The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Ghana Economic Transformation Project (P166539) AFRICA | Ghana | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2020 | Seq No: 1 | ARCHIVED on 13-Nov-2019 | ISR38975 | Implementing Agencies: Ghana Investment Promotion Center, Ministry of Trade and Industri, Ministry of Business Development, Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 02-Jul-2019 Effectiveness Date: -- Planned Mid Term Review Date: 15-Jul-2022 Actual Mid-Term Review Date: 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 $35.00 M) Crowding-in investments: Promoting spatial and industrial planning and development:(Cost $79.00 M) Accelerating entrepreneurship and MSME growth:(Cost $80.00 M) Project management and evaluation:(Cost $6.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- ►Satisfactory Overall Implementation Progress (IP) -- ►Satisfactory Overall Risk Rating -- ►Substantial Implementation Status and Key Decisions This project was approved by the World Bank Board on July 2, 2019. The project is currently going through the process of approvals within the government of Ghana, which includes Cabinet and Parliament, which is expected to be concluded by November. In parallel, the Government of Ghana is working towards meeting the conditions 11/13/2019 Page 1 of 7 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) for project effectiveness, including the hiring of key personnel for the Project Coordination Unit (Project Coordinator, component specialists), as well as drafting of the Project Implementation Manual. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance ►Moderate -- ►Moderate Macroeconomic ►Substantial -- ►Substantial Sector Strategies and Policies ►Moderate -- ►Moderate Technical Design of Project or Program ►Substantial -- ►Substantial Institutional Capacity for Implementation and Sustainability ►Substantial -- ►Substantial Fiduciary ►Substantial -- ►Substantial Environment and Social ►Moderate -- ►Moderate Stakeholders ►Moderate -- ►Moderate Other -- -- -- Overall ►Substantial -- ►Substantial Results PDO Indicators by Objectives / Outcomes Enabling investments IN00756790 ►Improvement in the overall business enabling environment as measured by the Doing Business Ease of Doing Business Score (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 59.22 -- 60.00 70.00 Date 06-Jun-2019 -- 29-Oct-2019 06-Sep-2025 This indicator will track the aggregate Doing Business Score (Ease of Doing Business score) for Ghana over the lifetime of Comments: the project. Cross-cutting IN00756816 11/13/2019 Page 2 of 7 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) ►Private sector investments leveraged through project activities (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 20,000,000.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 This indicator tracks private investments leveraged through project activities, including investments realized to develop Comments: SEZ and early-stage or risk financing for SMEs and start-ups supported by the project, in non-resource sectors. Accelerating Entrepreneurship and MSME growth IN00756817 ►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 -- 0.00 15.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 This indicator will measure the increase over and above the average increase in the value of sales registered by a sample among beneficiary SMEs with attribution to Component 3b. The project will do a small annual sampling to calculate the average value of sales in the absence of the project by working with the Statistics Bureau to obtain data from a sample of Comments: comparable firms. Since the indicator will be averaged across SME beneficiaries, the time element of firm growth will be averaged over the lifetime of the project. The component expects to support an additional 15% increase in gross sales for beneficiary SMEs at the end of the project. IN00756818 ►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 15.00 Intermediate Results Indicators by Components Enabling Investments IN00756822 ►Improvement in investor perception of GIPC performance (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 15.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 Comments: This indicator will be based on a GIPC survey of investor perception. Baseline will be measured at project effectiveness. IN00756825 ►Increase in number of QI services delivered (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 11/13/2019 Page 3 of 7 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value 0.00 -- 0.00 100.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 Comments: This indicator will track the number of QI services delivered by Ghana Standards Authority. Crowding-in investments: Promoting spatial and industrial planning and development IN00756819 ►Viability Gap Fund established (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- No Yes Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 Technical and operational components of the Viability Gap Fund established including both public and private Comments: participation. IN00756823 ►Number of infrastructure subprojects implemented under Viability Gap Fund (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 10.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 The number of infrastructure investments financed by the Viability Gap Fund to provide critical last-mile infrastructure for Comments: SEZs. Accelerating Entrepreneurship and MSME growth IN00756820 ►Number of SMEs benefitting from capacity upgrading support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 300.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 The number of SMEs that receive assistance from the support financed under Component 3b (MarketConnect and Comments: Entrepreneurship Hub Ecosystem). IN00756824 ►Of which women-owned (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 120.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 IN00756826 ►Number of SMEs and entrepreneurs receiving financial support (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 11/13/2019 Page 4 of 7 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Value 0.00 -- 0.00 150.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 The number of entrepreneurs and SMEs that receive financial assistance from the SME support funds under Components Comments: 3b and 3c. IN00756827 ►Of which women-owned (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 60.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 Cross-cutting IN00756821 ►Number of direct jobs created by the project (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 1,000.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 This indicator measures the direct number of jobs created by the project, including additional jobs created amongst Comments: beneficiaries of the MarketConnect program (Component 3b) and employees of companies which set up operations in any of the SEZs supported by the project (Component 2). IN00756828 ►Of which women (Number, Custom Supplement) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 400.00 IN00756829 ►Beneficiaries satisfied with quality of services provided by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 75.00 Date 06-Jun-2019 -- 23-Oct-2019 06-Sep-2025 Satisfaction amongst direct project beneficiaries based on a beneficiary survey. This survey will include staff of the government organizations supported under all project components, the SMEs and entrepreneurs supported under component 3, potential SEZ investors and developers under component 2, and communities where SEZ infrastructure projects are developed and supported by the project through Component 2. To close the gap on the feedback provided, this Comments: survey will cover the same group of beneficiaries year on year to ensure that the feedback is being appropriately acted upon. Results from these surveys will be discussed between The World Bank and the PCU and other implementing agencies at least on an annual basis, to ensure the analysis of the data collected is being used to adjust project implementation as needed. 11/13/2019 Page 5 of 7 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed Not P166539 IDA-64650 USD 200.00 200.00 0.00 0.00 198.61 0% Effective Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P166539 IDA-64650 02-Jul-2019 -- -- 30-Nov-2025 30-Nov-2025 Effective Cumulative Disbursements 11/13/2019 Page 6 of 7 The World Bank Implementation Status & Results Report Ghana Economic Transformation Project (P166539) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 11/13/2019 Page 7 of 7