The World Bank Implementation Status & Results Report
Ghana Emissions Reductions Program (P160339)
Ghana Emissions Reductions Program (P160339)
AFRICA WEST | Ghana | Environment, Natural Resources & the Blue Economy Global Practice |
Recipient Executed Activities | Investment Project Financing | FY 2019 | Seq No: 1 | ARCHIVED on 04-Feb-2021 | ISR45077 |
Implementing Agencies: Forestry Commission, Ministry of Finance
Key Dates
Key Project Dates
Bank Approval Date: 06-Jun-2019 Effectiveness Date: 14-Apr-2020
Planned Mid Term Review Date: 24-Nov-2022 Actual Mid-Term Review Date:
Original Closing Date: 31-Dec-2025 Revised Closing Date: 31-Dec-2025
pdoTable
Project Development Objectives
Project Development Objective (from Project Appraisal Document)
To make payments to the Ghana Cocoa Forest REDD+ Program (or ‘the Program’) for measured, reported and verified Emission Reductions
related to reduced deforestation, forest degradation and the enhancement of forest carbon stocks (ER payments) in target landscapes of Ghana (or
‘Program Area’), and distribution of ER payments in accordance with agreed-upon Benefit Sharing Plan.
Has the Project Development Objective been changed since Board Approval of the Project Objective?
No
Overall Ratings
Name Previous Rating Current Rating
Progress towards achievement of PDO -- Moderately Satisfactory
Overall Implementation Progress (IP) -- Moderately Satisfactory
Overall Risk Rating -- Substantial
Implementation Status and Key Decisions
Background
Ghana’s Emission Reductions Program (ER-Program) for the Cocoa Forest Mosaic Landscape was selected into the Forest Carbon Partnership
Facility (FCPF) Carbon Fund in June 2017 for potentially receiving results-based payments for reducing emissions from deforestation and forest
degradation. Thereafter the Government of Ghana (GoG), supported by the World Bank (WB) developed the ER-Program further by addressing
issues raised by the Carbon Fund Participants and other requirements mandated by the FCPF prior to signing the Emission Reductions Payment
Agreement (ERPA). In July 2019, GoG [(as seller of Emission Reductions (ERs)] and the WB (as buyer of ERs in its capacity as Trustee of the
FCPF Carbon Fund)] signed the ERPA for an estimated value of US$50 million and volume of 10 million Emission Reductions (ERs).
The Program is results-based which means that Ghana will deliver the ERs through appropriate actions and measures for reducing emissions in
accordance with the program design and payments for the ERs will be made by the WB in accordance with the terms of the ERPA. There is no
upfront investment financing from the WB for program implementation and investments for generation of ERs will be the responsibility of GoG.
However, GoG requested the Trustee an advance payment in the amount of US$1.3 million as negotiated in the ERPA terms. The advance was
released in September 2020, upon fulfillment of Conditions of Effectiveness as specified in Schedule 1 of the ERPA, and upon notification of the
fulfillment of the conditions by the Trustee to the Carbon Fund Participants.
The ER program relies heavily on cocoa and forest sector stakeholders to leverage ongoing and new investments in the program area to shift action
towards sustainable production of cocoa supported by robust land use action planning and local level multi-stakeholder governance to implement
interventions needed to generate ERs. These include government (public expenditure), private sectors, non-government organizations and other
donor initiatives coordinated by government.
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The World Bank Implementation Status & Results Report
Ghana Emissions Reductions Program (P160339)
In addition, technical assistance from the World Bank through AccelREDD initiative supported by Government of Germany is supporting Ghana
fulfill the ERPA effectiveness conditions and enable GoG to access the results-based payments by early 2021.
Overall Implementation Progress
Steady progress has been made on readiness for submission of the first monitoring report and receiving the first ER payment.
Schedule 1 of ERPA signed between the GoG and the WB includes three conditions of effectiveness of sale and purchase of the ERs. These
conditions have now been fulfilled and the transfer of the upfront advance payment was made in September 2020.
Following the transfer of the upfront advance payment, stakeholder consultations on the use of the Upfront Advance Payment (UAP) and the
operationalization of Benefit Sharing Plan at both National and Sub-national levels were held in early November 2020.
The National REDD+ Secretariat will now accelerate implementation of program interventions including actions to be supported under the UAP as
well as finalizing the methodology for measurement of ERs to receive results-based payments.
The GoG is has a system for monitoring and reporting of safeguards, which is to be included in the ER monitoring report that form the basis for
transfer of ER payments.
Significant progress has been made in addressing the technical clarifications highlighted in the ERPA that has resulted in finalization of the revised
Reference Level for the ER-Program. This is a key milestone that enables Ghana to prepare its first monitoring report.
Risks
Systematic Operations Risk-rating Tool
Risk Category Rating at Approval Previous Rating Current Rating
Political and Governance -- -- Substantial
Macroeconomic -- -- Substantial
Sector Strategies and Policies -- -- Moderate
Technical Design of Project or Program -- -- Substantial
Institutional Capacity for Implementation and
-- -- Substantial
Sustainability
Fiduciary -- -- Substantial
Environment and Social -- -- Moderate
Stakeholders -- -- Substantial
Other -- -- Substantial
Overall -- -- Substantial
Results
PDO Indicators by Objectives / Outcomes
To achieve payments for measured, reported and verified Emission Reductions in GCRF Program
IN00945356
►Volume of CO2e Emissions Reductions that have been measured and reported by the Program Entity, verified by a Third Party, and
transferred to the FCPF Carbon Fund (tCO2e) (Metric ton, Custom)
Baseline Actual (Previous) Actual (Current) End Target
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The World Bank Implementation Status & Results Report
Ghana Emissions Reductions Program (P160339)
Value 0.00 -- 0.00 10,000,000.00
Date 06-Jun-2019 -- 07-Jan-2021 31-Dec-2025
Data will be available after acceptance of the first monitoring report. The first report will be submitted on
Comments: January 29, 2021.
IN00945357
►Payment by the FCPF Carbon Fund for CO2 Emission Reductions generated by the Program (US$) (Amount(USD), Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 -- 1,300,000.00 50,000,000.00
Date 06-Jun-2019 -- 07-Jan-2021 31-Dec-2025
IN00945347
►Emission Reductions payments distributed in accordance with agreed Benefit Sharing Plan and arrangements (Yes/No) (Yes/No, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value No -- No Yes
Date 06-Jun-2019 -- 07-Jan-2021 31-Dec-2025
IN00945348
►Citizens reporting satisfaction with key aspects of consultation process (information available, facilities, facilitation, location, language, etc.)
(Percentage) (Percentage, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value 0.00 -- 0.00 70.00
Date 06-Jun-2019 -- 07-Jan-2021 31-Dec-2025
Intermediate Results Indicators by Components
Given the nature of the Project there are no Intermediate Indicators.
IN00945712
►N/A (Text, Custom)
Baseline Actual (Previous) Actual (Current) End Target
Value N/A -- N/A N/A
Date 06-Jun-2019 -- 07-Jan-2021 31-Dec-2025
Performance-Based Conditions
Data on Financial Performance
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The World Bank Implementation Status & Results Report
Ghana Emissions Reductions Program (P160339)
Disbursements (by loan)
Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed
P160339 TF-B2267 Effective USD 2.50 2.50 0.00 0.00 2.50 0%%
P160339 TF-B2268 Effective USD 47.50 47.50 0.00 1.30 46.20 3%
Key Dates (by loan)
Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date
P160339 TF-B2267 Effective 27-May-2019 08-Jul-2019 14-Apr-2020 31-Dec-2025 31-Dec-2025
P160339 TF-B2268 Effective 27-May-2019 08-Jul-2019 14-Apr-2020 31-Dec-2025 31-Dec-2025
Cumulative Disbursements
PBC Disbursement
Achievement Disbursed amount in Disbursement %
PBC ID PBC Type Description Coc PBC Amount
Status Coc for PBC
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The World Bank Implementation Status & Results Report
Ghana Emissions Reductions Program (P160339)
Restructuring History
There has been no restructuring to date.
Related Project(s)
There are no related projects.
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