ghana public private partnership (ppp)...
TRANSCRIPT
- c:::::J - c:::::J c:=- - c::::J - - c:::J - c::JI c::t Cl -
GHANA PUBLIC PRIVATE PARTNERSHIP (PPP) PROJECT
OTB169 Odum, Near Kataban House, Phone: 03220-24.9.14, P. 0. BoxAH-8549, Kumasi. e-mail:[email protected]
(PROJECT ID:P125595_CREDIT NO.IDA50970)
MINISTRY OF FINANCE, GHANA
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
318T DECEMBER, 2015
ASAMOA BONSU & CO. (Chartered Accountants)
C758/3, AsylumDown, Near Gye Nyame Hotel,
Phone: 030222.47.83, P. 0. Box AN-7751,
Accra. e-mail:[email protected]
Pub
lic D
iscl
osur
e A
utho
rized
Pub
lic D
iscl
osur
e A
utho
rized
Pub
lic D
iscl
osur
e A
utho
rized
Pub
lic D
iscl
osur
e A
utho
rized
r:=I ......, - - - - - cm - cm - - -•samo• bonsu + co chartered •cc ount•nts p . o. box ks •n 7751, eccre
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IOA LOAN NO. 50970GH INDEPENDENT AUDITORS' REPORT TO THE BOARD OF INTERNATIONAL OEVELOPMET FUND (IOA)
FOR THE YEAR/PERIOD ENDED 31DECEMBER, 2015 ON THE GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP)
We have audited the Financial Statements of the Ghana Public Private Partnership Project for the year ended 31st December, 2015 on pages 3-15 which have been prepared under the historical cost convention but modified in appropriate areas by the International Public Sector Accounting Standards (IPSAS) on the basis of the accounting policies set out on page 10-17.
Respective responsibilities of Project Co-ordinating Unit (PCU) and Auditors
The Project Co-ordinating Unit (PCU) is responsible for the preparation of Financial Statements. It is our responsibility as auditors to form an independent opinion, based on our audit, on these statements and to report our opinion to you.
Basis of Opinion
We conducted our audit in accordance with International Standards on Auditing. An audit includes examination on a test basis, of evidence relevant to the amounts and disclosures in the Financial Statements.
It also includes an assessment of the significant estimates and judgements made by the PCU in the preparation of the Financial Statements, and of whether the accounting policies are appropriate to the PCU's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to given reasonable assurance that the Financial Statements are free from material misstatements whether caused by fraud, other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the Financial Statements.
Opinion
In our opinion, the Financial Statements audited by us which are in agreement with the books of account in all material respects and do not conform with International Public Sector Accounting Standards {IPSAS), give a true and fair view of the Financial Position and the Receipts and Expenditure of the Ghana Public Private Partnership Project for the year ended 31st December, 2015.
Additionally, in our opinion:
a. All IDA funds have been used in accordance with the conditions of the IDA Loan agreement, with due attention to economy and efficiency and only for the purpose for which the fund was provided.
b. Goods and services financed have been procured in accordance with the IDA Loan Agreement and in accordance with the IDA's rules and procedures
c. All necessary supporting documents, records and accounts have been kept in respect of all Project activities. Clear linkages exist between the books of accounts and the Financial Statements presented to the IDA as well as level of disbursement and physical completion state
FINANCIAL STATEMENTS · 2015 GH ANA PU BLIC PRIV ATE PARTNERSHIP PRO.IECT 1
- CJ - - --•mo• bOnau + co c hartered ace.,..ntants p. o. boa ka an 7751 , accra
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
INDEPENDENT AUDITORS' REPORT TO THE BOARD OF INTERNATIONAL DEVELOPMET FUND (IDA) FOR THE YEAR/PERIOD ENDED 31 DECEMBER, 2015
ON THE GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) · CONTINUED
d. The Designated Accounts have been used and have been maintained in accordance with the provisions of the IDA Loan Agreement in accordance with IDA's rules and procedures;
e. The Financial Statements have been prepared in accordance with International Public Sector Accounting Standards (IPSAS) and give a true and fair view of the Financial Position of the Project as at 31st December, 2015 and of its Receipt and Expenditure for the year ended on that date.
f. We have carried out a comprehensive assessment of the adequacy and effectiveness of the Accounting and overall Internal Control System to monitor expenditures and other financial transactions and have ensured safe custody of the Project financed assets.
g. We have ascertained that the ledgers are maintained by the Project as required by IDA's Disbursement Handbook as well as a Fixed Assets Register.
clartered accountan~, 813 asy lum dow1
anyemi~scent ACCRA
~ - v-J-....... .................... 2016
G HANA PUBLIC PRIV ATE PARTNERSHIP PROJECT
osei yaw asamoa( ICAG/P/11 92)
flN ANCI AL STATEM EN TS · 2015
2
c:::J
rl - c:::J - -asamoa bonsu + co - - DI charteNd acc ountants
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
Cl
SUMMARY STATEMENT OF RECEIPTS AND EXPENDITURES FOR THE YEAR ENDED 31ST DECEMBER, 2015
CURRENT CUMULATIVE TOTALS
RECEIPTS 2015 2014 2015 2014 Disbursements from the IDA Loan 10,600,199 6,363,758 4,236,441 3,000,000 10,600,199 6,363,758
Transfer from IDA Designated Account
Government of Ghana Contribution
Interest Received 553 553 - - 553 553
Other Receipts 2,222 2,222 - 2,222 2,222 2,222
Exchange Gain 236 236 - 236 236
Exchange Loss
10,603,209 6,366,768 4,236,441 3,002,222 10,603,209 6,366,768
EXPENDITURES I. INVESTMENT COST
A. GOODS 153,295 100,292 53,003 12,667 153,295 100,292
B. CONSULTANTS' SERVICES 3,631 ,478 2,543,208 933,345 1,021 ,095 3,631,478 2,543,208
C. NON-CONSUL TIUNG SERVICES
D. TRAINING
a. Foreign 1,883,397 1,337,007 546,390 968,748 1,883,397 1,337,007
b. Local 1,517,404 657,202 860,202 604,386 1,517,404 657,202 E. OPERATION COSTS 1,214,504 803,035 411 ,469 343,982 1,214,504 803,035
8,400,078 5,440,745 2,804,408 2,950,877 8,400,078 5,440,745
RECEIPTS OVER EXPENDITURE 2,203,132 926,024 1,432,033 51 ,345 2,203,132 926,024
l'INANCIAL STATEME-NTS • 2015 GHANA PUBLIC PRIVATE- PARTNERSHIP PROJECT
-p. o. box ks an 7751, acer•
3
C3 -cm -asamoa bonsu + co
c::J -chartered a ccountant•
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
- - -DETAILED STATEMENT OF RECEIPTS AND EXPENDITURES FOR THE YEAR ENDED 31ST DECEMBER, 2015
STATEMENT OF FINANCIAL POSITION AS AT THE YEAR ENDED 31ST DECEMBER, 2014
NON-CURRENT ASSETS
PROPERTY, PLANT & EQUIPMENT
CURRENT ASSETS
Cash and Bank Balances
TOT AL ASSETS
DEDUCT: CURRENT LIABILITIES
Accrued Expenses
NET ASSETS
FINANCED BY
Long Term IDA Loan - IDA
Government of Ghana Fund
ACCUMULATED NON-CAPITAL EXPENDITURE
Total Ex penditure
Less Capitalised Expenditure
~O~U~L~~SJON JOSEPH 0 . CHOGNURU
PROJECT IMPLEMENTATION UNIT ACCRA')f>~ ;j..,.~
2016
GHANA PUBLIC PRIV ATE PARTN ERSHIP PROJECT
flN ANCIAL ST.ATEME.NTS - 2015
NOTES
2 a)
3
4
9 10
5
6
PROJEC
2015 2014
153,295 100,292
2,182,656 926,024
2,335,951 1,026,316
10,603,209 6,366,768
10,603,209 6,366,768
-10,603,209 6,366,768
8,245,153 5,440,745
153,295 100,292
8,091 ,858 5,340,453
2,335,951 1,026,316
KOFl ~GBO
PROJECT IMPLEMENTATION UNIT
c=i p . o. box ks an 7751, accra
4
- ~ c::J r::J CJ •••mo• bonsu + co chartered accountants
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
- - p. o. box ka an 7751, acer•
DETAILED STATEMENT OF RECEIPTS AND EXPENDITURES FOR THE YEAR ENDED 31ST DECEMBER, 2015
RECEIPTS
Cash and Bank Balance at 1st January Disbursements from the IDA Loan Transfer from IDA Designated Account Government of Ghana Contribution Interest Received Other Receipts Exchange Gain Exchange Loss
EXPENDITURES I. INVESTMENT COST A. GOODS Equipment Furniture Computer and Accessories Computer Accounting Software
B. CONSULT ANTS' SERVICES RoadsMRH Water Law MOT Others NSC
E. OPERATION COSTS Project Consultants
C. NON-CONSUL TIUNG SERVICES
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT
CATEGORY
A(1) A(2) A(3) A(4)
8(1) 8(2) B(3) 8(4) 8(5)
E(2)
IDADESIGN. DOLLAR
US$ 2015
-4,236,441
4,236,441
53,003
53,003
47,015 638,547 151,564 96,219
933,345
154,925 154,925
1,088, 270
FINANCIAL STATEMENTS· 2015
IDADESIGN. DOLLAR
US$ FOREX 2014
-3,000,000
2,2.22
3,002,222
12,667
12,667
493,140
37,628 490,327
1,021 ,095
279,1 09 279,109
1,300,203
IDADESIGN. DOLLAR US$EQ
2012/2013
-3,363,758
553
236
3,364,547
42,893 13,894 22,558
8,280 87,625
-167,717
--
91 ,616
259,333
439,701 439,701
699,034
2015 2014 CUM. TOTAL CUM. TOTAL
us$ us$
10,600, 199 6,363, 758
553 2,222
236
10,603,209
42,893 26,561 75,560 8,280
153,295
493,140 368,436 84,643
1,128,873 488,650
96,219 2,659,960
971,518 971,518
3,631 ,478
553 2,222
236
6,366,768
42,893 26,561 22,558 8280
100,292
493,140 368,436
37,628 490,327 337,085
1,726,616
816,593 816,593
2,543,208
5
I
••amoa bonsu + co ch•rt.,.d •ccount•.nts p. o. box ks •n 7751, •ccr•
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH IDADESIGN. IDADESIGN. IDADESIGN. 2015 2014
DOLLAR DOLLAR DOLLAR CUM. TOTAL CUM. TOTAL US$ US$ FOREX US$EQ US$ US$ 2015 2014 2012/2013
D. TRAINING a. Foreign Fees Da(1)a 300,101 7,600 87,705 405,106 105,005
Fees PIU Da(2)b 47,680 69,650 - 117,330 69,650
Fees BOG Da(3)c - 9,900 - 9,900 9,900
FeesMOJ Da(4) - 20,200 - 20,200 20,200
Fees LAW Da(5) - 167,813 - 167,813 167,813 Fees MOT Da(6) - 25,045 - 25,045 25,045
Fees ROADS Da{7) 6,250 30,100 - 36,350 30,100
Air Fares Da(8) 1,488 41 ,209 99,454 184,631 183,143
Air Fares ROAD Da(9) 3,713 47,497 - 51,210 47,497
Air Fares PIU Da(10) 80,434 25,446 - 105,880 25,446
Air Fares MOJ Da(11) 1,558 12,435 - 13,993 12,435
Air Fares LAW Da(12) - 47,583 - 47,583 47,583
Air Fares MOT Da(13) 6,133 82,884 - 89,017 82,884
Air Fares BOG Da(14) Air Fares MOJ Da(15) - 9,000 - 9,000 9,000
Air Fares MOJ Da(16) Per Diem Da(17) - 201 ,126 93,926 305,266 305,266
Per Diem MORH Da(18) 40,785 29,380 - 70,165 29,380 Per Diem MOJ Da(19) Per Diem MOT Da(20) 4,505 59,085 - 63,589 59,085
Per Diem BOG Da(21) - 5,445 - 5,445 5,445
Per Diem LAW Da(22) - 68,445 - 68,445 68,445
Per Diem Da(23) 48,725 - - 48,725 Per Diem Da(24) Visa Fees Da(25) 1,674 709 635 8,148 6,474
Insurance Da(26) - - 127 209 209 Internal Travelling Da(27) - - 114 882 882 Hotel Accommodation Da(28) 3,343 - 3,813 21,236 17,893 Communication Da(29) - - 31 31 31 Workshop Da(30) - 8,196 - 8,196 8,196
546,390 968,748 285,806 1,883,397 1,337,007
FINANCIAL STATEMENTS - 2015
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT •
- - c:J - -asamo. bonsu + c o eharte...i aee ount.,.ts p. o . box ks.., 7751, aeera
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH IDADESIGN. IDADESIGN. IDADESIGN. 2015 2014
DOLLAR DOLLAR DOLLAR CUM. TOTAL CUM. TOTAL US$ US$ FOREX US$EQ US$ US$ 2015 2014 2012/2013
b. Local Fees Db(1) 265,691 249,000 - 516,438 250,747
Fees PIU Db(2) Fees BOG Db(3) Fees MOJ Db(4) Fees LAW Db(5) Fees MOT Db(6) Fees ROADS Db(7) Air Fares Db(8) - 785 785 785 Air Fares PIU Db(9) Air Fares MOJ Db(10) Per Diem Db(11) 23,887 5,216 6,266 35,369 11,482 Per Diem Legislation Db(12) - 56,336 - 56,336 56,336 Per Diem MOTi Db(13) - 24,538 - 24,538 24,538 Per Diem PIU Db(14) - 18,202 - 18,202 18,202
Allowance Db(15) - - - 9,549 9,549
Insurance Db(16) Internal Travelling Db(17) 154,870 4,232 - 159,103 4,232 Hotel Accommodation Db(18) 361 ,132 25,658 - 386,790 25,658 Hotel Accommodation LAW Db(19) 9,085 2,271 - 11,356 2,271 Communication Db(20) Workshop Db(21) - 59,225 19,977 79,202 79,202 Workshop LAW Db(22) - 111,827 - 111,827 111,827 Workshop MOTi Db(23) - 4,127 - 4,127 4,127 Printing and Publication Db(24) 45,537 43,754 14,493 103,783 58,247
Db(25) 860,202 . 604,386 41 ,521 1,517,404 657,202
E. OPERATION COSTS Responsibility Allowance E(1) 7,603 14,342 12,492 39,087 31 ,484 Project Consultants E(2) - 279109 439,701 816,593 816,593
7,603 293,451 452,193 855,679 848,076
l'INANCIAL STAT~MENTS - 2015
GHANA PUBLIC PRIVATE PARTNERSHIP PRO.IECT 7
C3 c:::J -•samo• bonsu + co c,h•rt•,... .ccountents p . o. box ks •n 7751, 8CCr8
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
IDADESIGN. IDADESIGN. IDA DESIGN. 2015 2014 DOLLAR DOLLAR DOLLAR CUM. TOTAL CUM. TOTAL
US$ US$ FOREX US$EQ US$ US$ 2015 2014 2012/2013
Allowance E(1) - 14,342 12,492 31,484 31,484 Fuel and lubricants E(1)a 40,874 34,933 28,554 119,639 78,765 Advertisements E(2)b 54,741 18,787 36,843 191 ,695 136,954 Advertisements MRH E(3) Advertisements WATER E(4) Advertisements LAW E(5) - 121 - 121 121 Advertisements MOT E(6) Advertisements NSC E(7) - 2,843 - 2,843 2,843 Stationery and Supplies E(8) 20,365 18,970 3,806 43,380 23,016 Bank Charges E(9) 12,795 18, 112 6,693 40,686 27,891 Meetings/Seminars/Workshops E(10) 43,782 22,716 34,660 163,973 120,191 Meetings/Seminars/Workshops MRH E(11) - - 6,558 6,558 6,558 Meetings/Seminars/Workshops WATER E(12) Meetings/Seminars/Workshops LAW E(13) - 759 - 759 759 Meetings/Seminars/Workshops MOT E(14) - 2,601 12,329 14,930 14,930 Meetings/Seminars/Workshops NSC E(15) - 1,807 - 1,807 1,807 Evaluation E(16) - - 2,329 22,311 22,311 Evaluation MRH E(17) - - 2,134 2,134 2,134 Evaluation WATER E(18) Evaluation LAW E(19) Evaluation MOT E(20) - - 3,342 3,342 3,342 Evaluation NSC E(21) Meals E(22) 9,387 18,875 2,952 34,178 24,791 Repairs and Maintenance E(23) - 166 33 199 199 Communications E(24) - 1,310 4,407 5,717 5,717 Hotel Accommodation E(25) 90,755 18,298 38,861 150,234 59,479 Hotel Accommodation MRH E(26) - 12,758 - 12,758 12,758 Hotel Accommodation WATER E(27) Hotel Accommodation LAW E(28) 3,829 - 3,829 3,829 Hotel Accommodation MOT E(29) 2,556 12,102 - 14,658 12,102 Hotel Accommodation NSC E(30) - 1,356 - 1,356 1,356 Hotel Accommodation MOTi E(31) 14,170 1,284 - 15,454 1,284 Water E(32) - - 31 31 31 In-Country TravelsNisa Fees E(33) 101,872 91120 61 , 116 254,107 152,235 Totals Carried own 391,296 297,090 257,139 1,138,184 746,888
FINANCIAL STATEMENTS - 2015
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT 8
- c::J - -•aamoa bonsu + c .o ch8ftered ac:countanu p. o. box k a an 7751, acer•
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH IDADESIGN. IDADESIGN. IDADESIGN. 2015 2014
DOLLAR DOLLAR DOLLAR CUM. TOTAL CUM. TOTAL US$ US$ FOREX US$EQ US$ us$ 2015 2014 2012/2013
Totals Brought Down 391,296 297,090 257,139 1, 138, 184 746,888 In-Country Travels MRH E(33)a In-Country Travels WATER E(33)b In-Country Travels LAW E(33)c - 26,645 - 26,645 26,645 In-Country Travels MOT E(33)d 12,518 12,976 25,494 12,976 In-Country Travels NSC. E(33)e - 4,395 - 4,395 4,395
Cleaning E(34) - - 1,374 1,374 1,374 Vehicle Operating and Maintenance E(35) 1,553 701 - 2,254 701 EquipmenVOffice Operation and Manager E(36) - - 4,549 4,549 4,549
Exchange Difference E(37) Audit E(38) 5,952 2,024 3,331 11 ,308 5,356
Transfer to IDA Cedi Account E(39) Transfer to IDA Cedi Force Account E(40) Petty Cash E(41) Visa Fees E(42) 150 150 - 300 150
411 ,469 343,982 266,393 1,214,504 803,035
2,812,011 3,244,328 1,392,870 8,245,153 5,440,745
Cash and Bank at 31st December 21187,440 {2271764} 988,068 2,358,057 926,024 4,999,452 3,016,564 2,380,938 10,603,209 6,366,768
PINANCIAL STATEMENTS· 2015
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT 9
- - - Cl CJ - Cl c:::J •••moa bons u + co charte red ac:c:ounta nta p . o. box ks an 7751 , ac:c:r•
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015
1. ACCOUNTING POLICIES a) Presentation of Financial Statements
The Financial Statements are presented in line with IPSAS as amended by the applicable notes stated hereunder as they may be applicable.
b) Currency of Presentation of Financial Statements Level Approximattlon The Financial Statements and Statement of Receipts and Expenditures which shows how the receipts for the year have been utilised is denominated in the United States Dollars. All amounts are stated to the bearest US Dollar.
c) Cost Convention Modified by International Public Sector Accounting System.
The Financial Statements have been prepared under the historical cost convention in US Dollars or as amended by conversions into US Dollars from the currency of original transaction and are in accordance with applicable International Public Sector Accounting Standards. All activities included in these Financial Statements are continuing.
d) Accrual Concept or Cash Basis A modified accrual concept has been adopted in the following manner. For Services or Consultancies, full accrual is made in the Financial Statements when there is every obligation that the amount is or will definitely be due or were actually due by the end of the year. For others, they are on actual cash basis. Fund deposits for goods are treated on cash basis whether the goods have been fully or partly supplied except where the full cost is known and there is an unpaid balance at the end of the reporting period. For Audit Fees, where the service is contracted after the reporting period, there was no contract in the reporting period and therefore the Audit Fee is accrued in the year the service was contracted; where the contract had existed before the year end or the end of the reporting period, the Audit Fee becomes and obligation and is therefore accrued.
e) Plant and Equipment (Fixed Assets) All Plant and Equipment (Fixed Assets) acquired under the IDA Loan No. 50970GH have been stated at the actual payments during the year as against the actual contractual cost of purchase. The actual contractual cost of purchase is fully incorporated when all the contractual obligations are met and all payments obligations are made. Unpaid amounts are stated under Contingencies in consonance with IPSAS.
f) Depreciation No depreciation has been charged in the Financial Statements, against the principles of IPSAS. However, for consistency with the Project Financial Statements and in line with the GOG's Basis for preparation of Financial Statement, depreciation has not been charged but should be charged based on a policy yet to be adopted by the Project.
FINANCIAL STATEM ENTS· 2015 GHANA PUBLIC PRIVAT E PARTNERSHIP PRO.JECT 10
- CJ CJ cm cm -as•mo• bonau + co c h•rte,.d account•nta p. o. box k• •n 7751, •ccr•
g) Foreign Currency Transactions
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
The IDA Loan, is denominated in SOR. However the unit of currency forming the basis of Withdrawal Applications, Direct Payments or Drawings/Replenishment into the Designated Account. is in US Dollars. Direct payments in the Euro, the Japanese Yen or the British Pound are also converted into US$ after obtaining the SOR component and its equivalent in US$ from IDA. The expenditure in Ghana Cedis are denominated both in US Dollars or Ghana Cedi in the currency of the contract payment terms. The Financial Statements have been translated into US Dollars at rates rul ing on the dates of receipt of the Withdrawal Application. Fund balances in Ghana Cedis are translated at rates ruling on Financial Position dates.
h) Inventories (Stocks) All stock items existing at the end of the year are valued at cost or net realisable value whichever is lower. Like the note on Depreciation, no write-offs has been done to reduce or amortise the cost. The inventories are therefore carried at cost or the carrying value is based on cost as stated in the Note under Accrual Concept or Cash Basis Note.
I) Accumulated Non.Capital Expenditure All Non-Capital Asset Items, i.e. services such as Training, Consultancies, Goods and direcvtly related costs and Project Operating Costs are shown in the Financial Statements under "Accumulated Non-Capital Expenditure".
I) Project Commencement The Project commenced on November 22, 2012 upon the signing of the IDA Loan Agreement and it became effective November 26, 2012
Disbursements from the IDA Loan started with Withdrawal Application 1 with value Date of November 10, 2011 for US$300,000.00 received on April 03, 2013.
There has been no GOG's contribution towards the Project since the start of the Project. GOG contributions have rather been in kind which have not been valued.
2 a) PLANT AND EQUIPMENT. !FIXED ASSETS) These have been shown in the Financial Statements as follows:
Furniture Computer Accessories Motor Vehicle Computer/Accounting Software Office Equipment TOTAL
2.b) PLANT AND EQUIPMENT. !FIXED ASSETS) REGISTER
Balance 31-Dec-15
US$
26,561 75,560
8,280 42,893
153,295
Addition In 2014 31-Dec-14
US$
26,561 22,558
8,280 42,893
100,292
Attached is the Schedule of Fixed Assets acquired with dates, costs and locations. The costs are stated in exactly the currency of purchase for which 'no objection' was sought from IDA. Any attempt to convert them into Us, using the estimated closing rate of the various currencies will give results different from the original SOR equivalent and those figures in the Financial Statements.
FINANCIAL STATEMENTS - 2015
GHANA PUBL.IC PRIVATE PA.RTNERSHIP PROJECT 11
Cl aumoa bonau + co
cm
3 CASH AND BANK BALANCES These consist of: IDA Designated Account US$
IDA Sub-Designated Account US$ Forex IDA Cedi Account Office Petty Cash
4 ACCRUED EXPENSES
rt Cl chartffed accountants
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
These representing professional fees in respect of audit for the year 2014 conducted in 2015 as follows: Year 2014 2015
5 ACCUMULATED NON-CAPITAL EXPENDITURE 6 INVESTMENTS
A. GOODS
B. CONSULTANTS' SERVICES
C. NON-CONSUL TI UNG SERVICES
0 . TRAINING
E. OPERATION COSTS
7 OPEBATING EXPENSES Allowance Fuel and Lubricants Advertisements Advertisements LAW Advertisements NSC Stationery and Supplies Bank Charges Meetings/Seminars/Workshops Meetings/SeminarsM/orkshops MRH Meetings/SeminarsM/orkshops LAW Meetings/SeminarsM/orkshops MOT Meetings/Seminars/Workshops NSC Evaluation Evaluation MRH Evaluation MOT
a. Foreign b. Local
40,874 54,741
20,365 12,795 43,782
14,342 34,933 18,787
121 2,843
18,970 18,112 22,716
759 2,601 1,807
- -2015 2014 USS USS
2,141,886 865,725 34,324 24,079 6,434 36,209
11 11 2,182,656 926,02.4
2015 2014
2015 201• USS USS
153,295 100,292 3,631 ,478 2,543,208
-1,883,397 1,337,007 1,517,404 657,202 1,214,504 803,035 8,400,078 5,440,745
12,492 31 ,484 28,554 119,639 36,843 191 ,695
121 2,843
3,806 43,380 6,693 40,686
34,660 163,973 6,558 6,558
759 12,329 14,930
1,807 2,329 22,311 2,134 2,134 3,342 3,342
Meals 9,387 18,~75 2,952 34,178 Totals Ca"ied Down 181,943 154,867 _152,691 679,841
FINANCIAL STATEMENTS · 2015
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT
c-. p. o. box ks an 7751, accra
12
c::J rJ - - -• • •mo• bonau + co
Totals Brought Down Repairs and Maintenance Communications Hotel Accommodation Hotel Accommodation MRH Hotel Accommodation LAW Hotel Accommodation MOT Hotel Accommodation NSC Hotel Accommodation MOTi Water In-Country TravelsNisa Fees In-Country Travels LAW In-Country Travels MOT In-Country Travels NSC. Cleaning Vehicle Operating and Maintenance
- - -c hartered acco untant•
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP)
PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
181,943 154,867 - 166
- 1,31 0 90,755 18,298
- 12,758
- 3,829 2,556 12,102
- 1,356 14,170 1,284
101,872 91 ,120
- 26,645 12,518 12,976
- 4,395
1,553 701
EquipmenVOffice Operation and Managerial Support Audit 5,952 2,024
Visa Fees 150 150 411 ,469 343,982
FINANCIAL STATEMENTS· 2015
GHANA PUBLIC PRIVAT E PARTNERSHIP PROJEC T
152,691 33
4,407 38,861
31 61, 116
1,374
4,549 3,331
266,393
- c::::J
679,841 199
5,717 150,234 12,758
3,829 14,658
1,356 15,454
31 254,107
26,645 25,494 4 ,395 1,374 2,254 4,549
11 ,308 300
1,214,504
p. o . box ks an 7751, acer•
13
- - - - CJ R9 - - c:J " c-1 asamo• bon,su + co chartered accountants p. o. box lls an 7751, accra
8 CONTINGENT LIABILITY
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
These were contracts awarded for which part-payments were made leaving the stated outstandings. These outstanding balances will be due for payment in 2016 when the terms of the contract are met. Howevger bills submitted for completed certified portions of the and unpaid are included contract in the Financial Statements as part of the category of expenditure it relatse and as an accrual.
Contract Description Transaction Advisory Services For
Pavee Contract Date Date of Contract
a. Asutuare Bulk Water Supply DBFOT Assignment
b.
The Development of Boankra Inland Port and Eastern Railway Line PPP Project.
c. The Establishment of a National Airline d. Preparation of the Pre-Feasibility
Analysis Report (PFAR) for the Accra Tdi Road Dualisation
e. Consulting Services for the Creation of Visibility Gap Scheme
f. Transaction Advisory Serv. for Dev.of Sport & Res./Camping Facilities at National Sports College, Winneba
Feasibilty Studies for Public Private g. Participation (PPP) & Transactional
Advisory Services for the Port of Tdi
h. Transaction Advisory Service for Office Accommodation Complex on a Public Private Partnership
I. Project Co-ordinator J. Financial Management Specialist k. Communication Expert I. Consulting Services for V. G. S.
Corpcomm Ghana Limited m. Communication Specialist n. Review Consultant
Mr. Isaac Oware Aboagye Mr. Emile William Kofi Agbo Corpcom Ghana Limited
Gajendra Haldea
30-May-13
30-Apr-15
10-Jul-14
20-Aug-14
17-Dec-13
18-Dec-14
27-Mar-15
25-Mar-15
29-0ct-15
01-Jul-12 11-Dec-12 26-Nov-13 18-Dec-14
26-Nov-13 16-Dec-14
This further analysed as follows in respect periods/years of expected payments. Year
2014 2015 2016
9 LONG TERM LOAN - IDA
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT
2016
FINANCIAL STATl!Ml!NTS • 2015
28-Feb-16
28-Feb-16
09-Jul-16
20-Sep-15
17-Dec-14
17-Dec-15
25-May-17
25-May-17
29-Jun-17
31-Jul-15 31-Dec-15 30-Jun-15 17-0ct-15
30-Jun-15 16-Apr-15
2014
Full Contract
USS 557,377
2,416,906
989,913
493,140
275,573
1,070,161
2,387,219
1,062,335
229,200 206,200
70,300 275,573
70,300 65,550
10,169,747
2015
7 &_9]-'255 7,698,255
2013
Amt. Paid
US$ 167,213
193,353
296,974
493,140
78,903
67,613
568,844
169,200 151,200 70,300 78,903
70,300 65,550
2,471,492
2014
2012
Cont Amt
USS 390,164
2,223,553
692,939
196,670
1,002,548
1,818,375
1,062,335
60,000 55,000
196,670
7,698,255
2013
TOTAL
14
- 11!!9 • samoa bonsu + c o
C3 - - -Initial Deposit Re-imbursement into Designated Account Direct Payments
Opening Balance - January 01 Addition During Year to December 31
10 GOVERNMENT OF GHANA FUND
Opening Balance - January 01 Addition During Year to December 31
- - Cl - - c::9 chartered accountant•
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
4,236,441 -
4,236,441
2, 182,656 926,024 0 4,236,441
2,182,656 5,162,465
2013 2014
EXCHANGE
-300,000
3,063,758 -
3,363,758
153,227 3,3631758 3,516,985
2013
11 ACCUMULATED INTERESTS AND EXCHANGE GAINS INTERESTS GAINS(LOSS)
Interests on Bank Balances
Exchange Gains/Loss
2011 2012 2013 2014 2015
2011 2012 2013 2014 2015
2011 2012 2013 2014 2015
553 236
553 236
IDA IDA IDA Designated Sub-designated Sub-designated DOLLAR DOLLAR GHANA CEDI
553
553
236
236
- c:::J p . o. box k9 an 7751, acer•
- 300,000 3,000,000 10,300,199
-3,000,000 10,600,199
- 1,079,251 3,000,000 101600,199 3,000,000 11,679,450
2012
TOTAL
553
553
236
236 STATEMENT OF CASH FLOWS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER. 2014
CUMULATIVE TOTALS FINANCING Cash and Bank Balance at 1st January
2015 2,182,656
2014 926,024
FINANCIAL STATEMENTS · 2015
2013 153,227
2011/2012 2015 2014
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT 15
- asamoa bonsu + co - c:J -Initial Advance Disbursements from the IDA loan Transfer from IDA Designated Account
Government of Ghana Contribution
TOTAL FINANCING
FUNDS FROM OTHER SOURCES Interest Received
Other Receipts Exchange Gains Exchange loss Sundry Creditors
TOTAL FUNDS AVAILABLE
PROJECT EXPENDITURES I. Investment Cost
A. GOODS B. CONSULTANTS' SERVICES Project Consultants C. NON-CONSUL TIUNG SERVICES D. TRAINING a. Foreign b. Local OPERATING EXPENSES Allowance OTHER OPERATING EXPENSES
Closing Cash and Cash Equivalents
REPRESENTED BY: Bank Balances: Transfer In-Transit at 31-Dec IDA Designated Account IDA Sub-Designated Account IDA Sub-Designated Cedi Account GOG Account Office Petty Cash
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT
- c:::J - c:-J rl chartered accountants
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH
4,236,441 3,000,000
2,182,656 5,162,465 3,153,227
- -2,222 2,222 -
- -1.00
2,221 2,222 -2,184,877 5,164,687 3,153,227
(53,003) (87,625) (933,345) (1,021,094) (154,925) (279,109)
-
(546,390) (968,747) (860,202) (604,386)
(14,342) {411,469! {343,982}
{2,959,333} (3,319,285} {774,456! 1,845,402
2015 2014 -
2,141,886 865,725 34,324 24,079 6,434 36,209
-11 11
2, 1~2,656 -- ___ 926~024
FINAHCl.AL STATEMENTS· 2015
- -300,000
3,063,758
3,363,758
553 -236 -
789
3,364,547
(153,295) (259,333) (439,701)
-(285,806)
(41,521)
(12,492) {266,393}
{1,458,540} 1,694,687
300,000 10,300,199
10,600,199
553 -
2,458
3,011
10,603,209
(100,292) (2,659,960)
(971,518) -
(1,883,397) (1 ,517,404)
(31,484) {1,214,504} {1,458,540} 1,906,007
p . o. box ka an 7751, accra
300,000 6,063,758
6,363,758
553 -236
789
6,364,547
(240,919) (1,280,427)
(718,810) -
(1,254,553) (645,906)
(26,834) {610,375!
{8,378,559! 2,224,651
1&
- Cl - om 9!!11 - - - c:J - - - - Cl Lt asamoa bonsu + co ch•rtered •ccount•nts p. o. boK ks •n 7751, •ccra
GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT (PPP) PUBLIC INVESTMENT DIVISION (PIO) OF FINANCE (MOF)
IDA LOAN NO. 50970GH INDEPENDENT AUDITORS' REPORT ON THE SUMMARY STATEMENT OF THE DESIGNATED ACCOUNT
TO THE BOARD OF INTERNATIONAL DEVELOPMET FUND (IDA) ON THE GHANA PUBLIC PRIVATE PARTNERSHIP PROJECT-IDA LOAN NO. 50970GH
We have audited the accompanying Summary Statement of the Designated Account of the Ghana Public Private Partnership Project under the Loan Agreement (loan No. 50970GH) dated 22nd Novenber, 2012 for the year ended 31st December, 2015.
The Designated Account is the responsibility of the Project Co-ordinating Unit (PCU) of the Ghana Public Private Partnership Project. Our responsibility is to express an independent opinion, on the Designated Account based on our audit.
We conducted our audit in accordance with International Standards on Auditing and IDA guidelines for Designated Accounts. These standards and IDA guidelines that we plan and perform our audit to obtain reasonable assurance that the Summary Statement of the Designated Account is free from material misstatement. We believe that our audit provides a reasonable basis for our opinion.
Opinion
In our opinion, the Summary Statement of the Designated Account gives a true and fair view of the Financial Position and the Designated Account of the Ghana Public Private Partnership Project under the Loan Agreement No. 50970GH for the year ended 31st December, 2015 and complies with International Public Sector Accounting Standards.
l~co. ~~~
artered accountan'f, 5813 asylum down
Kaanyemi Crescent ACCRA~
~~v.J .........•••..........••.....• 2016
GHANA PUBLIC PRIVATE PARTNERSHIP PRO.JECT
osei yaw asamoa(ICAG/P/1192)
FINANCIAL STATEMENTS· 2015
17