Audit of the Agricultural Credit Program in Ghana

We recommend that the Millennium Challenge Corporation's Vice President for Compact Implementation require the Millennium Development Authority to revise and implement a procedure that would ensure that participating financial institutions' loan payments are paid into the Millennium Development Authority repayment account at the Bank of Ghana, as required by the Agricultural Credit Program Policy and Procedure Manual.

We recommend that the Millennium Challenge Corporation's Vice President of Compact Implementation require the Millennium Development Authority establish and implement a process for the Bank of Ghana to monitor loan repayments which identify participating financial institutions that have missed payments.

We recommend that the Millennium Challenge Corporation's Vice President for Compact Implementation require the Bank of Ghana and the Millennium Development Authority to establish and implement a borrowing limit for each of the accredited participating financial institutions by September 30, 2009.

We recommend that the Millennium Challenge Corporation's Vice President for Compact Implementation require the Millennium Development Authority to develop and implement procedures in order for the Bank of Ghana to conduct annual reviews of the participating financial institutions before their accreditation expires.

We recommend that the Millennium Challenge Corporation's Vice President for Compact Implementation require the Millennium Development Authority to validate, by September 30, 2009, that the Bank of Ghana is implementing the process by which participating financial institutions will sign a loan agreement before the Bank of Ghana disburses their loans.