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100628 Itpghana Vol 10 Finance Report Ministry of Finance and Economic Planning Republic of Ghana Integrated Transport Plan for Ghana Volume 10: Finance Final Version June 2010 Financed by the 9th European Development Fund Service Contract N° 9 ACP GH019 In association with Egis Bceom International EXECUTIVE SUMMARY Volume 10 Finance reviews existing transport sector operational financial experiences and constraints, the various financing sources and approaches possible, sets out the context of the current and foreseeable economic situation, and then makes specific recommendations for funding the Integrated Transport Plan (ITP) proposals. In the process the status of individual institutions are reviewed and issues noted that would affect the effectiveness of further investments (solvency, legacy debts, financial management, etc). Development Partner involvement ends in 2013. DP commitments to future projects are general rather than specific but there are now several feasibility studies that can be presented for their consideration. The private sector has also expressed interest in the past and could be involved in the future. Reference is made to the need to address the on-going issue of road maintenance and funding, which is an annual recurrent issue, and which detracts from the pure investment proposals which are of a long term strategic consequence. The completion of existing investments (e.g. BOST) may be more cost effective than new investment and GoG needs to consider specifically the issue of public subsidy for passenger transport (both road and rail). These factors are part of the overall issue of the need to deal with institutional stability and viability addressed in this Volume. Integrated Transport Plan for Ghana Page 1 Volume 10: Finance Final Version Egis Bceom International Contents Chapter 1 - Finance and Transport Sector................................................. 8 Chapter 2 - Government Finance Policy Affecting Transport Sector...... 9 Chapter 3 - Private Sector Involvement in the Transport Sector ........... 11 1. Ghana Ports and Harbours Authority.....................................................12 2. Ghana Shippers Authority .....................................................................13 3. Driver and Vehicle Licensing Authority ..................................................13 4. Bus Services – STC and MMT ..............................................................13 5. Rail Services - Ghana Rail Company Ltd...............................................14 6. Ghana International Airlines ..................................................................14 7. Ghana Civil Aviation Authority and Ghana Airport Company Ltd ...........14 8. Volta Lake Transport Company Ltd .......................................................15 9. Bulk Oil Storage and Transport Company Ltd .......................................15 10. Tema Oil Refinery .................................................................................16 11. Investment in Transport Expenditure .....................................................16 Chapter 4 - Sources of Finance – A Review ............................................ 18 1. Constraints on Government’s Development Budget ..............................18 2. Existing Finance Sources – Examples...................................................19 3. Multilateral Institutions...........................................................................19 4. Bi-lateral Funding - Grants.....................................................................20 5. Tied Bi-lateral Funding with Concessions..............................................20 6. Sovereign Funds ...................................................................................20 7. Trade and Supplier Credits....................................................................20 8. International Capital Markets.................................................................20 9. Domestic Bond Market ..........................................................................21 10. Domestic and Foreign Banks.................................................................21 11. Revenue Generation .............................................................................22 12. Hypothecated Revenues .......................................................................22 13. Forward Borrowing Against Revenues...................................................23 14. Long Term User Agreements ................................................................23 15. Sale of Public Assets to Private Shareholder.........................................24 16. GoG Consolidated Fund........................................................................24 17. Constraints on, and Requirements of, Development Partner Funding ...24 18. Constraints on, and Requirements of, Private Sector Funding...............25 Integrated Transport Plan for Ghana Page 2 Volume 10: Finance Final Version Egis Bceom International 19. Conclusions...........................................................................................25 Chapter 5 - Development Partner Finance Availability for ITP 2011-15 27 Chapter 6 - Public-Private Partnerships .................................................. 31 1. Principles and Approaches....................................................................31 2. Benefits .................................................................................................31 3. Ghana and PPP Resources...................................................................32 4. Accra – Kumasi N6 - Build, Operate and Transfer .................................32 5. International Funding of Railway Projects..............................................34 Chapter 7 - Preparation of the Financial Statements.............................. 37 1. Principles...............................................................................................37 2. Inter-Ministerial Collaborative Items.......................................................38 3. Aviation .................................................................................................38 4. Maritime and Inland Waterways ............................................................40 5. Railways................................................................................................45 6. Roads and Highways.............................................................................48 Chapter 8 - Conclusion.............................................................................. 56 Integrated Transport Plan for Ghana Page 3 Volume 10: Finance Final Version Egis Bceom International List of Tables Table 1 : Review of Development Partner Funding Status......................................................... 28 Table 2 : Inter-Ministerial Collaborative Items............................................................................. 38 Table 3 : Aviation Sub-Sector ..................................................................................................... 39 Table 4 : Maritime and Inland Water Sub-Sector – SMTDP and GPHA..................................... 40 Table 5 : Maritime and Inland Water Sub-Sector – GSA ............................................................ 41 Table 6 : Maritime and Inland Water Sub-Sector – GMU ........................................................... 42 Table 7 : Maritime and Inland Water Sub-Sector – GMA ........................................................... 43 Table 8 : Maritime and Inland Water Sub-Sector – VRA & DAS ................................................ 43 Table 9 : Maritime and Inland Water Sub-Sector – VLTC .......................................................... 44 Table 10 : Maritime and Inland Water Sub-Sector – BOST........................................................ 45 Table 11 : Rail Sub-Sector.......................................................................................................... 46 Table 12 : Roads Sub-Sector – National, Feeder and Urban Roads Expenditure ..................... 49 Table 13 : Funding Scenario 1 - Existing .................................................................................... 52 Table 14 : Funding Scenario 2 - Reasonable ............................................................................. 52 Table 15 : Funding Scenario 3 – Full .......................................................................................... 53 Table 16 : Drivers and Vehicie Licensing Authority .................................................................... 53 Table 17 : National Road Safety Council.................................................................................... 54 Table 18 : Metro Mass Transit & State Transport Co. ................................................................ 55 Integrated Transport Plan for Ghana Page 4 Volume 10: Finance Final Version Egis Bceom International Acronyms and Abbreviations AfDB African Development Bank AFD Agence Francaise de Developpement BADEA Arab Bank for Development in Africa BOST Bulk Oil Storage and Transport Company BOT Build Operate Transfer CF Consolidated Fund Danida Danish International Development Agency DMNGRN Determination of Maintenance Needs of Ghana’s Road Network (report) DFR Department of Feeder Roads DP Development Partner DUR Department of Urban Roads DVLA Driver and Vehicle Licensing Authority EAC East African Community EATTF East African Trade and Tariff Facilitation Project ECGD Export Credit Guarantee Department of UK EIB European Investment Bank EU European Union GASCO
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