Financial Sector Development Project: Carrying out preparatory work for the establishment of a domestic credit rating agency, including the development of a detailed business plan, specification of IT systems requirements

Project ID: P161787
Borrower/Bid No: GH-MOF-FSD-80500-CS-QCBS

Ghana - P161787 - Ghana Financial Sector Development Project - GH-MOF-FSD-80500-CS-QCBS

Country: Ghana

Project Id: P161787

Project Name: Ghana Financial Sector Development Project

Loan/Credit/TF Info.: IDA-V2190

Notice Version No.: 1

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – FIRM SELECTION)

GHANA

GHANA FINANCIAL SECTOR DEVELOPMENT PROJECT

Loan No./Credit No./ Grant No.: P161787

Assignment Title: Consulting Service for the Establishment of a Domestic Credit Rating Agency in Ghana

Reference No. (as per Procurement Plan): GH-MOF-FSD-80500-CS-QCBS

The Ministry of Finance has received financing from the World Bank toward the cost of the Ghana Financial Sector Development Project, and intends to apply part of the proceeds for consulting services. The project objective is to promote financial sector soundness and access to financial services by individuals.

The objective of the assignment is to advise the Ministry of Finance on the specifics for the establishment and operationalization of a Domestic Credit Rating Agency (DCRA). The Firm will be required to produce a feasibility study for a DCRA and advise government on the policy and incentive framework that would support private sector investment in a DCRA in Ghana. Specifically, the establishment of DCRA will help facilitate independent rating of banks, specialized deposit-taking institutions, insurance companies among others and also facilitate investment decisions by helping investors achieve a balance in the risk return profile and at the same time assist firms in accessing capital at low cost.

The specialized advisory services which is for a duration of six (6) months will be to advise on a framework/ business model (to include market positioning, products to be rated, pricing, shareholding structure, management structure and human resources, detailed implementation plan/schedule and strategic partnerships etc.) for the operationalization of a DCRA. The detailed Terms of Reference (TOR) for the assignment can be found at the following website: https://www.mofep.gov.gh.

The Ministry of Finance now invites eligible consultancy firms ("Consultants") to indicate their interest in providing the Services. Interested Firms should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services by submitting the most current company profile. The shortlisting criteria of the Firm are;

1. Strong track record in the provision of advice on the establishment/operation of credit rating agencies, particularly in similar country contexts;

2. Demonstrated balance of international and local experience and expertise in credit rating and/or capital markets, credit risk; and portfolio management.

Key Experts will not be evaluated at the shortlisting stage.

The attention of interested Consultants is drawn to Section III, paragraphs, 3.14, 3.16, and 3.17 of the World Bank’s "Procurement Regulations for IPF Borrowers" July 2016 revised November 2017 and August 2018. Setting forth the World Bank’s policy on conflict of interest.

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 Consulting Firm will be selected in accordance with Quality and Cost Based Selection Method set out in the Procurement Regulations.

Further information can be obtained at the address below during office hours between 09:00 to 16:00 hours, local time or through fsdp@mofep.gov.gh

Expressions of interest must be delivered in a written form to the address below (in person or by mail, or by e-mail) by 5:00pm GMT on November 6, 2019.

Ministry of Finance,

28th February Road,

Finance Drive,

P.O. Box MB 40

Accra-Ghana

New Block, Room 119

Attention: Project Coordinator,

Financial Sector Division (FSD)

Telephone Number +233(0)240-956-958

E-mail: fsdp@mofep.gov.gh