The World Bank is providing funding support to the Government of Ghana (GOG) for the implementation of the Ghana Economic Transformation Project. The overall development objective of the Project is to promote private investments and firm growth in non-resource-based sectors. The guiding principle of the Project is to promote and strengthen a growth model that is conducive to economic transformation, to achieve higher rates of investment and productivity growth across the economy, especially in non-resource-based sectors. The Project has four components, as follows:
Enabling investments: This Component will focus on improving the enabling business environment, investment attraction capacity, and the quality infrastructure support system for companies that want to invest and grow their businesses in Ghana.
Crowding-in investments: Promoting spatial and industrial planning and development: This Component will focus on enhancing the Government's programs in investment promotion and spatial development (including Special Economic Zones), thereby addressing the constraint of access to quality industrial land in the country.
Accelerating Entrepreneurship and Micro Small and Medium Enterprise (MSME) growth: This Component will support entrepreneurship and MSME growth in non-resource-based sectors, addressing specifically the limited development of the MSME and entrepreneurship support ecosystem, including early stage financing.
Project Management and Evaluation: This Component will finance project management activities including fiduciary responsibilities, procurement, safeguards, communication and dissemination, as well as monitoring and evaluation of project implementation and its impact. This will include capacity building for the Project Coordination Unit (PCU), the Economic Transformation Unit within, and the Resource Mobilization and Economic Relations Division (RMERD) of the Ministry of Finance (MOF).
Independent Verification Regime
The GETP provides for some disbursements that are linked to the achievement of particular milestones. Such disbursement-linked indicators (DLIs) are tangible, transparent, and verifiable. They provide the implementing agencies incentives to achieve key program milestones and improve performance. Each DLI has been defined and agreed upon by Government in consultation with the World Bank and has a verification protocol that sets out how it will be measured and verified. Disbursements are specified for each DLI and will be made according to DLIs achieved.
DLIs financed under the GET project will support the implementation of programs, institutional reforms, and legal and regulatory reforms led by the different Technical Implementing Agencies (TIAs) of the Project. To ensure transparency, the verification of completion of the indicators will be done by a third-party independent verification agent (IVA) and will include coverage of the different subject areas relevant to the DLIs. The IVA may enlist relevant technical subcontractors as needed to confirm verification and work with the Bank's fiduciary team members to verify expenditures' eligibility.
OBJECTIVES OF THE ASSIGNMENT
The IVA is expected to conduct transparent and impartial periodic independent verifications of achievement of the DLIs with associated targets and milestones throughout the five-year duration of the GETP.