Bring electricity and water tariffs into line with the automatic adjustment formulas, based on claculated values through September 2003.
At P1R1, the observance of this prior action was misreported.  In October 2003, the Public Utilities Regulatory Commission approved a tariff increase for Ghana Water Company Limited (GWCL).  On that basis, the authorities indicated that water tariffs had been raised, and that the prior action had been observed.  Subsequently, however, GWCL informed Fund staff that they had not raised water tariffs, and hence it was determined that the prior action had not in fact been observed.  The Board decided to waive the nonobservance of the prior action in view of the prompt corrective action taken by the authorities when the misreporting was discovered.