Developing skills in economic and financial justification and value for money analysis /
Case study: building capacity for the Electricity Company of Ghana
Organisations are increasingly adopting formal methods for appraising project investments, aiming for greater efficiency in resource allocation and better alignment with organisational strategic and financial plans.
In October 2018 Crown Agents designed and delivered a customised training programme for ten employees from the Electricity Company of Ghana (ECG), with the aim of improving project investment through the adoption of improved financial justification techniques and value for money analysis.
The ECG was striving to ensure any project investment demonstrates a sound business case and is subject to appropriate analysis and evaluation, encompassing strategic, economic, commercial and management considerations. The financial analysis of a project is a vital element of this, especially in determining a project’s financial viability and sustainability.
This course provided an in-depth examination of the tools and techniques of financial analysis, including the project cycle, investment appraisal and reporting to management, and how these can be utilised when evaluating the economic, technical and commercial elements of a project.
Following the training the delegates were provided with an action plan to enable them to implement their new insights and skills within the workplace.
Our expert trainers delivered a seven-day course in the ECG’s dedicated training facilities for electrical engineers of all levels within the organisation, from Assistant Engineers to Senior Managers.
The objectives of the training programme were to develop the capacity of all delegates to:
- Use appropriate tools and techniques for a given project financing evaluation
- Evaluate a supplier credit financing offer, taking account of the organisation’s cash flows
- Assess a project’s overall financial viability and sustainability
- Appreciate the context of integrated investment appraisal
- Make a comparative analysis of project financing offers to present well-rounded recommendations to management
- Understand the factors required for assessing value for money
The course was comprised of theoretical and practical sessions to encourage delegates to translate learnings into real-life business scenarios. The training was highly interactive, with delegates intensely involved in discussions around the subjects covered, and in providing feedback on course topics.
Following the programme, the delegates said that the skills and knowledge learnt on the course would have a positive impact on their performance. One of the delegates attending the training commented:
“The training has been excellent. I was particularly impressed with how the instructors were able to use their wealth of experience in the field to bring clarity to difficult topics.”