$ Report No: RES00245 RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF GHANA ECONOMIC TRANSFORMATION PROJECT APPROVED ON 02-Jul-2019 TO REPUBLIC OF GHANA 18-Sept-2024 Finance, Competitiveness and Innovation Global Practice Western And Central Africa Region Regional Vice President: Ousmane Diagana Regional Director: Abebe Adugna Dadi Country Director: Robert R. Taliercio Practice Manager: Mehnaz S. Safavian Task Team Leader(s): Andres F. Garcia, Farah Dib The World Bank Ghana Economic Transformation Project (P166539) ABBREVIATIONS AND ACRONYMS AfCFTA Africa Continental Free Trade Agreement AWPB Annual Work Plan and Budget BRR Business Regulatory Reform DLI Disbursement Linked Indicator EODB Ease of Doing Business FDI Foreign Direct Investment GFZA Ghana Free Zone Authority GEA Ghana Enterprise Authority GETP Ghana Economic Transformation Project GhaNAS Ghana National Accreditation Service GIPC Ghana Investment Promotion Center GKICP & SEZ Greater Kumasi Industrial City Park and Special Economic Zone GSA Ghana Standards Authority MoF Ministry of Finance MOTI Ministry of Trade and Industry MS Moderately Satisfactory NEIP National Entrepreneurship and Innovation Program ORC Office of the Registrar of Companies PAD Project Appraisal Document PBC Performance Based Condition PCU Project Coordination Unit PDF Project Development Facility PDO Project Development Objective PIM Project Implementation Manual POC Project Oversight Committee PPP Public-Private Partnership PSC Project Steering Committee RGD Registrar General’s Department SEZ Special Economic Zone SME Small and Medium Sized Enterprise TIA Technical Implementing Agency VCTF Venture Capital Trust Fund VGF Viability Gap Fund The World Bank Ghana Economic Transformation Project (P166539) @#&OPS~Doctype~OPS^dynamics@restrhybridbasicdata#doctemplate BASIC DATA Product Information Operation ID Operation Name P166539 Ghana Economic Transformation Project Product/Financing Instrument Geographical Identifier Investment Project Financing (IPF) Ghana Approval Date Current Closing Date 02-Jul-2019 30-Nov-2025 Original EA Category Partial Assessment (B) (PAD Approval Package-02 Jul 2019) Organizations Borrower Responsible Agency Ghana Investment Promotion Center, Ministry of Trade and Industry, National Entrepreneurship and Innovation Ministry of Finance Programme, Office of the Registrar of Companies, Venture Capital Trust Fund @#&OPS~Doctype~OPS^dynamics@restrhybridoperationstatus#doctemplate OPERATION STATUS Project Development Objective (DO) Original Development Objective The Project Development Objective is to promote private investments and firm growth in non-resource based sectors. Disbursement Summary (in USD million) Source of Funds Net Commitment Disbursed Balance % Disbursed i The World Bank Ghana Economic Transformation Project (P166539) IBRD -- -- -- 0 IDA 200.00 138.91 61.09 69.46 Grants -- -- -- 0 Policy Waivers Does this restructuring trigger the need for any policy waiver(s)? No @#&OPS~Doctype~OPS^dynamics@restrhybridmpa#doctemplate @#&OPS~Doctype~OPS^dynamics@restrhybridmpa#doctemplate ii The World Bank Ghana Economic Transformation Project (P166539) TABLE OF CONTENTS I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING ........................................................................................1 II. DESCRIPTION OF PROPOSED CHANGES ....................................................................................................................3 III. PROPOSED CHANGES ..............................................................................................................................................13 IV. DETAILED CHANGE(S) .............................................................................................................................................13 The World Bank Ghana Economic Transformation Project (P166539) I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING A. Project Status 1. Currently, in its fifth year of implementation, the Ghana Economic Transformation Project (GETP), implementation progress is deemed Satisfactory (S), while progress towards the achievement of the Project Development Objective (PDO) is rated Moderately Satisfactory (MS). This reflects the progress across the four PDO indicators and project components. Three of the PDO indicators—the number of days to obtain a construction permit, private investment leveraged through project activities, and the average value of gross sales by firms supported by the project—are on track to meet their end targets. For the remaining indicator, the number of days to resolve a commercial dispute at district courts, the baseline has been recently determined using administrative data from the Judicial Services of Ghana (JGS), particularly the selected District Courts to be supported. Six intermediate results indicators (IRIs) are showing progress and are expected to be achieved by the project closing. Five IRIs have already met or exceeded their end targets and five are on track to meet their end targets. Of the fifteen Performance-Based Conditions (PBCs), seven have been fully achieved, one scalable PBC has been partially achieved, and the remaining seven are making progress but have not yet met their targets. The project’s disbursement is proceeding well, with a total of US$138.91 million disbursed as of July 31, representing 72% of the originally allocated US$200.00 million. 2. The project has undergone two restructuring to date, specifically in August 2020 and May 2022. The initial restructuring in August 2020 amended the Financing Agreement (FA) to allow more flexibility in the PCU staffing. The amendment of the FA entailed the financial management specialist to be assigned to the PCU instead of being competitively recruited. Two accountants from the Controller and Accountant General’s Department (CAGD) were assigned to the PCU. Additionally, the recruitment of technical specialists for components 1 and 2 of the project was changed from a condition of effectiveness to a dated covenant to be met within 3 months of effectiveness. The second restructuring, completed in May 2022, was undertaken to compensate for lost time (about a year before project became effective), to accelerate the implementation of project activities, and ensure the PDO is still achievable within the project lifetime (6 years). To this end, budgets within sub-components were streamlined to focus on more impactful activities that align with the PDO and the GoG priorities. PBC (previously DLI) indicators were revised to emphasize results-oriented outcomes, ensuring that allocated budgets were sufficient to cover all necessary activities and expenditures required to meet the respective PBCs. The results framework was also updated to more accurately reflect the outcomes to which the GETP contributes. B. Rationale for Restructuring 3. There is a current need to further restructure the GET Project to ensure it aligns with the actual implementation realities, emerging government priorities, and its targets are attributable. The proposed changes include revising the selected baselines and end targets to ensure accurate project performance metrics and to strengthen attribution, reallocating US$10 million towards tourism activities to further promote spatial development, and extending the project closing date from November 30, 2025, to June 30, 2026. These adjustments address funding constraints, incorporate new Page 1 The World Bank Ghana Economic Transformation Project (P166539) priorities, ensure the completion of key activities, improve project performance metrics, and ultimately strengthen the project's contribution towards its PDO. 4. To ensure accurate performance metrics and enhance the attribution of project activities to achieved results, a thorough review of the project’s results framework is essential. As a result, the project’s results framework needs to be revised, particularly the baselines and targets of some PDO indicators. This revision is necessary because some indicators are not well-defined, and baseline data were unavailable at the time of the restructuring in May 2022. For instance, administrative data for new PDO indicators on turnaround time for resolving commercial disputes and obtaining construction permits were initially lacking, and baselines were only recently estimated. Moreover, the PDO indicator measuring private investments leveraged through project activities would now be defined to track investment commitments rather than investment leveraged, providing a more accurate measure of outcomes likely to materialize. Additionally, implementation constraints have halted critical activities required to achieve some end targets. In the case of the turnaround time for obtaining construction permits, the planned procurement of the Integrated Construction Permitting System, will not proceed due to insufficient commitment from all the required agencies, significantly hindering progress towards the original end target. Therefore, only two out of four critical institutions within the construction permitting ecosystem are receiving light touch reform support. Ultimately, the suggested revisions aim to better estimate and align performance metrics more closely with implementation realities. 5. Recognizing the government's prioritization of tourism as a key driver of spatial development growth, US$10 million will be reallocated towards tourism activities to improve tourist sites and destination offerings in Ghana. This includes US$3.15 million to settle confirmed and validated outstanding payments and operational costs incurred under the now-closed Ghana Tourism Development Project (GTPD) (P164211). The cost overrun covers outstanding invoices of US$2.98 million for both completed and ongoing contractual commitments, and US$0.17 million for project management and operational costs, which encompasses the owed salaries of consultants in the now closed project coordination unit (PCU) of the GTDP. Incorporating tourism under the GETP acknowledges the gains made under the GTDP and aligns with the government's priority of harnessing tourism as a spatial solution for growth. The successful redevelopment and opening of the Kwame Nkrumah Mausoleum and Memorial Park (KNMMP) in July 2023, now the most visited tourist site in Ghana, supported under the GTDP, has set a precedent. Building on this success, the government, through the Ministry of Tourism, Arts and Culture (MOTAC), plans to develop Heroes Park to attract more domestic and international tourists. The development of Heroes Park will contribute directly to the project's PDO of leveraging additional private investments in non-resource sectors, including tourism. 6. To ensure the successful completion of key activities and the realization of emerging results, the project closing date will be extended from November 30, 2025, to June 30, 2026. This extension accommodates the inclusion of new tourism activities and critical ongoing activities that are expected to exceed their original timelines. For instance, the US$31.6 million Engineering, Procurement, and Construction (EPC) contract for the GKICP-SEZ requires an adjusted implementation schedule, as actual construction has yet to commence due to outstanding payments to three Project Affected Persons (PAPs) with structures on the designated site. The remaining three PAPs cite changes in market dynamics as the reason to re-negotiate the valuation of their assets on the site, and as such, the MOTI and PCU are engaged to Page 2 The World Bank Ghana Economic Transformation Project (P166539) finalize payment. Of the remaining large contracts that the project tracks closely, the design and installation of a Business Registry Software and Data Centre for the Office of the Registrar of Companies (ORC) and the consultancy service to undertake technical assistance for High Growth SMEs and Strengthening of GEA support system for SMEs are progressing well and within schedule, while the construction works at Tema Export Processing Zone are awaiting final payments after the outstanding tax issues are resolved. Similarly, this extension will allow for the completion of necessary activities to fully harness the results and achieve the desired changes, thereby contributing towards the PDO. Importantly, the extension to June 30, 2026, will only apply to outstanding activities anticipated to go beyond the original closing date. . 7. Due to the impact from the volatile exchange rates, the overall project budget has been reduced by more than US$10.00 million. The initial project cost of US$200.0 million (i.e., SDR 144.40 million) now stands at US$189.85 million1. This reduction affects budget allocations across components and subcomponents and impacts planned activities towards the end of the project. To mitigate these effects, the restructuring will realign critical activities, their scope, cost, and schedule to ensure the exchange loss is fully absorbed without negatively impacting the project's outcomes, especially the PDO. The reduced budget necessitates a careful reallocation of project funds across board, including prioritizing critical activities that directly contribute to the project’s PDO while deferring or scaling down less critical ones. II. DESCRIPTION OF PROPOSED CHANGES A. Component 1: Enabling Investments – US$34.54 million. 8. Overall, the key changes introduced include under this component includes increasing the allocation for Sub- component 1.1 to US$12.63 million and updating the baselines and targets for PDO indicators on construction permits and commercial disputes. Sub-component 1.2 sees a reduced budget of US$7.36 million, with a revised methodology for PDO indicators and a new intermediate results indicator. Sub-component 1.3’s budget is scaled down to US$8.48 million, with adjustments to allocations for GSA and GHAS, and refined IRI definitions. Sub-component 1.4's budget is reduced to US$6.07 million, focusing on trade facilitation, trade policy, and market access, with detailed budget allocations for each area. Details are provided below; (a) Sub-component 1.1: Improving the Business Regulatory Environment – US$12.63 million. 9. The baseline and end targets for the two PDO indicators, measuring improvements in the “reduction in time to obtain construction permits” and the “reduction in time to resolve commercial disputes at district courts,” which replaced the discontinued Ease of Doing Busines (EODB) score during the last restructuring, need to be updated. These updates should reflect current implementation realities including availability and accuracy of administrative data, the feasibility and availability of funds to execute planned procurements, and the realistic progress of light touch reforms supported. Also, the allocation for this subcomponet has increased to US$12.63 million from the previous US$10.5 million. Particularly, this additional resources will support ongoing efforts towards improving commecrial dispute resolution turnaround time with the implementation of a court automation system. 1 Exchange Rate 1 XDR = 1.322100 USD as of 12-Jul-2024 Page 3 The World Bank Ghana Economic Transformation Project (P166539) 10. The rationale for the revisions for the “reduction in time to obtain construction permits” and the “reduction in time to resolve commercial disputes at district courts,” PDO indicators is provided below: (i) Time to obtain construction permit (Days): The original baseline figure of 87 days was based on the discontinued EODB score set during the restructuring in May 2022, when administrative data was not readily available. Following the restructuring, the project obtained administrative data from the Environmental Protection Agency (EPA), Ghana National Fire Services (GNFS), selected Municipal and District Assemblies, and the Lands Commission. As a result, an accurate baseline of 83 days has now been established using an acceptable methodology. End targets also require adjustment due to the project's inability to proceed with the critical procurements such as the Integrated Construction Permitting System. Among other things, the procurement of this system would have contributed towards improving processing efficiency and reduced turnaround time for construction permits. Therefore, the end target is revised to reflect the current light-touch reforms provided to the EPA and GNFS, which are incapable of significantly impacting the end target, thus focusing on realistic achievements. Consequently, the original end target of 40 days, set in 2022, needs to be updated to 50 days to reflect the expected change. Lastly, the PBC targets relating to this PDO indicator will be revised to reflect the changes. (ii) Time to resolve commercial disputes at district courts (Days): The revision of this PDO-level baseline and the corresponding end target is also a consequence of using the discontinued DBR to set the targets. With administrative data from the Judicial Services of Ghana (JSG), particularly its District Courts, a new baseline of 178 days was established, down from the initial 204 days from the 2nd RP. While the initial target aimed to halve the turnaround time for resolving commercial disputes at district courts, the revised target now reflects a reduction of approximately 20-30 percent. Consequently, the new end target is revised to 130 days, up from the initially set 106 days. (b) Sub-component 1.2: Investment Policy and Promotion – US$ 7.36 million. 11. To enhance the accuracy of performance measurement, the methodology for tracking progress of the PDO indicator relating to investments is refined to ensure the attribution of project activities to results, and a new sub- indicator indicator introduced to provide an accurate disaggregation of achieved results. The indicator name is revised to “Private sector investment commitments facilitated through project activities (Amounts USD)” to account for the different sources and nature of data for reporting on this PDO indicator. The new sub-indicator, "Actual investments facilitated through project activities (Amounts USD)" specifically tracks actual investments leveraged through project activities, such as the Child Funds established by the Venture Capital Trust Fund (VCTF), and others as well as investment commitments now realized as actual investment by the Ghana Investment Promotion Center (GIPC). As such, the measurement of this indicator now explicitly includes actual and investment commitments facilitated through the project, compared to the previous focus on tracking investment facilitated, loosely defined. The end target of the new sub- indicator is set at US$100,000,000.00. Finally, the new allocation for the subcomponent has been adjusted to US$7.36 million, down from the previous US$9 million as a result of the exchange losses and the reallocation to other components and subcomponents. (c) Sub-component 1.3: Improving Ghana’s Quality Infrastructure (QI) – US$8.48 million. Page 4 The World Bank Ghana Economic Transformation Project (P166539) 12. The main changes under this subcomponent are the scaled-down budget allocation to US$8.48 million from the previous US$10.5 million and the clear definition of an IRI to align with implementation realities. As a result of the reduced budget, GSA’s allocation has decreased to US$6.11 million from US$6.50 million, and the Ghana Accreditation Services (GHAS), previously referred to as Ghana National Accreditation Service (GhaNAS), has had its budget reduced to US$2.37 million from US$4.0 million. The IRI for GHAS has been refined to “Number of Conformity Assessment Bodies (CABs) assessed or accredited” from “Number of Conformity Assessment Bodies certified” as the final output of GHAS’s work is the assessment or accreditation of CABs, not their certification. The end target for the IRI measuring “Increase in number of QI services delivered” has been adjusted upward to realistically reflect the support provided to GSA towards improving its testing capabilities. Consequently, the end target has been increased from 300 to 450 new QI services delivered. (d) Sub-component 1.4: Trade Support – US$6.02 million. 13. The budget has been scaled down to US$6.02 million from the originally allocated US$10.0 million. This reduced budget reflects the rescoped subcomponent following initially slow implementation of its activities. The trade support subcomponent will now focus on (1) Trade Facilitation, (2) Trade Policy, and (3) Market Access. More specifically, the budget allocation and activities are as follows: (i) Trade Facilitation (US$2.5 million): This budget will support the implementation of some critical measures under the World Trade Organization (WTO) Trade Facilitation Agreement (TFA) Implementation Action Plan developed under the project. Other key activities include appointing a Senior Trade Advisor to support MOTI, strengthening the capacity of the National Trade Facilitation Committee (NTFC), establishing a National Trade Information Portal, supporting e-Phyto automation at the Plant Protection and Regulatory Services Directorate (PPRSD) of the Ministry of Food and Agriculture (MOFA), and providing emergency and priority support to the Ghana Revenue Authority (GRA) and the Division of Customs to improve port efficiency. (ii) Trade Policy (US$0.5 million): The main activity will be to review the new draft national trade policy, ensuring it incorporates trade agreements such as the Africa Continental Free Trade Agreement (AfCFTA), Economic Partnership Agreement (EPA), and The African Growth and Opportunity Act (AGOA), as well as bilateral treaties and other relevant agreements. (iii) Market Access (US$2.61 million): An expenditure of US$1.0 million has already been incurred on two market expeditions to Kenya and Tanzania in 2023 and 2024, respectively. Key activities going forward will include market expeditions, capacity building for the AfCFTA National Coordination Office (NCO) and enhancing communication and outreach activities. Notwithstanding future support will prioritize addressing binding constraints to Ghanaian firms to accessing broader AfCFTA market, such as access to finance, insurance, rules of origin, regulatory compliance, access to information, etc. 14. With an allocation of US$0.41 million, the project supports the G20 Compact with Africa (CwA) initiative, coordinated by the MOF and involving various Ministries, Departments, Agencies (MDAs), the private sector, and development partners. This funding ensures the continued momentum of this ambitious reform agenda. Page 5 The World Bank Ghana Economic Transformation Project (P166539) B. Component 2: Crowding-In Investments: promoting spatial and industrial planning and development - US$57.01 million 15. Overall changes to this component involve reallocating funds and adjusting targets to better align with available budget, current priorities, and fiscal realities. Key changes include reallocating US$3.81 million for Sub-component 2.1, reducing the Sub-component 2.3 budget to US$10.20 million, and increasing the allocation for Sub-component 2.4 to US$33.18 million. The new Sub-component 2.5 receives US$10 million, supporting Heroes Park construction, settling overdue payments under GTDP, and covering unforeseen minor overruns. Additionally, the Sub-component 2.2 intermediate results indicator target is revised to zero due to fiscal constraints. (a) Sub-component 2.1: Institutional and Planning Capacity Building – US$3.81 million. 16. The allocation for this subcomponent has been adjusted to US$3.81 million, down from the previous US$5 million. The scaled down budget is now reallocated within the main component to bridge funding gaps of the new tourism subcomponent and activities that have exceeded their initial budget such as the GKICP-SEZ EPC and supervision consultancy contracts. Consequently, the PBC will be scaled down to US$2.81 million to align with the new allocation of the subcomponent. (b) Sub-Component 2.2: Infrastructure Investment for SEZ Development, the VGF – US$ 0.00 million 17. The only change under this subcomponent relates to the dropping of the IRI measuring the “Number of infrastructure subprojects implemented under the Viability Gap Fund”. As the VGF is not expected to be capitalized by the government given the challenging fiscal position, the related IRI is dropped. (c) Sub-component 2.3: Project Development Facility – US$ 10.20 million. 18. The subcomponent's budget has been reduced from US$15.0 million to US$10.02 million, and the end target for the related intermediate results indicator has been revised downward. As such, the IRI measuring the “Number of infrastructure projects/investments supported by the PDF (Number)” has been reduced from 10 to 8 to account for the budget reduction under the subcomponent. Additionally, US$1.8 million is allocated to support the Public-Private Partnership (PPP) work implemented by the Public Investments and Assets Division (PIAD) of the MOF. The budget will support PIAD to finalize the PPP regulations, develop standardized PPP agreements and guidelines as well as update relevant manuals on VGF and PDF to align with the PPP Act and support feasibility studies. (d) Sub-Component 2.4: Public Infrastructure at GKICP & SEZ – US$33.18 million. 19. Under Component 2.4, the new allocation for Public Infrastructure at GKICP & SEZ has increased to US$33.18 million from the previous US$30 million. The increased budget will cover the EPC (Engineering, Procurement, and Page 6 The World Bank Ghana Economic Transformation Project (P166539) Construction) contract and the supervision consultancy, both of which exceeded the initially planned budget. This additional funding ensures that this critical infrastructure project can be completed effectively and within schedule. (e) sub-component 2.5: Tourism Support: US$10.00 million. 20. The new tourism support sub-component, with a total budget of US$10 million, will include the MoTAC as an additional TIA and support (1) tourism infrastructure development and (2) the payment of overdue invoices incurred under the closed GTDP (P164211). This new sub-component builds on the success of the GTDP and aims to replicate the achievements following the redevelopment and opening of KNMMP by supporting the establishment of a Heroes Park. The details are as follows: (i) Heroes Park (US$6.30 million): The sub-component will finance the construction and supervision of Heroes Park, anticipated to be implemented within eighteen (18) months. The World Bank’s Environmental and Social (E&S) team assessed the proposed site for Heroes Park and concluded that there are no significant risks and recommended that an Environmental and Social Management Plan (ESMP) be prepared. MoTAC has already finalized the Heroes Park design/blueprint in July 2024, and will: (1) initiate procurement for the supervisory consultancy and construction firms simultaneously when the restructuring is approved; (3) ensure an updated Gantt Chart for Heroes Park; and (4) establish an implementation committee to support the MOTAC focal point in closely monitoring the Heroes Park supervision and construction to ensure compliance with the budget and schedule. A focal point will represent MoTAC on the project, and any future replacements must have an engineering background. There will be no new tourism indicators under GETP, as Heroes Park contribute directly towards leveraging additional private investments. (ii) Overdue Payment (US$3.15 million): The project will settle the confirmed and validated outstanding obligations to contractors/service providers, including completed contracts and operational and administrative costs incurred on the closed GTDP (P164211). The cost overrun covers outstanding invoices of US$2.98 million for both completed and ongoing contractual commitments, and US$0.17 million for project management and operational costs, which encompasses the salaries of consultants in the PCU. The activities covered by the allocated cost overrun include completed designs and works at various tourism sites and destinations such as Kintampo, the delineation of Forts and Castles, and the design of the Cape Coast Castle Annex Slavery Museum, Shai Hills, Mole, and Kakum National Park – these part of the five iconic sites earmarked but could not be supported under the closed GTDP due to a lack of project funds. Other completed activities are the scaled-down transaction advisory for the new PPP school, the end-of-grant evaluation, and fiduciary review assignments, which were part of post- grants activities to ensure accountability, transparency, and provide empirical evidence of claimed results, as well as the consultancy services for the client’s implementation completion and results report (ICR). Ongoing activities, but expected to be completed by October 2024, under this allocated cost overrun include the installation of amphitheaters across designated areas. The MoTAC will submit the details of all outstanding obligations to the PCU, which shall be processed for payment immediately after the restructuring is approved to ensure an orderly closure of these contracts. (iii) Unallocated (US$0.55 million): This allocation accounts for unforeseen minor overruns. Page 7 The World Bank Ghana Economic Transformation Project (P166539) C. Component 3: Accelerating Entrepreneurship and MSME Growth -US$86.32 million. 21. Overall changes to this component focus on reallocating funds and adjusting targets to optimize project outcomes. Key changes include increasing the allocation for Subcomponent 3.1 from US$6.00 million to US$6.98 million to complete critical reforms for the entrepreneurship and MSME ecosystem. Subcomponent 3.2's budget is reduced from US$48 million to US$45.35 million to reallocate funds to other areas. Subcomponent 3.3's budget is similarly decreased from US$40.00 million to US$33.99 million. As such, the end target for the IRI on investments into general partners has been revised from 10 to 8 to account for the reduced budget. (a) Subcomponent 3.1: Reform and Rationalization of Government Entrepreneurship and MSME Support Agencies – US$6.98 million 22. The allocation for the agency and institutional reforms subcomponent saw an upward tick to US$6.98 million from US$6.00 million. This increase was necessary to complete the most critical reforms expected under this subcomponent, ensuring the rationalization and consolidation of the entrepreneurship and MSME ecosystem. Institutions such as GEA, NEIP, and VCTF will be better equipped to effectively deliver their mandates. (b) Subcomponent 3.2: High-Growth SME and Entrepreneurship Ecosystem Strengthening – US$45.35 million. 23. The main change is the scaling down the budget from US$48 million to US$45.35 million. This budget adjustment allows for the reallocation of funds to other components and subcomponents. (c) Subcomponent 3.3: Venture Financing for Early-Stage Businesses and Strategic Industries – US$33.99 million 24. The budget will be reduced from US$40.00 million to US$33.99 million to reflect the reduced targets of investment into general partners. The investment into general partners under the Startup Catalyst Fund (SCF) and the Strategic Industries Fund (SIF) has experienced intermittent delays due to lengthy due diligence and approval processes by the Investment Committee (IC) and the governing board of Venture Capital Trust Fund (VCTF). A significant portion of the budget reduction is attributed to exchange losses and the need to reallocate funds to Component 2, specifically the new tourism subcomponent. Consequently, the end target for the IRI tracking the "Number of investments into general partners completed under the SCF and the SIF" is revised from 10 to 8 due to the reduced budget. D. Component 4: Project Management – US$12.03 million. 25. Overall changes to this component include increasing the project management budget from US$11 million to US$12.03 million. This increase covers operational costs and the salaries of consultants in the PCU office until November 2025, ensuring continuous operational support and supervision of project activities. Only consultants essential for the successful project closing will remain to provide contract management, monitoring, and supervision for selected activities until the extended closing date in June 2026. Page 8 The World Bank Ghana Economic Transformation Project (P166539) E. Changes to Implementing Agency 26. The Ministry of Tourism, Arts and Culture (MOTAC) is introduced as an additional Technical Implementing Agency (TIA) and is responsible for implementing the new tourism activities under sub-component 2.5. To facilitate implementation within budget and schedule, a focal point within MOTAC will be assigned to work closely with the PCU on the execution of this new tourism sub-component, and no additional coordinating consultants will be hired by the PCU. F. Changes to the Disbursement Arrangements 27. The disbursement arrangements are amended to account for the budget reallocation and the exchange losses. This will be reflected in the Disbursement Letter between the Bank and the MoF. Table 1: Summary of changes to component costs (US$ million) Component/Sub- PBC amount Name Total allocation2 New total allocation component Component 1 Enabling Investments 40.0 34.49 11.45 1.1 Business regulatory reforms 10.5 12.63 2.85 1.2 Investment policy and promotion 9 7.36 4.5 1.3 Quality infrastructure 10.5 8.48 4.1 1.4 Trade support 10.0 6.02 0 Component 2 Crowding-in investments: spatial development 50 57.01 2.81 2.1 Institutional and Planning Capacity Building 5 3.81 2.81 2.2 Infrastructure Investment for SEZ 0 0 0 Development, the VGF 2.3 Project Development Facility 15 10.02 0 2.4 Public Infrastructure at GKICP & SEZ 30 33.18 0 2.5 Tourism Support (new) 0 10.00 0 Component 3 Entrepreneurship and MSMEs 99.0 86.32 8.5 3.1 Agency reforms 6 6.98 2 3.2 High-growth SMEs and eco-system 48 45.35 0 3.3 Venture Capital Trust Fund 45 33.99 6.5 2 As at June 2022 restructuring Page 9 The World Bank Ghana Economic Transformation Project (P166539) Component 4 Project Management 11 12.03 0 Forex Exchange Forex Loses (SDR to USD) 0 (10.15) 0 (SDR – USD) Total (USD) 200.0 200.00 22.76 G. Summary of Results Framework Changes 28. Table Two (2) presents the changes to the results framework, including the PDO and IR indicators by components. It details the changes applied to the indicator definitions, baselines, end targets, and other modifications to the original indicators, as well as the progress of each indicator to date. Table 2: Summary of changes to the results framework Project Development Objective Indicators Indicator Name Baseline Current End Target Changes to Original Indicator Time to obtain a construction permit 83.00 59.00 50.00 Baseline revised to 83.00 from 87 (Days) days and end target revised to 50.00 from 40.00 days. Time to resolve commercial disputes at 178.00 178.00 130.00 Baseline updated to 178.00 days district courts (Days) from 204 days. End target revised to 130 days from 106 days. Private sector investments facilitated 0.00 143,440,000.00 250,000,000.00 The indicator definition is refined through project activities (Amount to reflect investment USD) commitments. Of which actual investment facilitated 0.00 43,700,000.00 100,000,000.00 A sub-indicator introduced to through project activities (Amounts disaggregate actual investments USD) realized from investment commitments and end target set at US$100,000,00.00 Increase (additional) in average value 0.00 11.00 15.00 No changes. of gross sales by firms supported by the project (Percentage) Increase (additional) in average value 0.00 58.00 15.00 No changes. of gross sales by women-owned firms supported by the project (Percentage) Intermediate Results Indicators by Components Enabling Investments Improvement in investor perception of 0.00 0.00 50.00 No changes. GIPC performance (Percentage) Increase in number of QI services 0.00 441.00 450.00 End target revised to 450.00 from delivered (Number) 300.00 Number of new systems and tools 0.00 4.00 6.00 The indicator description revised deployed for improved investor to include additional systems. servicing (Number) Page 10 The World Bank Ghana Economic Transformation Project (P166539) Number of Conformity Assessment 0.00 6.00 10.00 Indicator definition adjusted to Bodies certified (Number) reflect assessment/ accreditation of CABs. Crowding-in Investments Viability Gap Fund established No Yes Yes No changes. (Yes/No) Number of infrastructure subprojects 0.00 0.00 2.00 Indicator is dropped. implemented under Viability Gap Fund (Number) Establishment of a Project No Yes Yes No changes. Development Facility for spatial development (Yes/No) Number of infrastructure 0.00 6.00 8.00 End target revised to 8.00 from projects/investments supported by the 10.00 PDF (Number) Accelerating Entrepreneurship and MSME Growth Number of SMEs benefitting from 0.00 1,634.00 800.00 No changes. capacity upgrading support (Number) Of which women-owned (Number) 0.00 60.00 320.00 No changes. Number of SMEs and entrepreneurs 0.00 576.00 400.00 No changes. receiving financial support (Number) Of which women-owned (Number) 0.00 365.00 160.00 No changes. Number of SMEs receiving financial 0.00 786.00 600.00 No changes. support under the COVID-19 window (Number) Number of entrepreneurship hubs 0.00 30.00 20.00 No changes. benefiting from capacity building support (Number) Number of new hubs launched 0.00 15.00 12.00 No changes. (Number) Number of investments into general 0.00 6.00 8.00 End target revised to 8.00 from partners completed under the SCF and 10.00 days SIF (Number) Cross-cutting Number of direct jobs created by the 0.00 1,091.00 1000.00 No changes. project (Number) Of which women (Number) 0.00 530.00 400.00 No changes. Beneficiaries satisfied with quality of 0.00 67.00 75.00 No changes. services provided by the project (Percentage) H. Summary of Performance Base Conditions (PBCs) Changes 29. Table Three (3) presents the changes to the PBCs based on accurate definition and ensures alignment with the revised results indicators. These changes cover the milestones and corresponding amounts required to trigger a PBC as achieved. Page 11 The World Bank Ghana Economic Transformation Project (P166539) Table 3: Summary of changes to Performance Base Conditions (PBCs) PBC Original PBC Original Allocation per New PBC New Allocation Overall Changes # the 2nd Amendment to the Financing Agreement (FA) #2 Citizen engagement in One-third PBC funding Citizen engagement in One-third PBC funding PBC definition rulemaking is improved released for every 10- rulemaking is improved for each target of 947 adjusted through the Ghana percentage point through the Ghana views, 1,500 views and Business Regulatory increase in regulations Business Regulatory 2,000 views per Reform Portal (scalable and policies receiving Reform Portal (scalable document through the PBC measuring the inputs through the PBC measuring the Portal in 2023, 2024 and percentage of Portal average number of views 2025, respectively. regulations and policies per document on an receiving inputs annual basis through the through the Portal, Portal, with an end with an end target of 30 target of 2,000 views per percent). document in FY 2025). SDR 223,881.00 SDR 223,881.00 #3 Time to obtain a Baseline at 87 days. Time to obtain a Starting at a baseline of PBC construction permit is One-third PBC funding construction permit is 83 days. One-third PBC targets/milestones reduced, with an end released when new reduced, with an end funding released when adjusted target of 40 days. level reached (60, 46 target of 50 days. new level reached (65, and end target of 40 56 and end target of 50 days). days). SDR 447,761.00 SDR 447,761.00 #7 Adoption of a new SEZ Updated legal Adoption of a new SEZ PBC allocation Policy in 2022 framework for SEZ Policy in 2024 reduced Updated legal (SDR746,268); scaled to completed (SDR452,079); scaled to framework for SEZ a new SEZ Act in 2023 a new SEZ Act in 2024 completed (SDR746,268); followed (SDR452,079); followed by SEZ Regulations also by SEZ Regulations also in 2023 (SDR746,268). in 2025 (SDR452,079). SDR 2,238,805 SDR 1,356,236.18 #8 Establishment of a new Original allocation Establishment of a new Allocation reduced PBC allocation SEZ authority. SEZ authority. reduced SDR 1,492,537 SDR 749,400.48 I. Extension of the Closing Date 30. To ensure the successful completion of critical activities and the realization of emerging results, the project closing date will be extended from November 30, 2025, to June 30, 2026. This extension accommodates the inclusion of new tourism activities and critical ongoing tasks expected to exceed their original timelines. It will also allow for the Page 12 The World Bank Ghana Economic Transformation Project (P166539) completion of necessary activities to fully harness the results and achieve the desired changes, thereby contributing towards the PDO, especially the actual private investments expected from the VCTF Child Fund under its portfolio fund managers. Beyond the original closing date of November 30, 2025, only essential activities and staff will continue to ensure the project's successful and orderly closure by June 30, 2026. @#&OPS~Doctype~OPS^dynamics@restrhybridsummarychanges#doctemplate Summary changes III. PROPOSED CHANGES Operation Information Proposed Changes Operation Information Proposed Changes Results Yes Loan Closing Date Extension Yes Development Objective No Reallocations Yes Safeguard Policies Triggered No Institutional Arrangement Yes ISDS No Implementation Schedule Yes MFD/PCE No Loan Cancellations No Risks No Financial Management No Legal Covenants No Procurement No Conditions No Implementation Modalities No Disbursements Estimates No Disbursements Arrangements No DDO No Clients No Appraisal Summary No Components No @#&OPS~Doctype~OPS^dynamics@restrhybriddetailedchanges-disclose#doctemplate IV. DETAILED CHANGE(S) COSTS & FINANCING Private Capital Facilitation Is this an MFD-Enabling Project (MFD-EP)? Page 13 The World Bank Ghana Economic Transformation Project (P166539) Is this project Private Capital Enabling (PCE)? LOANS Loan Closing Original Revised Proposed Proposed Deadline Loan/Credit/Trust Status Closing Closing(s) Closing for Withdrawal Fund Applications IDA-64650-001 Effective 30-Nov-2025 30-Nov-2025 30-Jun-2026 30-Oct-2026 Reallocations IDA-64650-001 Cancellations (if any): New Allocation: Currency: XDR 0.00 0.00 Financing % (Type Total) Category Expenditure Current Actuals + Proposed No. Category Allocation Committed Allocation Current Proposed 1 G,W,NC,C,T,OC1,2.1, 74,973,556.00 32,358,799.01 76,599,261.34 100.00 100.00 2.5,3.1,3.2ai,3.bi,4; 2 GD,WK,NCS,CS Pt 2.2; 0.00 0.00 0.00 100.00 100.00 3 Sub Grants Pt 17,000,000.00 16,991,093.65 17,000,000.00 100.00 100.00 3.2aii,3.2bii&iii; 4 Capitalization of SCF 15,000,000.00 4,471,805.27 15,000,000.00 100.00 100.00 Pt 3.3(a); 5 Capitalization of SIF 15,000,000.00 11,255,434.73 15,000,000.00 100.00 100.00 Pt 3.3(b); 6 CS,NCS,OC&TR Pt 3,700,000.00 0.00 3,700,000.00 100.00 100.00 3.3(c); 7 Eligible Exp Program 5,970,149.00 5,760,000.00 5,970,149.00 100.00 100.00 Pt 1,2,3; 8 Refund of 107,039.00 107,038.20 107,039.00 0.00 100.00 Preparation Advance; 9 PBC Expenditures 12,649,256.00 1,080,000.00 11,023,550.66 100.00 0.00 under Parts 1, 2 and 3; Total 144,400,000.0 144,400,000.0 0 0 Page 14 The World Bank Ghana Economic Transformation Project (P166539) RESULTS COUNTRY: Ghana Ghana Economic Transformation Project @#&OPS~Doctype~OPS^dynamics@restrannexpolicyandresult#doctemplate PDO Indicators by PDO Outcomes Enabling investments Indicator Name Baseline Actual (Previous) Actual (Current) Closing Period Result Month/Year Result Date Result Date Result Month/Year 83.00 Apr/2022 59.00 14-Apr-2024 59.00 15-Apr-2024 50.00 Nov/2025 Revise Time to obtain a construction Comments on achieving targets Based on data from the Lands Commission, Fire Service, EPA, and the eight (8) MMDAs that consistently permit (Days) PBC reported from 2022 to 2023, the estimated annual average construction permit turnaround time for 2023 is 59 days, a considerable improvement compared to the baseline and end target. 178.00 Apr/2022 178.00 14-Apr-2024 178.00 15-Apr-2024 130.00 Nov/2025 Comments on achieving targets The MOTI and the Judicial Service of Ghana (JSG) have updated the baseline data to 178 days following the final Revise selection of the six pilot district courts: Adenta DC 1, Adenta DC 2, Gbese DC, Tema DC (Whitehouse), Koforidua Time to resolve commercial DC A, and Koforidua DC B. The procurement process for selecting a developer to develop and install the disputes at district courts (Days) proposed court automation system is in its final stages. Concurrently, the JSG will carry out complementary activities to reduce the turnaround time, ensuring stakeholders are prepared for the system's implementation once installed. The baseline will be updated in the upcoming restructuring. Cross-cutting Indicator Name Baseline Actual (Previous) Actual (Current) Closing Period Result Month/Year Result Date Result Date Result Month/Year Revise Private sector investments 0.00 Jun/2019 143,440,000.00 14-Apr-2024 143,440,000.00 15-Apr-2024 250,000,000.00 Nov/2025 facilitated through project activities (Amount(USD)) PBC Page 15 The World Bank Ghana Economic Transformation Project (P166539) New Actual investments 0.00 Apr/2024 43,700,000.00 15-Apr-2024 100,000,000.00 Nov/2025 facilitated through project activities (Amounts USD) (Amount(USD)) PBC Accelerating Entrepreneurship and MSME growth Indicator Name Baseline Actual (Previous) Actual (Current) Closing Period Result Month/Year Result Date Result Date Result Month/Year Increase (additional) in average value 0.00 Jun/2019 11.00 14-Apr-2024 11.00 15-Apr-2024 15.00 Sep/2025 of gross sales by firms supported by Comments on achieving targets An assessment of COVID-19 Response Grantees (Phase I) carried out in 2022 by KPMG as part of the GETP the project (Percentage) Baseline assessment indicates an 11% increase in the average gross sales of beneficiary SMEs. Increase (additional) in 0.00 58.00 58.00 15.00 average value of gross sales by Comments on achieving targets The average gross sales of Women-owned firms also increased by 58%. women-owned firms supported by the project (Percentage) Intermediate Results Indicators by Components Enabling investments Indicator Name Baseline Actual (Previous) Actual (Current) Closing Period Result Month/Year Result Date Result Date Result Month/Year 0.00 Jun/2019 0.00 14-Apr-2024 0.00 14-Apr-2024 50.00 Sep/2025 Improvement in investor perception Comments on achieving targets This indicator will be based on a GIPC survey of investor perception. Implementation of the of GIPC performance (Percentage) investor perception survey is underway, and the indicator will be updated once finalized. 0.00 Jun/2019 441.00 14-Apr-2024 441.00 15-Apr-2024 300.00 Sep/2025 Increase in number of QI services delivered (Number) Comments on achieving targets This indicator has been achieved, and the end target been surpassed. The equipment procured by the project directly contributed to about 42.28% per cent (441 of 1043) of tests completed as of March 2024 0.00 Jun/2020 1.00 14-Apr-2024 1.00 15-Apr-2024 6.00 Nov/2025 Page 16 The World Bank Ghana Economic Transformation Project (P166539) Number of new systems and tools Comments on achieving targets The GIPC is currently setting up tools including the investor perception survey, M&E and deployed for improved investor CRM, which will also include GRM features. servicing (Number) Revise Number of Conformity 0.00 Jul/2020 4 14-Apr-2024 4 15-Apr-2024 10.00 Nov/2025 Assessment Bodies Assessed or Accredited (Number) Crowding-in investments: Promoting spatial and industrial planning and development Indicator Name Baseline Actual (Previous) Actual (Current) Closing Period Result Month/Year Result Date Result Date Result Month/Year No Jun/2019 Yes 14-Apr-2024 Yes 15-Apr-2024 Yes Sep/2025 Viability Gap Fund established (Yes/No) Comments on achieving targets This indicator has been achieved. Through the PPP Act 2020 (Act 1039), the government established a Viability Gap Fund for all sectors. VGF accounts opened at the Bank of Ghana. Establishment of a Project No Jun/2020 Yes 14-Apr-2024 Yes 15-Apr-2024 Yes Nov/2025 Development Facility for spatial Comments on achieving targets This indicator has been achieved. Similar to the VGF, through the PPP Act 2020 (Act 1039), the government development (Yes/No) established a Project Development Facility for all sectors. PDF accounts opened at the Bank of Ghana Revise Number of infrastructure 0.00 Jun/2020 6.00 14-Apr-2024 6.00 15-Apr-2024 8.00 Nov/2025 projects/investments supported by Comments on achieving targets The PDF-supported site assessment for 6 potential SEZ infrastructure projects: Kumasi SEZ, Sekondi, Shama, the PDF (Number) Tema, Builsa, and Savelugu. Accelerating entrepreneurship and MSME growth Indicator Name Baseline Actual (Previous) Actual (Current) Closing Period Result Month/Year Result Date Result Date Result Month/Year 0.00 Jun/2019 1,634 14-Apr-2024 1,634 15-Apr-2024 800.00 Sep/2025 Number of SMEs benefitting from Comments on achieving targets 136 Enterprise Grow Firms, including a pilot of 23 firms, have received full capacity upgrades, including capacity upgrading support extended business management training and 360 assessments. Further, 538 Enterprise Grow firms (383 males & (Number) 155 females) have undergone 360 diagnostics. In addition, the Enterprise Grow Program has provided a 4-day basic business management training to 1634 SMEs, comprising 1009 male-owned and 625 female-owned businesses. 0.00 Jun/2019 60 14-Apr-2024 60 15-Apr-2024 320.00 Sep/2025 Of which women-owned (Number) Comments on achieving targets Expected to be achieved by project closure, especially as the grant program includes windows dedicated to women and women-led businesses 0.00 Jun/2019 576 14-Apr-2024 576 15-Apr-2024 400.00 Sep/2025 Page 17 The World Bank Ghana Economic Transformation Project (P166539) Number of SMEs and entrepreneurs Comments on achieving targets Indicator end target achieved and surpassed. A total of 576 MSMEs have received financial support under the receiving financial support project. Enterprise Grow Grant (125), Women MSME Support (242), Youth-focused HG programmes (182), PWD (Number) (20) and VCTF’s SCF and SIF Of which women- (7) 0.00 Jun/2019 365 14-Apr-2024 365 15-Apr-2024 160.00 Sep/2025 Of which women-owned (Number) Comments on achieving targets Indicator end target achieved and surpassed. Number of entrepreneurship hubs 0.00 Jun/2020 30.00 14-Apr-2024 30.00 15-Apr-2024 20.00 Nov/2025 benefiting from capacity building Comments on achieving targets 30 hubs selected and grant contract signed on June 8, 2023, committing USD 4m. Hundred percent (100%) of support (Number) the amount committed has been disbursed to the selected hubs. 0.00 Jun/2020 12.00 14-Apr-2024 12.00 15-Apr-2024 12.00 Nov/2025 Number of new hubs launched (Number) Comments on achieving targets Indicator end target achieved. A total of 15 new hubs have been supported following a competitive call for application. 0.00 Mar/2020 786.00 14-Apr-2024 786.00 15-Apr-2024 600.00 Nov/2025 Number of SMEs receiving financial support under the COVID19 window Comments on achieving targets Indicator end target achieved. GEA supported 786 (494 male, 292 female) SMEs under the COVID-19 response (Number) grant. The first batch of COVID-19 grant disbursement to 373 SMEs by October 2022 and the second batch of 413 SMEs by March 2023. 0.00 Mar/2020 6.00 14-Apr-2024 6.00 15-Apr-2024 8.00 Nov/2025 Revise Number of investments into Comments on achieving targets The six (6) investment funds anchored under the 2 VCTF funds (SIF and SCF) are Wangara Green Ventures, general partners completed under Mirepa Capital SME Fund I, Injaro Ghana Venture Capital Fund, Industrial Support Fund II, Zinari Women's the SCF and SIF (Number) Enterprise Fund and Oasis 0.00 Jun/2019 1,210.00 14-Apr-2024 1,210.00 15-Apr-2024 1,000.00 Sep/2025 Number of direct jobs created by the Comments on achieving targets The indicator end target was achieved and surpassed. GEA COVID grants (phase 1): 847 net jobs were created project (Number) from 2020 to 2022. GSA: 321 new jobs were created in 2022-2023 (trading standards inspectors). VCTF: 42 new jobs were created at fund managers in 2022. 0.00 530.00 530.00 400.00 Of which women (Number) Comments on achieving targets Indicator end target achieved and surpassed. GEA: 456 net job additions (2020-2022), GSA: 76 in 2022, reduced to 57 as a result of resignations and uptakes over the period, VCTF: 17 Project management and evaluation Indicator Name Baseline Actual (Previous) Actual (Current) Closing Period Result Month/Year Result Date Result Date Result Month/Year 0.00 Jun/2019 67.00 14-Apr-2024 67.00 15-Apr-2024 75.00 Sep/2025 Page 18 The World Bank Ghana Economic Transformation Project (P166539) Beneficiaries satisfied with quality of Comments on achieving targets Overall, 67% of project beneficiaries were satisfied. In particular, 68% of the TIAs were satisfied with the support services provided by the project provided by the GETP, and 67% of SMEs in phase 1 of the COVID-19 response grant programme expressed (Percentage) satisfaction with the performance of GEA. The end target is achievable. Performance-based Conditions (PBC) Actual (Previous) Actual (Current) PBC Name Baseline End Target Result Date Result Date 1 Formal establishment of Value No a Doing Business reform inter-ministerial committee (“DBRIMC”) and technical working groups for Doing Business Allocated Yes 29-Oct-2021 Yes 29-Oct-2021 0.00 0.00 (“DB”) reforms Report Amount (Yes/No) Total Allocation:1,000,000.00 2 Formal establishment of Value No the ORC (Yes/No) Allocated Yes 22-Jul-2022 Yes 22-Jul-2022 Total 0.00 0.00 Allocation:500,000.00 Amount 4 National QI policy Value No adopted by the Cabinet, published and disseminated (Yes/No) Allocated Yes 30-Jun-2022 Yes 30-Jun-2022 0.00 0.00 Total Amount Allocation:1,500,000.00 Value No No 14-Apr-2023 No 15-Apr-2024 Page 19 The World Bank Ghana Economic Transformation Project (P166539) Revise5 Updated policy and legal framework for SEZ Allocated completed (Text) 0.00 0.00 Amount Total Allocation:1,809,759.00 6 EGA established Value No according to best practice, as specified in the DLI Verification Protocol, with budget allocation effective to Allocated Yes 29-Oct-2021 Yes 29-Oct-2021 0.00 0.00 cover EGA’s operational Amount costs (Yes/No) Total Allocation:2,000,000.00 7 VCTF governance, Value No operational, legal, and regulatory reforms, including approval of a sustainable funding model, and rebranding Yes 29-Oct-2021 Yes 29-Oct-2021 Allocated completed, as specified in 0.00 0.00 Amount the DLI Verification Protocol (Yes/No) Total Allocation:3,000,000.00 12 Approval by VCTF’s Value No board and MoF of a sustainable VCTF funding No 14-Apr-2024 No 15-Apr-2024 model, in line with Allocated 0.00 0.00 recommendation of the Amount VCTF organizational Page 20 The World Bank Ghana Economic Transformation Project (P166539) assessment financed by the Project. (Yes/No) Total Allocation:2,500,000.00 15 Ghana standard Value No Authority bill enacted, as specified in the DLI Verification Protocol Yes 22-Jun-2022 Yes 22-Jun-2022 Allocated (Yes/No) 0.00 0.00 Amount Total Allocation:1,500,000.00 Revise 38 Time to obtain a Value 83.00 construction permit (Days) 59.00 14-Apr-2024 59.00 15-Apr-2024 Allocated Total 0.00 0.00 Amount Allocation:600,000.00 Revise 39 Private sector Value 0.00 investments facilitated through project activities Allocated 143,440,000.00 14-Apr-2024 143,440,000.00 15-Apr-2024 (Amount(USD)) 0.00 0.00 Total Amount Allocation:4,500,000.00 New Actual Value 0.00 investments facilitated through project activities 43,700,000.00 15-Apr-2024 Allocated (Amounts USD) 0.00 Amount (Amount(USD)) Total Allocation:0.00 Value No Yes 27-Sep-2023 Yes 27-Sep-2023 Page 21 The World Bank Ghana Economic Transformation Project (P166539) 40 National Accreditation Bill and related legislation approved and enacted Allocated (Yes/No) 0.00 0.00 Amount Total Allocation:1,100,000.00 Revise 41 New SEZ Value No Yes authority established (Yes/No) No 14-Apr-2024 No 15-Apr-2024 Allocated Total 0.00 1,000,000.00 Amount Allocation:1,000,000.00 42 Business Regulatory Value No Reform Act approved (Yes/No) No 14-Apr-2024 No 15-Apr-2024 Allocated Total 0.00 0.00 Amount Allocation:450,000.00 Revise 43 Citizen Value 0.00 engagement in rulemaking improved through the Ghana Business Regulatory 0.00 14-Apr-2024 0.00 15-Apr-2024 Allocated Reform Portal 0.00 0.00 Amount (Percentage) Total Allocation:600,000.00 44 Limited Partnership Value No Act approved (Yes/No) Allocated No 14-Apr-2024 No 15-Apr-2024 Total 0.00 0.00 Allocation:1,000,000.00 Amount Page 22