improved financial intermediation, and new financial instruments.  However, the purpose of

these reforms is to improve the country's rate of economic development.  Thus, the

monitoring plan also contains procedures for collecting data to evaluate the effectiveness of

the contract's activities through improvements in savings, investment and economic growth.

B. Frequency of Monitoring

Monitoring of the project will be continuous and will generate monthly, quarterly, annual and

end of project progress reports.  The monthly reports will be used to generate quarterly

reports which will in turn be used to develop the annual reports, although these latter will also

need to include additional impact information that will be collected from official GOG

documents and other sources, as appropriate.  The end of project report will be developed

based on the annual progress reports. The monthly reports will be made within five (5)

working days of the end of each month, while the quarterly reports will made within 30 days

of the end of each calendar quart er ending on March 31, June 30, September 30, and

December 31.  The annual reports will be based on the calendar year (thus, the first annual

report will be for the six month period, July 1 to December 31, 1998).

C. Responsibilities for Monitoring Activities

All contract personnel have responsibilities in the monitoring process from the standpoint of

documentation of their activities, providing information on results toward achieving project

milestones, and their impacts on policy reform, financial intermediation and economic growth. 

Ms. Marielouise Harrell has management responsiblity for the monitoring system and also will

coordinate the preparation of the quarterly and annual reports.  However, Dr. Joseph B.

Goodwin, the Chief of Party in Ghana, has the primary responsibilty for the preparation of the

monthly, quarterly and annual progress reports, with the assistance of the Project Coordinator. 

In addition, due the importance of the overall monitoring function plus other contractual

monitoring functions, such as building a database for monitoring competitiveness, an

individual will hired to work in the Field Office to obtain the data and to build and maintain a

database of the information required for effective monitoring of the contract activities. 

D. Customer Involvement

Both GOG and private sector participants in the Improved Policy Reform and Financial

Intermediation contract activities are expected to contribute to the monitoring process.  Where

needed, project personnel will provide assistance and guidance in data collection and reporting

processes for project monitoring, a procedure that will help to build capacity for these

customers to carry out monitoring and evaluations of their own activities.

E. Format of Reports

The reports will be organized around the four activities (CLINs) of the project with reports on

progress toward achieving relevant milestones for each activity each month (see Appendix II). 

The milestones in each report will consist of three groups: 1)  those for which work was

completed during the month, 2) those for which work was initiated in the month, and 3)  those

for which activities were continued from the previous month(s).  For each milestone, the

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