jul-2020 17-Jan-2023 11-Jul-2023 30-Nov-2025 PDF supported site assessment for 6 potential SEZ/IP infrastructure projects: GKICP (3392.39ac), Sekondi (3926.93ac), Shama (1598.70ac), Tema (1336.27ac), Builsa (3214.03ac) and Savelugu Comments: (2000ac). Rehabilitation and Construction work at the TEPZ underway. PDF funded ESIA and ARAP for GKICP. Accelerating Entrepreneurship and MSME growth IN01325053 ►Number of SMEs benefitting from capacity upgrading support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 23.00 800.00 Date 06-Jun-2019 01-Dec-2022 11-Jul-2023 06-Sep-2025 The number of SMEs that receive assistance from the support financed under Component 3b Comments: (MarketConnect and Entrepreneurship Hub Ecosystem). IN01325058 Of which women-owned (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 10.00 320.00 Date 06-Jun-2019 01-Dec-2022 11-Jul-2023 06-Sep-2025 IN01325060 ►Number of SMEs and entrepreneurs receiving financial support (Number, Custom) 7/20/2023 Page 5 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 6.00 400.00 Date 06-Jun-2019 01-Dec-2022 11-Jul-2023 06-Sep-2025 Indicator was inadvertently updated at the last ISR: the SME growth program was only launched in January 2023 and has not yet awarded SMEs. Only COVID19 recovery grants have been disbursed thus Comments: far; the relevant indicator has been updated to reflect the number of beneficiaries. IN01325065 Of which women-owned (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 160.00 Date 06-Jun-2019 01-Dec-2022 11-Jul-2023 06-Sep-2025 IN01325066 ►Number of entrepreneurship hubs benefiting from capacity building support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 30.00 20.00 Date 01-Jul-2020 01-Dec-2022 11-Jul-2023 30-Nov-2025 IN01325068 ►Number of new hubs launched (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 21.00 Date 01-Jul-2020 01-Dec-2022 11-Jul-2023 30-Nov-2025 IN01325069 ►Number of SMEs receiving financial support under the COVID19 window (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 629.00 783.00 600.00 Date 01-Apr-2020 17-Jan-2023 11-Jul-2023 30-Nov-2025 IN01325070 ►Number of investments into general partners completed under the SCF and SIF (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 4.00 10.00 Date 01-Apr-2020 17-Jan-2023 11-Jul-2023 30-Nov-2025 Cross-cutting 7/20/2023 Page 6 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) IN01325054 ►Number of direct jobs created by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 743.00 1,091.00 1,000.00 Date 06-Jun-2019 17-Jan-2023 11-Jul-2023 06-Sep-2025 GEA COVID grants: 3,195 jobs from 2020 sustained in 2021 by 311 firms. Additional 1,556 jobs were reported in 2021. Jobs declined by 1,057 in 2022 in response to economic crisis. In all, 499 net job Comments: addition from 2020-2022. GSA: 202 new jobs created in 2022 (trading standards officers). VCTF: 42 new jobs created at fund managers in 2022. IN01325064 Of which women (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 209.00 549.00 400.00 IN01325067 ►Beneficiaries satisfied with quality of services provided by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 56.00 67.00 75.00 Date 06-Jun-2019 17-Jan-2023 11-Jul-2023 06-Sep-2025 Data from recent baseline survey indicates that about 68% of TIA staff were satisfied with the quality of Comments: services provided by the project. About 55% of COVID grantees satisfied with GEA services Performance-Based Conditions IN01325071 ►PBC 1 Formal establishment of a Doing Business reform inter-ministerial committee (“DBRIMC”) and technical working groups for Doing Business (“DB”) reforms Report (Yes/No, Output, 1,000,000.00, 100.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No Yes Yes -- Date -- 29-Oct-2021 29-Oct-2021 -- IN01325072 ►PBC 2 Formal establishment of the ORC (Yes/No, Outcome, 500,000.00, 100.00%) Baseline Actual (Previous) Actual (Current) FY27 7/20/2023 Page 7 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value No Yes Yes -- Date -- 22-Jul-2022 22-Jul-2022 -- IN01325073 ►PBC 4 National QI policy adopted by the Cabinet, published and disseminated (Yes/No, Output, 1,500,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No Yes Yes -- Date -- 30-Jun-2022 30-Jun-2022 -- IN01325074 ►PBC 5 Updated policy and legal framework for SEZ completed (Text, Process, 3,000,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Absence of policy and legal Absence of policy and SEZ policy near Value -- framework for SEZ legal framework completion Date -- 17-Jan-2023 11-Jul-2023 -- The SEZ policy is near completion and will be publicly consulted in the next few months, after which it will go to Cabinet for decision and unleash a US$1m PBC. Immediately thereafter, the project will begin work on a Comments: new SEZ Act (and if passed unleash a US$2m PBC), which includes the establishment of the new SEZ Authority. IN01325075 ►PBC 6 EGA established according to best practice, as specified in the DLI Verification Protocol, with budget allocation effective to cover EGA’s operational costs (Yes/No, Intermediate Outcome, 2,000,000.00, 100.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No Yes Yes -- Date -- 29-Oct-2021 29-Oct-2021 -- IN01325076 ►PBC 7 VCTF governance, operational, legal, and regulatory reforms, including approval of a sustainable funding model, and rebranding completed, as specified in the DLI Verification Protocol (Yes/No, Output, 3,000,000.00, 100.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No Yes Yes -- 7/20/2023 Page 8 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Date -- 29-Oct-2021 29-Oct-2021 -- IN01325077 ►PBC 12 Approval by VCTF’s board and MoF of a sustainable VCTF funding model, in line with recommendation of the VCTF organizational assessment financed by the Project. (Yes/No, Output, 2,500,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No No No -- Date -- 17-Jan-2023 11-Jul-2023 -- IN01325078 ►PBC 15 Ghana standard Authority bill enacted, as specified in the DLI Verification Protocol (Yes/No, Output, 1,500,000.00, 100.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No Yes Yes -- Date -- 22-Jun-2022 22-Jun-2022 -- IN01325079 ►PBC 38 Time to obtain a construction permit (Days, Outcome, 600,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value 87.00 87.00 64.00 -- Date -- 01-Dec-2022 11-Jul-2023 -- IN01325080 ►PBC 39 Private sector investments leveraged through project activities (Amount(USD), Outcome, 4,500,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value 0.00 13,000,000.00 16,000,000.00 -- Date -- 17-Jan-2023 11-Jul-2023 -- IN01325081 7/20/2023 Page 9 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) ►PBC 40 National Accreditation Bill and related legislation approved and enacted (Yes/No, Output, 1,100,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No No No -- Date -- 17-Jan-2023 11-Jul-2023 -- IN01325082 ►PBC 41 New SEZ authority established (Yes/No, Process, 2,000,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No No No Yes Date -- 17-Jan-2023 11-Jul-2023 -- IN01325083 ►PBC 42 Business Regulatory Reform Act approved (Yes/No, Intermediate Outcome, 450,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No No No -- Date -- 17-Jan-2023 11-Jul-2023 -- IN01325084 ►PBC 43 Citizen engagement in rulemaking improved through the Ghana Business Regulatory Reform Portal (Percentage, Intermediate Outcome, 300,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value 0.00 0.00 0.00 -- Date -- 17-Jan-2023 11-Jul-2023 -- IN01325085 ►PBC 44 Limited Partnership Act approved (Yes/No, Intermediate Outcome, 1,000,000.00, 0.00%) Baseline Actual (Previous) Actual (Current) FY27 Value No No No -- 7/20/2023 Page 10 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Date -- 17-Jan-2023 11-Jul-2023 -- Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P166539 IDA-64650 Effective USD 200.00 200.00 0.00 106.61 87.34 55% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P166539 IDA-64650 Effective 02-Jul-2019 17-Jan-2020 31-Aug-2020 30-Nov-2025 30-Nov-2025 Cumulative Disbursements Restructuring History Level 2 Approved on 21-Aug-2020 ,Level Approved on 28-Aug-2020 ,Level 2 Approved on 26-May-2022 Related Project(s) 7/20/2023 Page 11 of 12 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) There are no related projects. 7/20/2023 Page 12 of 12