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EXTERNAL AUDIT SERVICES FOR THE WEST AFRICAN CAPITAL MARKETS INTEGRATION (WACMI) PHASE 2 PROJECT

SECTOR:                      Financial Sector

PROJECT ID:               P-Z1-HB0-067

GRANT NO:                 ML-0075

CONTRACT NAME     Consultancy Services for the Financial Audit of the West African Capital Markets Integration (WACMI) Phase 2 Project

                                     IFB No.                            


  1. Background of the Project

The West African Monetary Institute (WAMI), Accra, Ghana, was established in 2001 by the Governments of the WAMZ countries, to undertake policy and technical preparations for the launch of a monetary union for the WAMZ as well as the establishment of the West African Central Bank (WACB). WAMI has received a grant of USD 850,000 thousand from the African Development Bank (AfDB) under Capital Markets Development Trust Fund (CMDTF) for the implementation of the West African Capital Markets Integration (WACMI) Phase 2 Project.  The project aims to harmonize and validate regulations for trading and settlement of securities in West African capital markets as well as implement other related activities. Components of this project include: (i) harmonization of capital market rules for Ghana, Nigeria, Cape Verde and Union Economique et Monetare Ouest-Afrcien (UEMOA) stock exchanges (ii) designing and development of a centralized database and website for the integrated West African capital markets(iii) needs assessment study on the state of the equity capital markets (stock exchanges) of The Gambia, Guinea, Liberia and Sierra Leone and implementation roadmap for the development and inclusion of each of the country’s equity capital market into the WACMI project (iv)  capacity building and sensitization workshops  involving key regional capital markets stakeholders including regional capital market operators, securities dealers and stockbrokers, central security depositories, policy makers, and other capital market participants.

WAMI intends to apply part of the agreed amount of this grant to cover eligible payments under the contract for consultancy services for an External Auditor

  1. SCOPE OF SERVICES TO BE PROVIDED BY THE EXTERNAL AUDITOR

 The External Audit will be carried out in accordance with International Public Sector Accounting Standards (IPSAS) and the International Standards on Auditing (ISA). The scope of service cover audit of project financial statements for the period 2021 to 2023. In demonstrating compliance with the agreed project financial management arrangements and requirements, the auditing firm is expected to undertake the following:

  • Confirm that all funds including counterpart funds and other external funds have been used in accordance with the conditions of the financing agreement(s), with due attention to economy and efficiency and only for the purposes for which the funds were provided;
  • Confirm that goods, works and services financed have been procured in accordance with relevant financing agreement(s) and have been properly accounted for;
  • Verify that all reports prepared and issued during the period were in agreement with the underlying books of accounts;
  • Confirm that financial statements have been prepared and approved by project management in accordance with applicable financial reporting framework;
  • Confirm national laws and regulations (including country PFM systems) have been complied with, and that the financial and accounting procedures approved for the project (including; accounting and procedures manual etc.) were followed and used;
  • Confirm project’s fixed assets are real and properly valuated and project/program property rights or related beneficiaries’ rights are established in accordance with loan conditions;
  • Confirm illegible expenditures have been properly identified and reimbursed or refunded to the Special Account (SA);
  • Project/program physical progress is: consistent with funds disbursed; technically in conformity with project/program designs; and adhering, as far as possible, with project time estimates;
  • Test the effectiveness of controls: with regards to payments for goods, works and services; procurement processes of the project; and over assets financed by the project and ensuring these assets are being used for the intended purposes;
  • Test the effectiveness of good practice in the use of project/program fixed assets and other resources; and
  • Express an opinion on whether the financial statements represent in a true and fair view of the financial position of the project.
  1. ELIGIBILITY CRITERIA

        Eligible Audit firm should meet the following criteria:

  • Compliance with legal requirements of registration;
  • Compliance with professional requirements of registration and practice, and evidence of good standing with the authorized professional accountancy regulator (e.g. Institute of Chartered Accountants)
  • Proven experience of 10 years in auditing, accounting and financial analysis;
  • At least 6 years’ experience auditing of development project/programs, especially donor-funded operations and provide completion certificates for previous assignments;
  • Experience in audit reporting under IPSAS and ISA;
  • Satisfactory references for similar audits performed within the last three years;
  • Provide Audit Methodology, Proposed Work-plan, Curriculum Vitae for the partner, manager and key staff proposed for the audit team; and
  • Any actual or potential conflict of interest in taking up this role should be highlighted.
  1. SUBMISSION

WAMI now invites eligible firms to indicate their interest in providing external auditing services. Interested firms must provide information indicating that they are qualified to perform the services.

Eligibility criteria, establishment of the short  list and the selection procedure shall be in accordance with the African Development Bank’s Procurement Policy and Methodology for the African  Development  Bank Group Funded  Operations,  dated  October  2015, which is available on the Bank’s Website at https://www.afdb.org/en/projects-and-operations/procurement/new-procurement-policy

Expressions of interest must be delivered by courier or physically in sealed envelopes clearly marked “Expression of Interest- West African Capital Markets Integration (WACMI) Phase 2 Project.” to the address indicated below by August 12, 2022, at 17.00 (GMT).

The Director General

West African Monetary Institute

Tetteh Quarshie Interchange

Gulf House, Accra, Ghana

Attn: Project Implementation Officer

Tel: +233 302 743801                               Email: wamzproject@wami-imao.org

WACMAC 2021

WACMaC 2021 West African Capital Market Conference 2021

About the Event

The West Africa Securities Regulators Association (WASRA) was established in 2015, as an association of capital market regulatory institutions comprising of Nigeria, Ghana and Conseil Regional de L’Epargne Publique et des Marches Financiers (CREPMF) made up of: Mauritania, Senegal, Mali, Guinea Bissau, Cote d’Ivoire, Togo, Burkina Faso, Benin Republic and Niger, to foster market integration in the West African sub-region. WASRA has a mandate of facilitating cooperation and consultation among Capital Markets in the West African region.

As a flagship programme of WASRA, the West Africa Capital Market Conference (WACMaC) is a biennial event that seeks to present the West African region and indeed Africa as a whole the opportunity to address important issues related to the orderly growth and development of the regional and continental capital markets.

Organizing members of WACMaC are WASRA, Economic Community of West African States (ECOWAS), West African Capital Markets Integration Council (WACMIC), and West Africa Monitoring Institute (WAMI).

The WACMaC objectives are, among others to:

  1. promote the economic integration through the capital market in West Africa;
  2. bring innovative solutions to reduce the gap between capital markets and the financial needs of the economy in the region;
  3. increase awareness and capacity building around the benefits of regional integration for each stakeholder;
  4. identify key actions for capital markets’ stakeholders to sustain economic growth; and
  5. address critical issues related to project financing sustainability and cross border issuers and market operators.

The conference brings together relevant stakeholders and experts to among other things, share experiences, deliberate on best practices, and connect with industry players. Specifically, the conference will be patronized by Government officials, ECOWAS representatives, Regulators, Central Banks, Supranational, Capital Market Operators, Banks, Insurance Companies, Sovereign Funds, Regional Institutional Investors, Local Market Participants and Professionals, Regional Listed Companies, Eminent Researchers and Professors, IOSCO/AMERC/GEMC, EASRA/ESMA/UASA, AfDB, MFW4A, WAMI, AFMI, Credit Enhancers (Guarantors), Credit Rating Agencies, General Public, etc.

The conference this year is under the theme “Deepening and strengthening capital markets across West Africa through effective regulation”. To prudently discuss the theme, specific thematic areas that will be addressed include Access to Finance; Sustainable Finance; Enforcement, Cooperation and Investor Protection; Investor Education; and Innovative Finance and Technology.

WACMaC 2021 Event Details:

This year’s WACMaC is a paid event, and it is being organized in two forms as shown below:

  • Closed Workshop: 23rd May 2022 from 9:00AM to 4:00PM
  • Conference (open to the public): 24th May 2022 from 9:00AM to 4:00PM
  • Awards Dinner (open to the public): 24th May 2022 from 5:30PM to 10:00PM
  • Venue: Movenpick Ambassador Hotel (ballrooms 1 & 2), Accra Ghana
  •  

Information and registration link for the conference can be found at https://wacmac21.sec.gov.gh/  

 

 

Exp

CONSULTANCY SERVICES FOR THE DEVELOPMENT AND HOSTING OF A CENTRALIZED DATABASE / WEBSITE FOR THE WEST AFRICAN CAPITAL MARKETS

SECTOR        :               Financial Sector

PROJECT ID:               P-Z1-HB0-067

GRANT No.   :               ML-0075

IFB No.           :               WAMI/AfDB/WACMI-2/QCBS/SERV/01/2021


I. The West African Monetary Institute (WAMI) has received financing from the African Development Bank (AfDB) under the Capital Markets Development Trust Fund (CMDTF) for the implementation of the West African Capital Markets Integration (WACMI) Phase 2 Project. The objective of the WACMI Phase 2 Project is to harmonize and validate regulations for trading and settlement of securities in West African capital markets as well as implement other related activities. A component of this is the design and development of a centralized database and website for the integrated West African capital markets.

WAMI was established in 2001 by the Governments of the West African Monetary Zone (WAMZ) countries, to undertake policy and technical preparations for the launch of a monetary union for the WAMZ as well as the establishment of the West African Central Bank (WACB). In line with its mandate of facilitating financial sector integration of the sub-region, one of the projects WAMI is engaged in the integration of capital markets across the sub-region.

The West African Capital Market Integration (WACMI) project began in 2013 with the objective of integrating capital markets in the West Africa sub-region. The body established to drive the process was the West Africa Capital Market Integration Council (WACMIC). The Council, which comprises Stock Exchanges and Central Securities Depositories (CSDs) in the UEMOA Zone, Cabo Verde, Ghana, Nigeria, and Sierra Leone, was tasked with managing the implementation of the processes that will facilitate the creation of an integrated capital market in West Africa. Prior to 2015, the securities regulators in the sub-region were part of WACMIC. WACMIC adopted a three-phased approach to capital market integration; namely: Sponsored Access (Phase 1), Qualified West African Broker (QWAB) (Phase 2) and Fully Integrated West African Securities Market (WASM) (Phase 3). Phase 2 of the integration project is presently being implemented, with funding from the African Development Bank (AfDB) and WAMI as executing agency.

Phase 2 of the Project: Qualified West African Broker (QWAB), aims to institute a system where capital market operators across West Africa can trade on exchanges across the region using harmonized rules. The main thrust of this Phase is therefore the Harmonization and Validation of West African Capital Market Rules to enable cross-border access to markets across the sub-region.

This integration project has the cooperation and active support of the West Africa Securities Regulators Association (WASRA) which comprises the Securities and Exchange Commissions of Ghana, Nigeria, and Conseil Régional de l’Epargne Publique et des Marchés Financiers (CREPMF) of the UEMOA Zone. WASRA was formed in 2015 to focus on designing the policy framework for achieving the integration of capital markets in the sub-region. The goal of the WACMI project is not only to integrate existing markets in the sub region but also to help develop capital markets of Member States that do not have formal capital markets and to help them become part of the West Africa Integrated Market.

The WACMI project hereby seeks to engage the services of a qualified firm to develop a centralized website and database for the West African Capital Markets to support the integrated West African Securities Market. The firm is expected to conclude this assignment in six months.

2. The services included under this project/services are to design and develop a website and database for the WACMI Project. The website will host market data and information on the capital markets in the Sub-Region. The database will contain market trade, volume, and other data that may be needed to make investment decisions. The database is to be accessible via the website. This project is to be completed within a period of fourteen (14) months.

3. WAMI 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.). Expressions of interests should include profiles of developers detailing their works, describing how the firm engages with its clients, what processes they follow and requirements they have regarding timelines, rates, requests, sign-off and payments. Consultants may constitute joint-ventures to enhance their chances of qualification.  Interested applicants (consulting firms) should submit expressions of interest based on the following criteria:

  • Not less than five (5) years of progressive experience with web design proven through examples of previous work (add links to websites).
  • Demonstrable understanding of user-experience, user-interface design principles, and conceptual design.
  • Demonstrable expertise in best-in-class web-development tools.
  • Clearly conceptualize and explain what a website such as that sought by WASM should look like and contain.
  • Demonstrable experience in database design and development (include referrals)
  • Demonstrable expertise in best-in-class database development tools.
  • Clearly conceptualize and explain what a database such as that sought by WASM should look like and contain.
  • Include cost per stage of the website and database design process. 

4. Eligibility criteria, establishment of the shortlist and the selection procedure shall be in accordance with the African Development Bank’s “Rules and Procedures for the use of Consultants”,  dated  October  2015, which is available on the Bank’s Website at https://www.afdb.org

5. Interested consultants may obtain further information at the address below during the office hours 8.30 hours to 17.00 hours Monday through Friday (excluding public holidays) at the address below from November 29 – December 27, 2021. Only qualified candidates will be contacted for the next stage of the selection process.

6. Expressions of interest should be delivered by mail, electronically, or physically in sealed envelopes clearly marked “Expression of Interest – Development of Website and Database, WACMI Phase 2 Project” to the address below by December 27, 2021.

 

The Director General,

West African Monetary Institute

Tetteh Quarshie Interchange

Gulf House, Accra, Ghana

Attn: Project Implementation Officer

Tel: +233 302 743801                               E-mail:wamzproject@wami-imao.org

Exp

CONSULTANCY SERVICES FOR THE CAPACITY BUILDING / SENSITIZATION PROGRAMME ON WACMI PHASE 2 PROJECT FOR CAPITAL MARKET ECOSYSTEM IN WEST AFRICA

SECTOR        :               Financial Sector

PROJECT ID:               P-Z1-HB0-067

GRANT No.   :               ML-0075

IFB No.           :               WAMI/AfDB/WACMI-2/QCBS/SERV/02/2021


1. The West African Monetary Institute (WAMI) has received financing from the African Development Bank (AfDB) under the Capital Markets Development Trust Fund (CMDTF) for the implementation of the West African Capital Markets Integration (WACMI) Phase 2 Project. The objective of the WACMI Phase 2 Project is to harmonize and validate regulations for trading and settlement of securities in West African capital markets as well as implement other related activities. A component of this is conduct of capacity building activities involving key regional capital markets stakeholders including regional capital market operators, securities dealers and stockbrokers, central security depositories, policy makers, and other capital market participants.

WAMI was established in 2001 by the Governments of the West African Monetary Zone (WAMZ) countries, to undertake policy and technical preparations for the launch of a monetary union for the WAMZ as well as the establishment of the West African Central Bank (WACB). In line with its mandate of facilitating financial sector integration of the sub-region, one of the projects WAMI is engaged in is the integration of capital markets across the sub-region.

The West African Capital Market Integration (WACMI) project began in 2013 with the objective of integrating capital markets in the West Africa sub-region. The body established to drive the process was the West Africa Capital Market Integration Council (WACMIC). The Council, which comprises Stock Exchanges and Central Securities Depositories (CSDs) in the UEMOA Zone, Cabo Verde, Ghana, Nigeria and Sierra Leone, was tasked with managing the implementation of the processes that will facilitate the creation of an integrated capital market in West Africa. Prior to 2015, the securities regulators in the sub-region were part of WACMIC. WACMIC adopted a three-phased approach to capital market integration; namely: Sponsored Access (Phase 1), Qualified West African Broker (QWAB) (Phase 2) and Fully Integrated West African Securities Market (WASM) (Phase 3). Phase 2 of the integration project is presently being implemented, with funding from the African Development Bank (AfDB) and WAMI as executing agency.

 

Phase 2 of the Project: Qualified West African Broker (QWAB), aims to institute a system where capital market operators across West Africa can trade on exchanges across the region using harmonized rules. The main thrust of this Phase is therefore, the Harmonization and Validation of West African Capital Market Rules to enable cross-border access to markets across the sub-region.

This integration project has the cooperation and active support of the West Africa Securities Regulators Association (WASRA) which comprises the Securities and Exchange Commissions of Ghana, Nigeria, and Conseil Régional de l’Epargne Publique et des Marchés Financiers (CREPMF) of the UEMOA Zone. WASRA was formed in 2015 to focus on designing the policy framework for achieving the integration of capital markets in the sub-region. The goal of the WACMI project is not only to integrate existing markets in the sub region but also to help develop capital markets of Member States that do not have formal capital markets and to help them become part of the West Africa Integrated Market.

The WACMI project hereby seeks to engage the services of a qualified consulting firm to carry out capacity building on capital markets and sensitization programmes on the WACMI Project in the West African Capital Markets ecosystem.

2. The services included under this project are the design and implementation of a capacity building and sensitization programme for the capital market ecosystem across four countries in the West African sub-region – Cabo Verde, Ghana, Nigeria, and UEMOA. This is to be carried out over a period not exceeding six (6) months and must be delivered in English, French, and Portuguese for participants numbering up to 200 in each of the locations. Services will also include production of capacity building materials which will be handed over to the Project Implementation Unit for dissemination.

3. WAMI 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 consulting firms should submit expressions of interest based on the following criteria:

  • Not less than seven (7) years’ experience in capacity building in finance, capital market activities, and financial instruments.
  • Demonstrable understanding of the WACMI Project and its objectives.
  • Ability to develop capacity building and sensitization materials, in English, French, and Portuguese, to be used by the WACMI Project

4. Eligibility criteria, establishment of the shortlist and the selection procedure shall be in accordance with the African Development Bank’s “Rules and Procedures for the use of Consultants”,  dated  October  2015, which is available on the Bank’s Website at https://www.afdb.org

5. Interested consultants may obtain further information at the address below during the office hours 8.30 hours to 17.00 hours Monday through Friday (excluding public holidays) at the address below from November 29 to December 27, 2021. Only qualified candidates will be contacted for the next stage of the selection process.

6. Expressions of interest should be delivered by mail, electronically, or physically in sealed envelopes clearly marked “Expression of Interest – Capacity Building and Sensitization, WACMI Phase 2 Project” to the address below by December 27, 2021.

 

The Director General

West African Monetary Institute

Tetteh Quarshie Interchange

Gulf House, Accra, Ghana

Attn: Project Implementation Officer

Tel: +233 302 743801                               E-mail: wamzproject@wami-imao.org

Exp

CONSULTANCY SERVICES FOR THE NEEDS ASSESSMENT STUDY ON EQUITY CAPITAL MARKETS AND IMPLEMENTATION ROADMAP FOR THE FOUR WEST AFRICAN COUNTRIES WITHOUT EXCHANGES -THE GAMBIA, GUINEA, LIBERIA, AND SIERRA LEONE

SECTOR        :               Financial Sector

PROJECT ID:               P-Z1-HB0-067

GRANT No.   :               ML-0075

IFB No.           :               WAMI/AfDB/WACMI-2/QCBS/SERV/03/2021


I. The West African Monetary Institute (WAMI) has received financing from the African Development Bank (AfDB) under the Capital Markets Development Trust Fund (CMDTF) for the implementation of the West African Capital Markets Integration (WACMI) Phase 2 Project. The objective of the WACMI Phase 2 Project is to harmonize and validate regulations for trading and settlement of securities in West African capital markets as well as implement other related activities. A component of this is the conduct of needs assessment studies on the state of the equity capital markets (stock exchanges) in The Gambia, Guinea, Liberia and Sierra Leone and the development of an implementation roadmap for the inclusion of each market in the integrated WACMI Project.

WAMI was established in 2001 by the Governments of the West African Monetary Zone (WAMZ) countries, to undertake policy and technical preparations for the launch of a monetary union for the WAMZ as well as the establishment of the West African Central Bank (WACB). In line with its mandate of facilitating economic integration of the sub-region, one of the projects WAMI is engaged in the integration of capital markets across the sub-region.

The West African Capital Market Integration (WACMI) project began in 2013 with the objective of integrating capital markets in the West Africa sub-region. The body established to drive the process was the West Africa Capital Market Integration Council (WACMIC). The Council, which comprises Stock Exchanges and Central Securities Depositories (CSDs) in the UEMOA Zone, Cabo Verde, Ghana, Nigeria, and Sierra Leone, was tasked with managing the implementation of the processes that will facilitate the creation of an integrated capital market in West Africa. Prior to 2015, the securities regulators in the sub-region were part of WACMIC. WACMIC adopted a three-phased approach to capital market integration; namely: Sponsored Access (Phase 1), Qualified West African Broker (QWAB) (Phase 2) and Fully Integrated West African Securities Market (WASM) (Phase 3). Phase 2 of the integration project is presently being implemented, with funding from the African Development Bank (AfDB) and WAMI as executing agency.

Phase 2 of the Project: Qualified West African Broker (QWAB), aims to institute a system where capital market operators across West Africa can trade on exchanges across the region using harmonized rules. The main thrust of this Phase is therefore the Harmonization and Validation of West African Capital Market Rules to enable cross-border access to markets across the sub-region.

This integration project has the cooperation and active support of the West Africa Securities Regulators Association (WASRA) which comprises the Securities and Exchange Commissions of Ghana, Nigeria, and Conseil Régional de l’Epargne Publique et des Marchés Financiers (CREPMF) of the UEMOA Zone. WASRA was formed in 2015 to focus on designing the policy framework for achieving the integration of capital markets in the sub-region. The goal of the WACMI project is not only to integrate existing markets in the sub region but also to help develop capital markets of Member States that do not have formal capital markets and to help them become part of the West Africa Integrated Market.

The WACMI project hereby seeks to engage the services of a qualified consultant or firm to Conduct a Needs Assessment Study on the Equity Capital Markets of Four West African Countries without active Stock Exchanges - The Gambia, Guinea, Liberia, and Sierra Leone.

2. The services included under this project/services are to conduct a Needs Assessment of the Capital Markets in The Gambia, Guinea, Liberia, and Sierra Leone. It also includes the design of a detailed Road Map, complete with requirements, for setting up capital markets in these countries. This service is expected to be completed within a nine (9) month period.

3. WAMI 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.). Expressions of interests should include profiles of the team that will carry out the study and their past works, describing how the firm intends to go about the assignment, what processes they will follow and requirements they have regarding timelines, rates, requests, sign-off and payments. Consultants may constitute joint-ventures to enhance their chances of qualification.  Interested  consulting firms should submit expressions of interest based on the following criteria:

  • Not less than seven (7) years’ experience in conducting similar assessments.
  • Demonstrable understanding of capital markets and their workings.
  • Demonstrable understanding of the financial industry in emerging markets, especially the West African sub-region.
  • Clearly conceptualize and explain what the assignment is and how they would carry it out.
  • Demonstrable ability to translate results of the study into well-structured Roadmap for the development of the equity capital market in each of the four jurisdictions.
  • Clearly state the cost and timelines of the study.

4. Eligibility criteria, establishment of the shortlist and the selection procedure shall be in accordance with the African Development Bank’s “Rules and Procedures for the use of Consultants”,  dated  October  2015, which is available on the Bank’s Website at https://www.afdb.org

5. Interested consultants may obtain further information at the address below during the office hours 8.30 hours to 17.00 hours Monday through Friday (excluding public holidays) at the address below from November 29 to December 27, 2021. Only qualified candidates will be contacted for the next stage of the selection process.

6. Expressions of interest should be delivered by mail, electronically, or physically in sealed envelopes clearly marked “Expression of Interest – Capacity Building and Sensitization, WACMI Phase 2 Project” to the address below by December 27, 2021.

 

The Director General

West African Monetary Institute

Tetteh Quarshie Interchange

Gulf House, Accra, Ghana

Attn: Project Implementation Officer

Tel: +233 302 743801                               E-mail: wamzproject@wami-imao.org

Alt

RECRUITMENT OF A CONSULTING FIRM FOR EXTERNAL AUDITS

COUNTRIES                       : Regional WAMZ Countries - The Gambia, Sierra Leone, Guinea and Liberia

NAME OF PROJECT         : Development of the Debt Markets in the West African Monetary Zone (WAMZ) – Phase 1 Project

SECTOR                             : Financial Sector

PROJECT ID                      : P-Z1-H00-063

GRANT No.                        : 590015501636

CONTRACT NAME            : Consultancy Services for the Financial Audit of the WAMZ Debt Management Project

IFB No.                               : WAMI/AfDB/DMD/LCS/SERV/04/2020

 


  1. PROJECT BACKGROUND

The West African Monetary Institute (WAMI), Accra, Ghana, was established in 2001 by the Governments of the WAMZ countries, to undertake policy and technical preparations for the launch of a monetary union for the WAMZ as well as the establishment of the West African Central Bank (WACB). WAMI has received a grant of UA 1.5 million from the African Development Bank (AfDB) under Pillar III of the Transition Support Facility (TSF) for the development of domestic debt markets in the four WAMZ Member States (The Gambia, Guinea, Liberia, and Sierra Leone). The project aims to: (i) deepen primary markets and short-tenured instruments; (ii) develop secondary markets and longer-tenor instruments; (iii) improve the debt market operating system; and (iv) broaden the investor base. WAMI intends to apply part of the agreed amount of this grant to cover eligible payments under the contract for consultancy services for an External Auditor.

  1. SCOPE OF SERVICES TO BE PROVIDED BY THE EXTERNAL AUDITOR

The External Audit will be carried out in accordance with International Public Sector Accounting Standards (IPSAS) and the International Standards on Auditing (ISA). The scope of service cover audit of project financial statements for the period 2021 to 2023. In demonstrating compliance with the agreed project financial management arrangements and requirements, the auditing firm is expected to undertake the following:

  • Confirm that all funds including counterpart funds and other external funds have been used in accordance with the conditions of the financing agreement(s), with due attention to economy and efficiency and only for the purposes for which the funds were provided;
  • Confirm that goods, works and services financed have been procured in accordance with relevant financing agreement(s) and have been properly accounted for;
  • Verify that all reports prepared and issued during the period were in agreement with the underlying books of accounts;
  • Confirm that financial statements have been prepared and approved by project management in accordance with applicable financial reporting framework;
  • Confirm national laws and regulations (including country PFM systems) have been complied with, and that the financial and accounting procedures approved for the project (including; accounting and procedures manual etc.) were followed and used;
  • Confirm project’s fixed assets are real and properly valuated and project/program property rights or related beneficiaries’ rights are established in accordance with loan conditions;
  • Confirm illegible expenditures have been properly identified and reimbursed or refunded to the Special Account (SA);
  • Project/program physical progress is: consistent with funds disbursed; technically in conformity with project/program designs; and adhering, as far as possible, with project time estimates;
  • Test the effectiveness of controls: with regards to payments for goods, works and services; procurement processes of the project; and over assets financed by the project and ensuring these assets are being used for the intended purposes;
  • Test the effectiveness of good practice in the use of project/program fixed assets and other resources; and
  • Express an opinion on whether the financial statements represent in a true and fair view of the financial position of the project.
  1. ELIGIBILITY CRITERIA

Eligible Audit firm should meet the following criteria:

  • Compliance with legal requirements of registration;
  • Compliance with professional requirements of registration and practice, and evidence of good standing with the authorized professional accountancy regulator (e.g. Institute of Chartered Accountants)
  • Proven experience of 10 years in auditing, accounting and financial analysis;
  • At least 6 years’ experience auditing of development project/programs, especially donor-funded operations and provide completion certificates for previous assignments;
  • Experience in audit reporting under IPSAS and ISA;
  • Satisfactory references for similar audits performed within the last three years;
  • Provide Audit Methodology, Proposed Work-plan, Curriculum Vitae for the partner, manager and key staff proposed for the audit team; and
  • Any actual or potential conflict of interest in taking up this role should be highlighted.
  1. SUBMISSION

WAMI now invites eligible firms to indicate their interest in providing external auditing services. Interested firms must provide information indicating that they are qualified to perform the services.

Eligibility criteria, establishment of the short  list and the selection procedure shall be in accordance with the African Development Bank’s Procurement Policy and Methodology for the African  Development  Bank Group Funded  Operations,  dated  October  2015, which is available on the Bank’s Website at https://www.afdb.org/en/projects-and-operations/procurement/new-procurement-policy

Expressions of interest must be delivered by mail or electronically or physically in sealed envelopes clearly marked “Expression of Interest-Development of Domestic Debt Markets Development Phase 1 Project” to the address indicated below by October 29, 2021, at 17.00 (GMT).

 

Attn: Project Implementation Officer

West African Monetary Institute

Tetteh Quarshie Interchange

Gulf House, Accra, Ghana

Tel: +233 302 743801

E-mail: wamzproject@wami-imao.org