Business Development Services Fund

Mobilisation payment | Mid term payment | Final payment

Payment Process

Payment for consulting services rendered under this scheme will be made prior to the commencement of the assignment and upon completion.

Mobilisation payment
Mid term payment (applicable only to the eGhana Component)
Final payment

Mobilisation payment

After signing the contract, the beneficiary company:
- pays fifteen percent (15%) of the total contract sum by banker’s draft to a designated BDS Fund Bank Account and
- completes a form authorizing the BDS Fund to pay the amount on the consultant’s invoice
Sends the original bank payment receipt (together with a photocopy of it) and the consultant’s invoice for 30% of the Contract amount , to the Regional Office. The Contract reference number will be quoted on all such bank payments (suffixed to the beneficiary’s name)
The Regional Office registers the receipt and sends the details on it to the Project Office.
The Financial Management Specialist confirms the receipt of such funds from the daily Bank Statements received from the BDS Fund Bankers and prepares, signs a voucher requesting payment of 30% of the contract sum to the consultant.
The Fund Manager countersigns the voucher. The BDS/FM Specialist and Fund Manager then instruct the Bank to transfer the amount to the consultant’s account (in all cases, the contract reference number must be quoted)

Under the eGhana Component, payment for eligible activities/services may be in kind. The criteria for the in-kind contribution (to be given by the eGhana Coordinating Unit) will be indicated in the application form, reviewed and approved by the Supervisory Board and included in the Contract before the commencement of the Project.

Additionally, in some cases, the nature of the activities/services requiring support will dictate that grant be paid directly to the beneficiary. These arrangements will be captured in the application form, recommendation Letter to the Supervisory Board and Contract with such beneficiary.

Mid term payment (applicable only to the eGhana Component)

When the contract execution has reached mid-term (with deliverables/results stated in the Contract produced), the consultant submits a Project Implementation Report signed jointly with the beneficiary (Annex 8b) together with the following to the Regional Office:
- three copies of the deliverables
- the consultant’s invoice claiming 40% of the Contract amount (countersigned by the beneficiary)
- a bank receipt indicating that 20% of the Contract amount has been paid to the designated BDS Fund Bank Account. (In-kind payments will be verified and certified by the Financial Management Specialist)
- a form (Annex 9) authorizing the BDS Fund to pay the amount on the invoice to the consultant,
The Regional Office sends the original of all the documents mentioned (in (a)) above to the Project Office
The BDS Specialist evaluates the quality of the deliverables against the technical and financial proposals originally submitted and approves the outcome of the assignment.
The BDS Specialist completes the PRAT and signs off to the FM Specialist
The FM Specialist confirms the receipt of such funds (where applicable) from the daily Bank Statements received from the BDS Fund Bankers, checks the invoice(s) and prepares a voucher requesting payment of 40% of the contract sum to the consultant.

Final payment

When the contract is fully executed, the consultant submits a Project Completion Report signed jointly with the beneficiary (Annex 8) together with the following to the Regional Office:
- three copies of the deliverables
- the consultant’s invoice claiming 70% (30% in the case of eGhana Projects) of the Contract amount (countersigned by the beneficiary)
- a bank receipt indicating that 35% (15% in the case of eGhana Projects or a confirmation by the FM Specialist of in-kind contribution to that value) of the Contract amount has been paid to the designated BDS Fund Bank Account
- a form (Annex 9) authorizing the BDS Fund to pay the amount on the invoice to the consultant,
The Regional Office sends the original of all the documents mentioned (in (a)) above to the Project Office
The BDS Specialist evaluates the quality of the deliverables against the technical and financial proposals originally submitted and approves the outcome of the assignment.
The BDS Specialist completes the PRAT and signs off to the FM Specialist
The FM Specialist confirms the receipt of such funds (where applicable) from the daily Bank Statements received from the BDS Fund Bankers, checks the invoice(s) and prepares a voucher requesting payment of 70% (30% in the case of eGhana Projects) of the contract sum to the consultant.


		Mobilisation payment \| Mid term payment \| Final payment

	Payment Process
	Payment Process

	Payment for consulting services rendered under this scheme will be made prior to the commencement of the assignment and upon completion. Mobilisation payment Mid term payment (applicable only to the eGhana Component) Final payment Mobilisation payment After signing the contract, the beneficiary company: pays fifteen percent (15%) of the total contract sum by banker’s draft to a designated BDS Fund Bank Account and completes a form authorizing the BDS Fund to pay the amount on the consultant’s invoice Sends the original bank payment receipt (together with a photocopy of it) and the consultant’s invoice for 30% of the Contract amount , to the Regional Office. The Contract reference number will be quoted on all such bank payments (suffixed to the beneficiary’s name) The Regional Office registers the receipt and sends the details on it to the Project Office. The Financial Management Specialist confirms the receipt of such funds from the daily Bank Statements received from the BDS Fund Bankers and prepares, signs a voucher requesting payment of 30% of the contract sum to the consultant. The Fund Manager countersigns the voucher. The BDS/FM Specialist and Fund Manager then instruct the Bank to transfer the amount to the consultant’s account (in all cases, the contract reference number must be quoted)










		Under the eGhana Component, payment for eligible activities/services may be in kind. The criteria for the in-kind contribution (to be given by the eGhana Coordinating Unit) will be indicated in the application form, reviewed and approved by the Supervisory Board and included in the Contract before the commencement of the Project. Additionally, in some cases, the nature of the activities/services requiring support will dictate that grant be paid directly to the beneficiary. These arrangements will be captured in the application form, recommendation Letter to the Supervisory Board and Contract with such beneficiary.


	Mid term payment (applicable only to the eGhana Component) When the contract execution has reached mid-term (with deliverables/results stated in the Contract produced), the consultant submits a Project Implementation Report signed jointly with the beneficiary (Annex 8b) together with the following to the Regional Office: three copies of the deliverables the consultant’s invoice claiming 40% of the Contract amount (countersigned by the beneficiary) a bank receipt indicating that 20% of the Contract amount has been paid to the designated BDS Fund Bank Account. (In-kind payments will be verified and certified by the Financial Management Specialist) a form (Annex 9) authorizing the BDS Fund to pay the amount on the invoice to the consultant, The Regional Office sends the original of all the documents mentioned (in (a)) above to the Project Office The BDS Specialist evaluates the quality of the deliverables against the technical and financial proposals originally submitted and approves the outcome of the assignment. The BDS Specialist completes the PRAT and signs off to the FM Specialist The FM Specialist confirms the receipt of such funds (where applicable) from the daily Bank Statements received from the BDS Fund Bankers, checks the invoice(s) and prepares a voucher requesting payment of 40% of the contract sum to the consultant. Final payment When the contract is fully executed, the consultant submits a Project Completion Report signed jointly with the beneficiary (Annex 8) together with the following to the Regional Office: three copies of the deliverables the consultant’s invoice claiming 70% (30% in the case of eGhana Projects) of the Contract amount (countersigned by the beneficiary) a bank receipt indicating that 35% (15% in the case of eGhana Projects or a confirmation by the FM Specialist of in-kind contribution to that value) of the Contract amount has been paid to the designated BDS Fund Bank Account a form (Annex 9) authorizing the BDS Fund to pay the amount on the invoice to the consultant, The Regional Office sends the original of all the documents mentioned (in (a)) above to the Project Office The BDS Specialist evaluates the quality of the deliverables against the technical and financial proposals originally submitted and approves the outcome of the assignment. The BDS Specialist completes the PRAT and signs off to the FM Specialist The FM Specialist confirms the receipt of such funds (where applicable) from the daily Bank Statements received from the BDS Fund Bankers, checks the invoice(s) and prepares a voucher requesting payment of 70% (30% in the case of eGhana Projects) of the contract sum to the consultant.





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