The Ministry of Finance (MoF) has received financing from the World Bank towards the cost of the preparation of the Development Finance Project (the Project), which supports the establishment of the Development Bank, Ghana (DBG), including the design of its operational policies and procedures. The establishment of the DBG is being led by a Working Group, to be disbanded after the Board of the DBG is constituted.
The DBG will be a new wholesale development finance institution with the mandate to support economic transformation in Ghana by increasing the availability of credit, particularly for SMEs. It will focus on manufacturing, agriculture, and high-growth services, working with existing financial institutions – banks, specialized deposit-taking institutions, and non-bank financial institutions (jointly participating financial institutions [PFIs]). The DBG will provide lines of credit to PFIs. It is also expected to offer partial credit guarantees (PCGs) to PFIs to mitigate their risk of lending to certain borrowers and market segments (SMEs, women, and first time borrowers). Moreover, the DBG is expected to sponsor a digital financing platform which would offer factoring/reverse factoring, e-invoicing services, and other non-financial services to SMEs .
The design features of the DBG are in line with international best practices and aim to ensure adequate corporate governance and oversight. The DBG has been registered as a limited liability company, with Ministry of Finance as it sole shareholder. Other shareholders are expected to join in due course. As a limited liability company, the DBG will be required to comply with transparency and disclosure requirements prescribed by the Companies Act 2019. The DBG will also be regulated and supervised by Bank of Ghana (BoG) under the new DFI Act passed by Parliament in August 2020. Therefore, the DBG will be subject to prudential standards similar to those that apply to commercial banks. Finally, the DBG will have independent Board and professional senior management competitively recruited with the assistance of a credible search firm. In addition, members of the Board and senior management will subject to ‘fit and proper’ test by BoG. The selection of the inaugural Board and senior management is ongoing.
In an increasingly competitive and fast-paced environment, appropriate and easily accessible information provides critical support to development finance institutions (DFIs) in the decision-making process and day-to-day operations. In this regard, a framework to effectively and efficiently manage data and disseminate information throughout an organization provides a strong foundation for well-run DFIs.
Principally, such a framework should support a high level of assurance regarding data quality that would facilitate data mining, analysis and reporting by DFIs for the purposes of risk management and conduct of significant business activities. Management Information Systems and Procedures should interface and support budgeting modules, cost accounting, loan status reports with analysis of performing and nonperforming loans and aging data, etc.
Fundamentally, the framework ensures there are reliable and adequate management information systems that cover the full range of the DBG’s activities. The guiding principles to the technical requirements are underpinned by the six principles outlined.
The Data Management and MIS system will form an integral part of DBG operations providing the interrelation between PFI’s lodging funding applications to DBG, approvals, reporting, and monitoring on loans in an automated manner.
The objective of the assignment is to identify and develop technical specifications for the core banking applications, associated IT/data infrastructure, and management information systems for the DBG to operate efficiently.
The detailed Terms of Reference (TOR) for the assignment can be found at the following website:
The Ministry of Finance now invites eligible individual consultants (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services by submitting the most current CV. The short-listing criteria from the CV are
- Minimum of a Bachelor Degree in Computer Science or in related field, and recognized relevant IT Industry certification.
- Proven track record with references to delivering at least three large scale and publicly known Digital Transformation Programs for Financial Institutions
- Experience in delivering published Request for Bids (RFB) write up for large projects with reference publications.
- Experience in the Governance, Risk, Compliance and Operational considerations and obligations of financial institutions.
- Minimum of 15 years’ experience in IT industry, with hands on project implementation experience at executive level; with at least minimum of 10 years of experience in managing and implementing large scale MIS solutions.
- Experience in leading a Digital Transformation and IT / Data Centre projects in Ghana and internationally.
- Experience in Automation of IT processes and tooling as well as with Virtualization and Containerization solution.
- Experience in assisting Financial institutions achieve compliance with BoG Cyber Security Directives, ISO 27001 certification and PCI-DSS compliance.
- Experience in Data Governance, Data Analytics and Data Life-Cycle Management
- Experience in the Data Centre architecture, design and implementation of a national Wide Area Network (WAN), Firewalls, Routers, Switches, Network Admission Control (NAC), Intrusion Detention and Prevention (IDPS), Data Centre solution and software Defined Networking (SDN) including the automation of these components.
The attention of interested Consultants is drawn to Section III, paragraphs, 3.14, 3.16, and 3.17 of the World Bank’s “Procurement Regulations for IPF Borrowers” July 2016 revised November 2017 and August 2018. Setting forth the World Bank’s policy on conflict of interest.
Consultants may associate with other firms to enhance their qualifications, but should indicate clearly whether the association is in the form of a joint venture and/or a sub-consultancy. In the case of a joint venture, all the partners in the joint venture shall be jointly and severally liable for the entire contract, if selected.
A Consultant will be selected in accordance with Individual Selection Method set out in the Procurement Regulations
Expressions of interest which must bear the title “Development of Technical Specifications of the Management Information System for the Development Bank Ghana” must be delivered in a written form to the address below (in person or by mail, or by e-mail) by 5:00pm GMT on November 2nd, 2020
Further information can be obtained at the address below during office hours from 8:30 am to 4:30 pm, local time or through GDFP@mofep.gov.gh
Address – For Submission of Expressions of Interest:
Ministry of Finance,
28th February Road,
Finance Drive,
P.O. Box MB 40
Accra-Ghana
New Block, Room 119
Attention: Project Coordinator,
Financial Sector Division (FSD)
Telephone Number +233(0)240-956-958
Online submission:GDFP@mofep.gov.gh