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Request for Expressions of Interest - Ghana Development Finance Project(GH-GDFP-281777-CS-QCBS)

The Ministry of Finance (MoF) has received funding from the World Bank toward the cost of the Ghana Development Finance Project (the Project), and it intends to apply part of the proceeds for consulting services.

The objective of the Project is to support the establishment of a financially sustainable development bank – the Development Bank, Ghana (DBG) – to increase access to finance, in particular long-term finance, for viable MSMEs and small corporates. Women-owned/led SMEs (WSMEs) will be particularly targeted by the Project. In addition, the Project will provide technical assistance to participating financial institutions (PFIs) that are interested in expanding their lending to target enterprises, particularly SMEs and WSMEs.

The DBG was established in 2020 as a limited liability company and is licensed by Bank of Ghana under the Development Finance Institutions Act, 2020(Act 1032). It has sound corporate governance, including a seven-member independent board and professional management.

The DBG provides wholesale financing/lines of credit and Partial Credit Guarantees (PCGs) to eligible PFIs and is developing a digital financing platform to offer financial and non-financial services to MSMEs. The DBG reaches creditworthy MSMEs and small corporates through PFIs. DBG’s interventions focus on agribusiness, manufacturing, and high value services.

The DBG is recruiting a consulting firm to: (i) design a monitoring, evaluation, and learning (MEL) system to enable the DBG to report on its development impact; (ii) support the initial implementation of the MEL systems; and (iii) build staff capacity

The Consulting Services (“the Services”) includes establishment of a strong MEL framework and system to enable DBG to track and report on its financial and operational performance, development impact, and to learn from its operations. The framework and system will also enable the DBG to generate and track specific results indicators agreed with its financiers, including the World Bank. Moreover, the framework will be used to support planning and resource allocation at various levels of decision making and provide a feedback loop in the evaluation of DBG’s programs and mandates.

The development of the framework and system should consider the scope of DBG’s interventions, including financing and non-financing products at PFI and end-borrower level (MSMEs and small corporates), as well as DBG’s interaction with the overall lending ecosystem.

The Scope of services shall include:

  •  Review DBG’s strategies and policies, sectors and areas of operation, development mandate, financiers’ project appraisal documents (PADs) and associated M&E frameworks, as well as international best practices in MEL by development banks.
  •  Propose other indicators (beyond those adopted in PADs) that DBG can use to measure its development impact;
  •  Design a comprehensive MEL system that: (i) includes a well-articulated theory of change that clearly defines and connects activities and outputs with expected outcomes and impacts, based on sound assumptions; (ii) outlines the M&E methodology and tools to be applied at various levels of the results chain, including the definition of variables and underlying model; (iii) details the data requirements as well as the process that needs to be established in collecting the required data; and (iv) outlines detailed MEL reports to be produced for different units or areas of the DBG;
  • Gather baseline data for all the proposed indicators and establish processes for their subsequent update;
  • Propose rigorous and cost-effective impact evaluations that DBG can conduct and the associated tools and methodologies, including the necessary technical requirements (data, expertise, etc.) and strategic partnerships for their completion; clearly specify the development impact questions that such evaluations would help to answer;
  • Propose an organizational structure for the implementation of the MEL system, including the institutional roles and responsibilities, required human and financial resources, etc;
  • Develop a manual that outlines how the M&E systems will operationalized, including but not limited to how indicators are to be collected, updated, rated, and standardized across various sectors.
  • Develop training materials to support DBG staff in the use of the MEL system and train selected staff on the MEL and its implementation;
  • Create an M&E dashboard and recommend ways to automate the M&E system and integrate it with DBG’s management information systems;
  • Provide implementation support over a period of 5 calendar months for an effective resource of four (4) man months in total during the one-year period. During this period, test the MEL system developed and prepare (jointly with DBG staff) a standardized MEL report and the first MEL report

The detailed Terms of Reference (TOR) for the assignment can be obtained from, or the address below.

The Ministry of Finance (MoF) now invites eligible Consulting Firms (“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.

The Selection Criteria are:

  •  Minimum of 10 years of experience in the design and implementation of MEL frameworks, databases, and systems development.
  • Proven track record in completing similar projects for financial sector clients.
  • Experience in producing evaluation studies, preferably on access to financial services.

Key Experts will not be evaluated at the shortlisting stage.

The attention of interested Consultants is drawn to Section VII, paragraphs, 7.36 and 7.37 of the World Bank’s “Procurement Regulations for IPF Borrowers” July 2016 (“Procurement Regulations”), revised November 2017, August 2018 and November 2020.

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 Quality and Cost Based Selection(QCBS) Method set out in the Procurement Regulations

Further information can be obtained at the address below during office hours from 0900 hours to 1600 hours GMT or through

Expressions of Interest must be delivered in a written form to the address below (in person, by mail or by e-mail) by 1600 hours GMT on October 28, 2022 to the address below. Envelopes must be marked “EXPRESSION OF INTEREST FOR FIRM TO DESIGN A SYSTEM TO MONITOR, EVALUATE, AND REPORT ON THE DEVELOPMENT IMPACT OF THE DBG, SUPPORT INITIAL IMPLEMENTATION, AND TRAIN STAFF CAPACITY.”

Address – For Submission of Expressions of Interest:

Ministry of Finance
28th February Road
Finance Drive
P.O. Box MB 40
New Block, 1st Floor, Room 112
Attention: Project Coordinator
Ghana Development Finance Project(GDFP)
Financial Sector Division (FSD)
Telephone No. +233-20 8118111
Online submission:

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you are kindly directed to e-mail your correspondence to the address below: