Consultancy Services (Firm) for the Development of a Business Plan for the Establishment of an International Financial Services Center (IFSC)

The African Development Bank Group (AfDB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region. The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC).

The Government of the Republic of Ghana, through the Ministry of Finance, has received financing from the African Development Fund in the amount UA 5.3 million (US$7.26 million) towards the cost of the ‘Strengthening Institutional Capacity for Domestic Resource Mobilization and Economic Management Project’ and intends to apply part of the amount for this funding to cover the costs of Consultancy Services (Firm) for the Development of a Business Plan for the Establishment of an International Financial Services Center (IFSC).

The services included under this project are to develop a strategy and business plan to operationalize the IFSC, focusing on : Converting the IFSC Concept document into a strategy and business plan, Develop the framework for the administration of the IFSC, including the political administration of the enclave, the establishment of the IFSC Authority and other related matters, Assessing the appropriate resourcing / funding required for the IFSC, including the specific funding for the various focal areas of the project.

iv. Determining the appropriate funding sources for each component, including public funding, commercial funding, PPPs, and infrastructure funding, develop a detailed financial plan towards the development of the IFSC enclave, including (balance sheet, income statement, cash flows) and associated assumptions, including performance indicators (profitability ratios, efficiency indicators, business growth, etc.), develop an integrated marketing strategy as part of the strategy and business plan, detailed implementation plan and schedule, develop a roadmap to conduct an international roadshow to recruit anchor firms and build strategic partnerships.

Moreover, Consultant are expected to develop an IFSC talent program in partnership with local and a reputable foreign university, integrate a regional fintech business accelerator and ecosystem, as well as a regional education center model into the IFSC plan, Identify critical success factors for the establishment of the IFSC as part of the strategy or business plan, develop strategies to engage key stakeholders in Ghana and across the sub-region on mutual benefits of establishing the IFSC, any other related assignment given by the Director of the Financial Sector Division of the Ministry of Finance, develop ToR for the engagement of a strategic partner (e.g., a reputable IFSC), to support the operations of the IFSC enclave.

Eligibility criteria, establishment of the short-list and the selection procedure shall be in accordance with the African Development Bank’s “Rules and Procedures for the use of Consultants” October 2015, which is available on the Bank’s website at http://www.afdb.org.

The Ministry of Finance now invites eligible consultants to indicate their interest in providing these services. Interested consultants must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.). Consultants may constitute joint-ventures to enhance their chances of qualification.

Interested consultants may obtain further information at the address below during office hours from 9.00 AM GMT to 4.00 PM GMT Monday through Friday (excluding public holidays) or via the email at the address below from Wednesday, 24th November, 2021.

Submission of Expression of Interest

Expression of Interest in English (One original, three (3) copies and 1 soft copy), must be delivered to the address below in written form clearly marked STRENGTHENING INSTITUTIONAL CAPACITY FOR DOMESTIC RESOURCE MOBILISATION AND ECONOMIC MANAGEMENT PROJECT: CONSULTANCY SERVICES (FIRM) FOR THE DEVELOPMENT OF A BUSINESS PLAN FOR THE ESTABLISHMENT OF AN INTERNATIONAL FINANCIAL SERVICES CENTER (IFSC) by 4.00 PM GMT on the Wednesday, December 8, 2021.

THE PROJECT COORDINATOR
INSTITUTIONAL SUPPORT PROJECT
MINISTRY OF FINANCE
BOX MB 40, ACCRA, GHANA
3RD FLOOR, ROOM 340, MAIN BLOCK
ATTN: THE HEAD OF PROCUREMENT, MOF
Email: PWujakpa@mofep.gov.gh; AAAsante@mofep.gov.gh,
Copy: Yodoi@mofep.gov.gh

Request for Expressions of interest (REOI)