RDF Release its 2015 Annual Report

Annual Report and Audited Financial Statements

Aasmund Andersen

2015 Annual Report and Audited Financial Statements


RDF continued to grow in 2015, with more projects in Sierra Leone, Liberia, Mali, Ghana and Cameroon. We received over EUR 1.5 Million in project funding, including 0.3 Million earmarked for 2016. Our programme expanded to Ghana and Cameroon. In Mali, we started our first project in the Oil and Gas sector. In Malawi we concluded two projects, and have no ongoing projects, apart from remote technical support. 

RDF projects support revenue management in seven low-income countries, covering license fees and exports for the mining, oil and gas and forestry sector. For each of these sectors, RDF supports government institutions with license administration systems that are becoming increasingly effective, opening up for administrative efficiency, less corruption, more revenues and promotion of investments to stimulate growth. The focus has increasingly become that of institutional performance, license holder compliance and tax compliance, supported by data integration between government agencies. 

During 2015, RDF systems installed in government institutions helped record over USD 15 Million in government revenues, down from USD 42 Million in 2014 and USD 35 Million in 2013. The total revenues recorded through our systems reached over USD 166.5 Million. 

In the beginning of 2015, half of our projects were still affected by the Ebola crisis. A collapse in iron ore prices also shut down mines in Sierra Leone and iron ore exports were the biggest revenue category in all our systems. The full implementation of our systems in Mali and Ghana, including gold royalties is expected to significantly increase revenues recorded in 2016. 

RDF made significant results towards the goal of helping governments mobilize USD 1 Billion revenue and implementations have followed RDFs overall strategy for the period 2010-2015. The Board is currently working on a strategy for the period 2016-2020. 

Our main system for managing mining licenses, MCAS, has now been implemented in Ghana and Mali, in addition to Sierra Leone and Liberia. We also developed an analytics system for risk management supporting the revenue authority in Cameroon. Our implementation of a property tax solution for Mzuzu local government in Malawi was finalized, and has proven a continued success, doubling revenues to the city council even after the project ended. 

During the year we have continued to build on our success of the Government of Sierra Leone Online Repository portal, which publishes mining licenses, exporters and forestry permits with related revenue to the public. Similar portals were launched for Liberia, Mali and Malawi and have over 3,000 registered users, mostly investors. The portal for Ghana will be launched during 2016. 

RDF is a project-delivery based organisation and is capable of operating exclusively on project funding. RDFs work is conducted in the countries where RDF has projects. Administrative costs are purposely minimal and mostly for financial services or admin support. The projects are implemented with staff on consultancy contracts related to funded projects. RDF’s headquarter in Norway coordinates the operations.

The financial statements give the correct picture of the financial position and result. Expenses related to development of software and methodologies are accounted for directly in relation to projects. The financial statements are presented with the view of continued operations. The organization had one employee at the end of the year. The board consists of three men and one woman. The organization is committed to gender equality in its considerations of the board, operations and partners. With exception of consultants’ travels, the operations of the foundation have limited impact on the environment. 

We see a strong need for our services and recognize our increasing reputation for delivering impact. We expect our project portfolio to significantly increase in 2016. Our strategic focus is therefore to continue our improvements in organizational efficiency and develop quality systems to make our projects in low-income countries even more effective. 

RDF 2015 Annual Report

Annual Report and Audited Financial Statements