Aqua Africa has made very positive strides, with management believing all bases are now covered and the project is now firmly shaped for delivery in 2016. The project value is $24.7m USD and they have structured 100% funding for the Government of Ghana.
The company now has informal agreement from the Community Water and Sanitation Agency (CWSA) for the project and will secure formal sign off from CWSA by the end of Jan 2016. The process from there is:
- CWSA will then need to formally submit a request to Minister of Water Resources Works and Housing (MWRWH)
- MWRWH will then have to formally apply to the Ministry of Finance (MoF) via the Debt Management Team (DMT) – AA has met with MWRWH directly to warm them to the advancement of the project from CWSA / MoF-DMT.
In addition to the above, AA management have met several times with the MoF and have secured a good working relationship with the MoF-DMT. They will view ‘informally’ the CWSA proposal documentation in anticipation of the formal request from MWRWH. This informal review is ongoing and is being supported by AA’s banking partner Barclays Bank in Ghana, which has a very good relationship with MoF-DMT.
It is difficult to forecast timelines accurately in Africa…but AA believes it will secure all the necessary elements and have the formal protocol completed by mid to end of Feb 2016.