The financing Agreement dated January 17, 2020 between the International Development Association (the “Association”) and the Republic of Ghana (the “recipient”), in connection with Ghana Accountability for Learning Outcome Project GALOP, is at stake as the “Association” threatens to exercise legal remedies against the Republic of Ghana (the recipient) through the finance Ministry.
According to the International Development Association, in accordance with section 5.09(b)(ii) of the General Conditions incorporated by reference in the financing Agreement and as specified in paragraph II (ii) of the Disbursement and Financial Information Letter (DFIL), the recipient is required to furnish the audited financial statements covering the period of one fiscal yearvof the recipient no later than sux (6) months after the end of such period.
The Association is therefore concerned that it is almost ten (10) months after the year ended and in independent audit reportbon the use of funds has still not been furnished to the Association.
In line with the Audit Compliance Guidance, they have writen to inform the recipient (Republic of Ghana) that unless they come into compliance within the next 30 days from the date of their letter dated October 21, 2022.
They have further reiterated that, the Association may have bo option than to explore the possibility of exercising the appropriate legal remedies under the Financing Agreement.
Read the dull statement below;
