CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

DEPARTMENT OF ECONOMICS

UNIVERSITY OF GHANA, LEGON

COST BENEFIT ANALYSIS OF CONSTRUCTING A NEW ECONOMICS

DEPARTMENTAL LIBRARY

PRESENTED BY:

MOHAMMED JUMAI

TAMAKLOE EDWARD SABBAH

KWOFIE RACHAEL NAANA

OPOKU AGYEMANG JAMES

SUPERVISED BY PROFESSOR BAAH NUAKOH

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

CHAPTER ONE

INTRODUCTION

1.1 HISTORICAL BACKGROUND

In the contemporary world, reading and quest for knowledge are essential elements of

man’s survival. So far as knowledge acquisition is concerned, man cannot depart from

reading and making research. The central mission of a library is to collect, organize,

preserve, and provide access to knowledge and information. In fulfilling this mission,

libraries preserve a valuable record of culture that can be passed down to succeeding

generations. Libraries are an essential link in this communication between the past, present,

and future. Whether the cultural record is contained in books or in electronic formats,

libraries ensure that the record is preserved and made available for later use. Libraries

provide people with access to the information they need to work, play, learn, and govern.

Books, journals, Internet and other articles serve as reading materials and are usually kept

on personal shelves. They can also be found in community libraries in most villages and

towns. All schools have some form of libraries whether small or large for pupils and students

to have access to reading materials. University of Ghana has its own library, Balme Library,

where the whole student population goes to do research on their academic work. With the

increase in student population there was the need for departmental library in all the

departments and the Economics department was no exception. At the time of the university

college, there was a political science department comprising of both political science and

economics studies. In 1963, the political science section was separated from Economics

department and at this time collection of reference materials were kept in a room which

was later developed into a library. The initial development came about through exchange
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

research programmers who came as visiting lecturers and on return donated their research

materials to the library. The Economics departmental library was formally established in

1969 to help solicit for and make available educational reading materials for students and

lecturers of the department. In 1994, the African Economic Research Consortium introduced

the collaborative Master of Philosophy program in seven African countries, including

University of Ghana, Legon. Part of the program package was rehabilitation of the library as

well as computer room. Later in 1998, when the Economic Policy Management (EPM)

program was introduced by the African Capacity Building Foundation (ACBF) and the World

Bank, more books where bought into the library.

Initially, it was made to accommodate students at all levels of the department. Later, due to

the increasing number of students in the department yearly there was a high pressure on

the existing facility. As a result, the levels 100 and 200 students were exempted from using

the library. The average number of students using the library now is one thousand (1000)

but the library can only take a sitting capacity of forty (40) students which is inadequate. The

Economic Policy Management (EPM) program also has a library with a sitting capacity of

thirty (30) students. The two libraries, if joined together will still not be sufficient for

students offering Economics.

1.2 PROBLEM IDENTIFICATION

Although the Economics departmental library is still serving the department, it is saddled
with the following problems:

High pressure on existing structure.

The library is now under serious pressure by undergraduates, post-graduates, lecturers and
researchers. There has neither been any renovation nor expansion of any sort for about 16
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

years now, despite the increase in the total population of the department. The location of
the existing library makes it impossible for an expansion.

Lack of modern facilities such as internet

The library has only one computer which initially was to be used for book searches but now

used only by the librarian for the internet searches and the likes. There is none for students

to use for their research. Comparing the departmental library to that of other departments

the Economics departmental is lacking behind and has nothing to write home about.

Inadequate and poor state of furniture

The current state of furniture in the library is very poor, the library lacks good quality chairs

and tables with such trends as making noise as well as broken and they are quite

uncomfortable and inappropriate for study. Also Shelves are not adequate for effective

display of the already inadequate and dilapidated reading materials available

Lack of ventilation and proper lightning

There is no ventilation because of the air conditioners, which are presently not in use. The

only source of air in the library is two ceiling fans which is medically not advisable since the

stillness of the place can lead to the attraction of several diseases. Proper lights are required

to help preserve the quality of books in the library

Time allocated for the use of the library is inadequate for effective academic work

For excellent academic work, references given by lecturers should be considered and not

only relying on the notes taken in class. There is therefore the need for the library to be

opened till late hours especially during examination period.

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

Inadequate research materials in the library

Economics as a discipline is a social science which needs to stand the test of time. The

library lacks reading material in terms of modern socio-economic books. Most

recommended readings are not found in the library. This discourages students from using

the library.

1.3 OBJECTIVES OF THE STUDY

The aim of this project is to do a cost benefit analysis of constructing a new library for the

department which will consist of three sections; a. archive, b. Automated Information and

Communications Technology, c. reference and reading centre.

The broad objective of this project is to promote the taste for modernity to raise the

department to the international level where students’ academic needs can be catered for

through effective study environment.

We shall seek to provide recommendations to the proposed project in areas of

maintenance, possible source of finance and sustainability if our study proves the viability of

the project.

1.4 JUSTIFICATION OF THE STUDY

The Economic Policy Management (EPM) building has a stretch of land towards the

Volta Hall Car Park which can be used for this project. The project upon completion

is expected to achieve the under listed objectives:

 Students of the department will have a conducive library for effective academic

work in order to produce more and better economist for the country.
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

 Be able to accommodate the increasing number of students of the existing allowable

rate (levels 300 and above) in the department.

 Be able to allow the lower levels 100 and 200 to use the facility to develop their

interest in the course right from the scratch.

 Help reduce stress among students in order to increase the number of females

offering the course at first and second degree. By this the department will be able to

produce more female lecturers and others in ministerial positions.

 It will contain both the Economics department and the Economic Policy

Management department libraries which will enhance research work and proper

coordination between the department and the finance ministry.

1.5 METHODOLOGY

The methodology employed in executing a project is very crucial in ensuring the

achievements of the objectives and realization of intended output. The source of

information is basically going to be both primary and secondary. The primary data will

be sourced from the contractors, quantity surveyors and the Physical Development and

Municipal Service directorate of the university.

The secondary data will be sourced ethnohistorically from University of Ghana annual

reports. The key methodologies, which will be employed, involve face to face interviews.

Other complementary data collection will include structured observations.

The Investment Criteria in our analysis will be Net Present Value (NPV).

The reasons for this choice are;

It is simple to calculate

It considers the entire life span of the project

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

It can be used to make investment decisions with varying discounts rates

It can be used for valuing mutually exclusive projects

It is the best method of investment appraisal

NPV is computed as follows:

n
( Bn−Cn)
NPV =∑ −Co
k=0 ( 1+r ) t

Where:

NPV= Net Present Value

Bn= Running Benefits

Cn= Operational Cost+ Interest rate

r= Interest rate on capital

t = Time period

CO= Initial Cost of construction

Decision Rule to be adopted is;

When NPV is computed:

NPV > 0, Accept project

NPV < 0, Reject project

NPV= 0, Inconclusive

The choice of this criterion is simply because of its compatibility with our project.

1.6 PROBLEMS ENVISAGED

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Anticipate some sort of friction from people we shall consult for information when it

comes to estimate of the proposed structure. This may be because of the busy schedule

of contractors and surveyors. Contacting them for layouts, building plans and estimates

on such a project will pose some difficulties.

We shall make advance placement and requests for information in order to be secured

and be ahead of time and schedule to enhance our early and effective completion of

work as planned.

1.7 OUTLINE OF THE STUDY

The study is divided into five main chapters.

Chapter one looks at the historical background of the problems, the objectives of the

study, justification of the project and the methodology adopted.

Chapter two will look at the projects appraisal via technical, financial, economical, social

and institutional so as to lay the foundation for the implementation of the project.

Chapter three will focus on the identification of costs and benefits involving both the

direct and indirect costs and benefits.

Chapter four looks at the methodology and project evaluation

Chapter five states the summary, conclusions and recommendations of the study.
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

CHAPTER TWO

ELEMENTS OF PROJECT APPRAISALS

INTRODUCTION

As the project takes shape and studies get more intensified, it is deemed appropriate that a

formal process of appraisal and detailed comprehensive preview of all aspect of the project

is conducted. This is to provide an opportunity to re-examine every aspects of the project

document or plan to assess its overall soundness and readiness for implementation. In other

words, project appraisal is the process of assessing and questioning the proposal put

forward before the resources are committed.

Considering the felt need, identification of this project and its requirements, magnitude and

social dimensions to withstand the test of time and modernity, it would be inapt to kick-

start and reach decisions about the project without providing review of very important

aspects and relevant issues of the project which would easily affect its construction,

implementation and especially its evaluation.

This chapter therefore seeks to focus on providing detailed and comprehensive analyses of

the “design” of the project in all its dimensions. Thus, our task hence will be to conduct the

following appraisals in all varying degrees.

 Institutional Appraisal.

 Technical Appraisal.

 Financial Appraisal.
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

 Economical Appraisal.

 Social Appraisal.

It must be emphasized that project appraisal is a potent instrument for choosing the best

alternative and improving the investment process thereby imposing discipline in the

decision makers.

2.1 INSTITUTIONAL APPRAISAL

Institutions are established law, custom, practice and organizations that guide and influence

decisions in a community. The creation and inculcation of a viable local “institution” is very

important for long-term survival of a project. Yet it is the most difficult aspect of the project

since it depends on the understanding of the culture environment and the beliefs systems of

the inhabitants. The institutional appraisals therefore enables us to analyze and understand

not only the project per say but also its organization, management, staffing, policies, norms

as well as a whole array of government policies, laws and practices by the department that

condition the environment within which is to be allocated and operated.

In this view, the laws and regulations that govern building of a new structure on University

of Ghana campus, regulations of Ghana Builders Association and government organizational

policies and management shall be followed and strictly adhered to. Also culture, norms and

practices of the Economic s department and the Economic Policy Management (EPM) shall

be given full respect. These notwithstanding any policy that require changes before the

implementation of the project shall be taken care of, prior to the implementation phase.

University of Ghana being an intellectual community, constructs structures on campus

based on conventions and norms to a given design or at least physical look alike. The new
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

Library, proposed to be an extension of the EPM block, takes the same painting and roofing

as the EPM to improve the physical environmental beauty of the university.

2.2 TECHNICAL APPRAISALS

This appraisal is meant to ensure whether the project meets the required specifications and

executed as scheduled. It concentrates on the aspects of physical scale of the project and

the appropriate technology to be used. These include either, capital or labour intensive

methods, the implementation schedule and whether the project is realistic from the

technical point of view with the possibility of achieving desired output. There will be four

main sub-analyses such as project site location and structure format consultancy services,

construction technology and the construction program schedule.

2.2.1 Site location and structure format:

The site and the land earmarked for the project is the stretch of land between the Economic

Policy Management Program block and the Volta Hall Car Park. This patch of land is about

9.35meters by 17.85meters and fit for the project. The project is a two storey building which

contains three different sections. The ground floor contains the first section which is the

main reference and reading room, the first floor will contain two sections; the automated

ICT and the economic archive centers. This will comprise of a standard contemporary, multi-

purposed world class research center to withstand ''Economic Integration Drive'' on Africa

continent and the global world. A center, most welcoming all kinds of investment drive

researchers especially on the African's new challenges which required new model of all-

round macroeconomic growth and socio-economic boost.

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2.2.2 Consultancy service

The two main consultancy approaches of consideration will be tradition and turnkey

approaches. The traditional approach is the tendering process of hiring contractors and sub-

contractors for each stage of the project. The second one, turnkey approach where one

contractor takes sole responsibility for the construction of the entire project, could be opted

for since time and money could be saved and the urgency and felt need of the project will

be considered. The construction companies involved in this project are TAYSEL and CHINA

STATE CONTRUCTION COMPANY.

2.2.3 Construction Program Schedule

The construction of the new library is estimated to last for twelve (12) months or one (1)
year. Within this period, the schedule is as follows;

Table 2.1
TIME ACTIVITY

1ST– 3THMONTH Survey works, Laying of foundation and sub-

structures.
3TH-8TH ,MONTH Main structure, roofing and ceiling.

8TH- 10TH MONTH Painting, electrification, fixtures, plumbing

and furnishing.
10TH- 11TH MONTH Stocking with reading and research materials,
computers and other relevant materials. A
qualified and proactive librarian with
contemporary skills will be recruited.

12TH MONTH Handing over of project to the department

and the entire university

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We suggested the 12 months period interval taking cognizance of the fact that natural

causes beyond human control are inevitable. Rainfall season for instance will slow down the

pace of the work. Also we recognize that, there should be some flexibility for bureaucratic

delays in the acquisition and disbursement of fund for the project. Suppliers may also

encounter some hitches in one way or the other in delivering of materials on time.

2.2.4 Construction Technology

Due to the landscape of the site, it will not be convenient to use heavy machines. Labour

intensive approach is more appropriate. Also in order not to obstruct academic work we opt

for a labour intensive. The company that wins the bidding process will be advised to use

more local laboures from the university and is environs. This will facilitate the creation of

employment for the unemployed youth in the general vicinity. These notwithstanding, the

labour intensive technical approach will be coupled with some quantum or sizable amount

of capital intensive approach.

With all these issues being considered, the project will expect a desirable high level of

output.

2.3 FINANCIAL APPRAISAL

This appraisal seeks to ensure that funds for the project will be adequate enough and available to

cover the entire life span of the project. The financial plan for the construction from inception to

completion will be drawn in consultation with the appropriate entity, herein, the Development

Office of the University of Ghana. However, taking into consideration the current prices of material

equipment, labour and other utility services with the current inflation rate as at January 2010 of
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

14.78%, we expect the total cost of putting up this structure to be GHC 350,000. The details or the

breakdown of this cost will be captured in Cost Benefit Analysis in Chapter Three (3).

Our expected sources of funds for this project, in the interim, are the GETFund and The Bank of

Ghana. This not withstanding to avoid unforeseen eventualities, with regards to disappointment and

shortage of funds, we suggest that the Department should organize a fund raising dinner under the

theme “Remembrance night of past and present product of Economics Department, UG.” In

addition, the Department can establish “a Development Fund” into which both Past and Present

students of the Department contributes their tokens to provide the seed money.

2.4 ECONOMIC APPRAISAL

Economic appraisal offers an assessment of how a project will contribute to the development

objectives. In other words, it helps to analyses the long-term effect of the project on the economy as

a whole and to see whether the objectives of the project are in line with the development plans and

objectives of the Department. As part of the developmental objectives, the Economics Department

aims at providing infrastructure necessary to improve the quality of learning and research of high

caliber, introducing new courses, improving and restructuring the course content in order to foster

the socio-economic development of the nation and possibly support the macro-economic

integration drive on Africa.

Obviously one of the greatest set back perhaps to realization of the above stated objectives,

is the lack of adequate educative and research facilities to promote and enhance intellectual

curiosity among students of the Department. A successful completion of this project will

help to some extent revamp the deteriorating quality and eliminate other problems since

the Library will provide not only the required reading and research materials but also the
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

comfort needed for both the individual and groups philosophizing. Undoubtedly, it is an

empirical fact that illiteracy rate is higher in less developed countries implying that

development is meaningless without education and researches.

For cost benefit analysis of the project to be simple and coherent, certain economic

variables must be assumed. That; the price level be constant over the economic life of the

project to enable us eliminate the implications of price fluctuation. That; maintenance cost

be zero in the first ten (10) years and grow at 10% in every ten (10) years and that the

interest rate on which discount rate based, remain constant over the period.

2.5 SOCIAL APPRAISALS

The social appraisal concerned with analyses of the social impact of the project on the

department and the university community as a whole. The project is an educational facility

meant to improve students’ academic performance. A clearly comprehensive analysis of the

project's social impact travels beyond the purview of Economics and engages several

analytical techniques of other social sciences. However, for the purpose of this academic

study, we simply assess the impact of the project on the social well being of the

beneficiaries by considering the most relevant issues such as distribution of the benefit,

empowerment of female students, Improvement of academic work by students,

strengthening of research work and its coordination between various financial institution

and other key sectors of the Ghanaian economy. Also the employment creation to the folks

of the university community and its environs; may improve standard of living temporarily.
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

On the empowerment of women the female student will now have that productive capacity

to equally compete with the male counterparts in all fields of academic endeavors to ensure

gender equity in male- female lecture ratio.

Socially the project may pose some minimal level of noise making that may not disrupt

academic work so much.

Generally, the undertaking of the project will go a long way to;

 Enhance the academic status of students of the department.

 Encourage more students to specialize the discipline since all levels are now

allowed to use the facility.

 Increase the number of females in our socio-economic and political analyses

of our macroeconomic issues and policies facing the country, West Africa and

the whole continent.

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CHAPTER THREE

ELEMENTS OF COST AND BENEFIT

INTRODUCTION

Every project is implemented with one essential reason, thus to derive some benefits from

it. However, it is an inevitable fact that the implementation inextricably involves incurring

costs. These therefore are the expenditures and losses that need to be borne by society in

order to acquire a social investment project. Very often than not, these cost and benefits

travel beyond those who are directly associated with the project giving rise to what is

termed externalities which can either negative or positive.

For a conclusion to be drawn whether a project is viable or not, there is the need to identify

and quantify these cost and benefit with their associated externalities to the project. If the

benefit generated by the project exceeds the cost, then the project is viable and worth

undertaking.

This chapter therein seeks to concentrate on identifying and quantifying these cost and

benefits. However, since cost benefit analysis is mainly applied to a public project, some

cost and benefit cannot be quantified in monetary terms and hence placing value on them

will be difficult though possible. We hereby divide the cost and benefit into real and

pecuniary. For the purpose of our study being a public project, we will perhaps ignore the

pecuniary cost and benefit since it results from redistribution effect of the concerned

project.
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The real cost and benefits which relate to the allocative effect of the structure construction

will be grouped into direct and indirect cost and benefits, which can be further categorized

as either tangible or intangible cost or benefit.

COMPUTATION OF COSTS

3.1 DIRECT COST :

This cost items are those closely related to the project and easily quantifiable in monetary

units. These costs can also be classified into tangible and intangible direct costs .

3.1.1 DIRECT TANGIBLE COST

These are cost elements that are closely related to the construction of the structure are

easily quantified in monetary units. These cost elements can be identified as a result of the

cash outlays involved not only the procurement of building materials and utility services but

also hiring of labour and capital.

The total direct tangible cost of the building is estimated to be GHC 350,000.This estimate is

arrived at by giving due consideration to the market value of the resources required to

construct the building of such a caliber or standard of our point of view. This way, we will

classify the various direct tangible costs as cost associated with the general conditions, the

substructure, superstructure furnishing and stocking of the building.

SUBSTRUCTURE:

The various cost identified with the substructure are cost of clearing, excavation and

earthwork, form work, block and plastering work at the foundation. These costs are found in

Table 3.1.1
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SUPERSTRUCTURE:

The various cost elements related to the building of the superstructure are among other

things; cost of concrete works, block work, roofing, carpentry and joinery works, structural

steel works and metal works. Other cost such as glazing, plumbering, electrical and

engineering installation, plaster works, ceiling, furnishing, painting and decoration cost.

These costs are found in Table 3.1.1.

FURNISHING:

The cost elements related to furnishing the library includes cost of fixing a counter, shelves,

reading desk, tables, chairs, cabinet, curtains, photocopying machines, computers, id tags

and the cost of installing computers. These costs are found in Table 3.1.2

STOCKING:

This gives the cost of books for all levels of the undergraduate course. It also includes books

for the EPM program and other postgraduate courses as well as articles, journals and

reports. These costs are found in Table 3.1.3

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

The Breakdown of the Cost is as follows;

Table 3.1.1 cost estimate of substructure and superstructure

DESCRIPTION Q'TY RATE/% AMOUNT (GH

¢)

Substructure     35,841.04
Superstructure      
Concrete work     65,867.60
Brick and block work     10,921.50
Roofing     8,402.38
Carpentry     7,382.00
Joinery     26,377.00
Structural steel work     8,000.00
Engineering installation     5,559.65
Plaster work and other floor wall     20,170.06
and ceiling finishing

Glazing     2,685.00
Painting and decorating     5,211.88
Total builders work     168,858.46
Contingencies   10% 16,885.85
 TOTAL     185,744.31
Fixtures      
Electrical installation     20,750.00
Plumbing installation     5,000.00
Air-conditioning installation 6   1,500.00
External work     3,250.00
Total fixtures     30,500.00
TOTAL SUPERSTRUCTURE     201,203.96

Labour cost     10,000.00

GRAND TOTAL     247,045.00

Furnishing the library with facilities

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Other costs to be incurred are the cost of interior decorations. This covers the cost of fixing curtains,

shelves and stocking the Library. The table below shows the details at these costs.

Table 3.1.2

ITEMS UNIT QUANTITY AMOUNT

PRICE (GH¢)
(GH¢)
Counter 2,500.00 2 5,000.00

book shelves 250 80 20,000.00

computer slabs 1,500.00 2 3,000.00
reading desks 250 52 13,000.00
Chairs 20 255 5,100.00
Curtains 20 12 240

cabinet 350 2 700

photocopy machine 4,000.00 2 8,000.00
(Kyocera km1650)

computers and 500 50 25,000.00

installation(phenom
II955quad CORE DDR3
desktop barebone)

Printer (IBM infoprint 800 2 1,600.00

1464n color laser
printer)

id tags 20 1 20
Telephone 60 2 120
Maintenance     2,000.00
GRAND TOTAL     84,780.00

STOCKING OF LIBRARY
Table 3.1.3

BOOKS AVERAGE UNIT QUANTITY AMOUNT (GH¢)

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PRICE (GH¢)

Economy of Ghana Theory and principle 30 5 150

Applied 35 5 175

Applied Theory and principle 30 5 150

mathematics
Applied 35 5 175

Applied statistics Theory and principle 30 5 150

Applied 35 5 175

Mathematics for Theory and principle 30 5 150

economics
Applied 35 5 175

Statistics for Theory and principle 30 5 150

economics
Applied 35 5 175

Microeconomic Theory and principle 30 5 150

theory
Applied 40 5 200

Macroeconomic Theory and principle 30 5 150

theory
Applied 40 5 200

Industrial economics Theory and principle 35 5 175

Applied 40 5 200

International Theory and principle 35 5 175

economics
Applied 40 5 200

Public finance Theory and principle 35 5 175

Applied 40 5 200

Econometrics Theory and principle 35 5 175

Applied 40 5 200

Labour economics Theory and principle 35 5 175

Applied 40 5 200

Agricultural Theory and principle 35 5 175

economics
Applied 40 5 200

Cost- benefit Theory and principle 35 5 175

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analysis Applied 40 5 200

Articles   10 20 200

Journals   10 20 200

Reports   20 10 200

GRAND TOTAL 190 5,075

3.1.2 DIRECT INTANGIBLE COST

These are cost elements though closely related to the project, are difficult or cannot be

quantified in monetary terms.

Among these costs are the following;

 NOISE POLLUTION:

The equipments, machines such as concrete mixer and earth excavators will be used, however,

less capital intensive method adopted and these machines will produce a lot of noise to disrupt

the conducive atmosphere for sound academic work in the various departments surrounding the

project site.

 DUST POLLUTION:

During the excavation work, there is going to be a lot of dust pollution to the immediate

surrounding areas such as the Volta Hall Car Park. This is a cost to the owners of the vehicles.

 LOSS OF VEGETATION:

The clearing and excavating the site will result in destruction of the vegetation of the green

grass formally there.

3.2 INDIRECT COSTS.

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

These are cost elements not directly related to the library project in question; but are incurred in

order to facilitate the use of the library and help the beneficiary derive expected benefit.

Equally important, it consists of the adverse impact of the project on other people and their asset;

though they are not befitting directly from this project.

3.2.1 INDIRECT TANGIBLE COST

These costs are not directly associated with the project, but are easily computable at the market

prices in monetary terms. The indirect tangible cost is by nature costs not related to the objective of

the project itself. These costs include the following;

 MISELLANEOUS

Maintenance cost-Is the cost of replacing the defaulted equipments and tools used in the

construction of the library. The estimated cost for this is GHC8, 000.

Operational costs- this are daily petty cash spent during the operation of library such as

transportation, food e.t.c this cost is estimated at GHC5, 100.

3.3 COMPUTATION OF TOTAL COST

The table below gives a summary of both direct and indirect costs associated with this project.

TOTAL COST OF THE PROJECT

Table 3.3

NATURE OF COST AMOUNT (GHC)

Direct cost:  
Sub structure 35,841.04
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Superstructure 201,203.96
Furnishing the library 84,780.00

Stocking the library with 5,075

books
Labour cost 10,000.00
Indirect cost:  
Maintenance cost 8,000.00
Miscellaneous 5,100.00
TOTAL COST 350,000.00
Contingency 35,000.00
GRAND TOTAL 385,000.00
BENEFIT COMPUTATION

Benefits are returns to be derived from a project when it completed put under its intended

use.

These benefits can be directly or indirectly associated with the project and tangible or

intangible.

3.4 DIRECT BENEFIT

These benefits are those closely associated with the project. These are usually seen as the

main reasons of undertaking the project.

3.4.1 DIRECT TANGIBLE BENEFIT

These benefits are easily quantified in monetary units because they have market value. In

quantifying these benefits, we consider the amount of money the department will gain in

hiring the facility instead of using it for academic purposes. That is the market of the
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

benefits will be accrued in terms of the opportunity cost of using the library for academic

work. Since the library is not to be provided for commercial purposes so that the cash

inflows from using the library can be seen as benefits.

The direct benefits will be ascertained by using any authorized substitute in this capacity.

TABLE 3.4.1 average revenue from users of the library

Users Average number rate per week Number Total

per day (GHC) of weeks amount
per year

Undergraduates 100 1.5 40 6000

Post Graduates 20 2 40 1600

Researchers 15 2.5 40 1500

Others 15 3 40 1800

GRAND TOTAL       10900

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

Another benefit area the project can be perceived is in terms of charging fees for borrowing

of books from the library. On the assumption that the facility were to be run on commercial

basis, then people can be allowed to borrow books and for that matter have to be charged

some fees those services.

The table below indicates the estimated number of users and the expected cash flow per

week and per year.

TABLE 3.4.2 REVENUE FROM LENDING BOOKS

USERS Number of users Rate per week Number of weeks Amount

(GHC) per year

Undergraduates 100 1.00 40 4000
Post Graduates 20 2.00 40 1600

EMP Students 50 2.50 40 5000

M Phil 10 2.50 40 1000

Researchers 15 4.00 40 2400
Others 15 3.00 40 1800
GRAND TOTAL 15800

After allowing for Sundays and holidays, forty weeks per year was arrived at.

3.4.2 DIRECT INTANGIBLE BENEFIT

This refers to the non-quantifiable elements of the direct benefit. In this respect, the project

will help to reduce the congestion in the old economics department library which can be

converted into offices for lecturers. With increases in the student population the

construction of the new library is a appropriate.

3.5 INDIRECT BENEFITS:

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

The indirect benefits of the project relates mainly to the positive externalities of the ptoject.

They are subdivided into tangible and intangible.

3.5.1 INDIRECT TANGIBLE BENEFIT

These are benefit coming out as a result of the project that can be valued at the market

prices but are not based on the main objective of the project. One of such benefits is that

the department will have access to information technology, internet facility at the

automated computer laboratory for people to use. This in effect will serve as a source of

revenue to the department. Also clerical and computer services can be done to attract

revenue.

The table below depicts the revenue that the library generates from operating the computer

services.

TABLE 3.5.1 REVENUE FROM OPERATING COMPUTER SERVICES

USERS Number of Fee per week Weeks per Amount

users per day GHC year GHC

Undergraduate 100 1.00 40 4000.00

s 20 2.00 40 1600.00

Post Graduates 50 2.00 40 4000.00

EMP Students 10 2.00 40 800.00

M Phil
Researchers 15 1.50 40 900.00
Others 15 1.00 40 600.00
GRAND TOTAL 11900.00
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

Another lucrative area under the indirect tangible benefit is where photocopy machines

would be provided in the library and can be used to make photocopies for users thereby

generating revenue to the department.

The table shows the computed revenue from photocopying services based on the market

survey of photocopy service operators on University of Ghana campus.

TABLE 3.5.2 REVENUE FROM PHOTOCOPY SERVICES

User categories Number of Rate per Weeks per Amount

people week year GHC

Undergraduates 100 2.00 40 8000
Post Graduates 20 2.50 40 2000

EMP Students 50 2.50 40 5000

M Phil 10 2.50 40 1000

Researchers 15 2.0 40 1200

Others 10 2.0 40 800
GRAND TOTAL 18000

In addition, the library can also derive revenue from using the computers for printing services.

TABLE 3.5.3 REVENUE GENERATED FROM PRINTING SERVICES.

User categories Number of Rate per Weeks per Amount

people week year GHC

Undergraduates 100 2.00 40 8000
Post Graduates 20 3.00 40 2400

EMP Students 50 3.00 40 6000

M Phil 10 3.00 40 1200

Researchers 25 2.50 40 2500
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

Others 15 2.50 40 1500

GRAND TOTAL 21600

CAR PARKING SPACE

As part of the project, car parking space will be provided. Our preliminary investigated have
revealed that parking a car at an approved place on campus cost a GHC 1.00 for a day. The
parking space in front of EPM building can accommodate about 15 cars at a time. Thus for
every month, the car park is expected to generate GHC 900 will amount to GHC 10,800 a
year .

The facility can attract contributions from Alumina. On average, the estimated inflow of

alumina contribution can be GHC 5000 per year.

Other development fund raising and levies will amount to GHC 2000 per year.

Therefore, the total cash inflow per year amounts to GHC 7000.

3.5.2 INDIRECT INTANGIBLE BENEFIT

These are benefits resulting from the project and not based on the objectives of the project

and also cannot be valued at the market prices. For example, the prestige attached to the

Economics Department of having such a magnificent library; a library that can conspicuously

enhance and facilitate opportunities for the EMP becoming a school of economic

management policy on its own.

In addition, it will attract intellectuals from all walks of life especially the third world

countries to come and research for possible economic survival since they are battling in

their economic struggle for emancipation and survival.

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

All these notwithstanding it also uplift the status and image of the department and give

that global appetizing recognition not to the University alone but to the entire country and

the African continent as a whole.

3.6 COMPUTATION OF THE TOTAL BENEFITS

The table contains the summary of both direct and indirect benefits associated with the project.

TABLE 3.6.1 TOTAL BENEFITS

BENEFITS AMOUNT GHC

DIRECT

Fees charged for using the library. 10900

Fess charged for lending books. 15800

INDIRECT

Revenue from photocopy services. 1800

Revenue from printing services. 21600

Revenue from other computer services. 11900

Revenue from car parking. 10800

Alumina cash inflows. 5,000

Other development funds and levies. 2,000

GRAND TOTAL 79,800

CHAPTER FOUR

METHODOLOGY AND PROJECT EVALUATION

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

This chapter focuses on a detailed, profound and critical analysis of discounted benefits and

costs of the library in question to the students and other people of the University of Ghana.

4.1 INVESTMENT CRITERION

The Net Present Value (NPV) approach will be used. The NPV value is the value obtained by

discounting all costs and benefits by choosing a target rate of returns, also known as the

discount rate. A discount rate of 16% would be used to estimate the Net Present Value for

the 15 years life span of the project, the discount rate of 16% represents the Bank of Ghana

prime rate and this is because it is the most reliable in the country compared to the other

private banks since there are fewer fluctuations.

In this analysis procedure, a positive net present value signals project feasibility and viability

and should therefore be implemented. On the other hand, a negative net present value is

indicative of the fact that the project is not viable and therefore not worthy of being

implemented.

The NPV approach has been adopted because of the following merits it offers:

 It is simple and easy to use.

 It allows comparison between mutually exclusive projects.

 Because society places more value on the cedi today than the cedi in the near future,

NPV, which is a discount factor, is quite appropriate.

 The use of the NPV approach will help capture in our analysis most of the benefits

that will occur overtime so that we can avoid the temptation of rejecting the project

if most of the benefits accrue in later years.

The formula for calculating the NPV is given as;

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

n
Bt−Ct
NPV=∑ (1+r )
t =0
t

Where: Bt= the benefits at time t r = the discount rate

Ct = the cost at time t t starts from zero (0).

(Bt-Ct)= net cash flow.

4.2 CASH INFLOW AND CASH OUTFLOW

Cash inflow refers to the benefits that accrue to the project and cash outflow also refers to

the cost associated with the project.

The total cost structure was GHC 385,000.00, comprising of GHC 247,045.00 for the

construction of the building including labour cost of GHC 10,000.00, GHC 84,780.00 for the

cost of furnishing with the facilities and GHC 5,075.00 for stocking the library with books

and other intangible cost of GHC5, 100.00 for miscellaneous cost and GHC8,000.00 for

maintenance cost. A contingency of 10% was calculated on the total amount for putting up

the building which amounts to GHC 35,000.00.

4.3 SUMMARY OF COSTS: RECURRENT COSTS:

 MAINTENANCE COST
We envisage that, there will be no maintenance cost for the first five (5) years of the

project. However, for every year in the next five (5) years an average cost of GHC

5000.00 will be estimated for maintenance with an inflationary rate of 15%. These

notwithstanding, every often and then new stock of books needed to augment or

replace the old stock. An average cost of 2% contingencies from any income to be in

reserve for this.

 OPERATIONAL COST
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

 UTILITIES

These costs include the cost of electricity, water supply and clearing items. These

costs though may be embodied in a large bill of the University, for the purpose of

this project, electricity and water bill per month are expected to be GHC 100.00 and

GHC 550.00 respectively. Clearing items on the other hand, per month are expected

at GHC 80.00.These costs are expected to increase by 15% every year.

 WAGES AND SALARIES

This cost includes wages paid to the 2 librarians that would be employed, the one working

in the library reading room and the other working in the archive and ICT section. Each of the

librarians would be paid GH¢400.00. Hence the total wages is GH¢800.00, which is also

expected to increase by 15% every year. Also, two cleaners would be employed with

receiving a monthly salary of GHC 120.00 amounting to GHC 240.00 a month.

The table below shows the operational costs and maintenance costs to be incurred over the
life span of the project.

TABLE 4.3
Cost/ Utilities Year Year Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
1 2
Wages/salari                
es.
2librarians 9,600 11,04 12696 14,600.4 16,790.4 19,309.0 22,205.3 25,536.1
0 0 6 2 7 7
cleaners 2,880 3,312 3,808.80 4,380.12 5,037.13 5,792.69 6,661.59 7,660.82
Water bills. 1,200 1,380 1,587 1,825.05 2,098.80 2,413.62 2,775.66 3,192
Electricity 6,600 7,590 8,728.50 10,037.7 11,543.4 13,274.9 15,266.1 17,556.1
bills. 7 3 4 8 0
Clearing. 960 1,104 1,269.60 1,460.04 1,679.04 1,930.89 2,220.52 2,553.59
Maintenances ------ ------ -------- 5,000 5,750 6,612.50 7,604.37 8,745.02
TOTAL 21,24 24,42 28,089.9 37,303.3 42,898.8 49,333.7 56,733.7 65,243.8
0 6 0 8 8 1 6 2

Cost/ Utilities Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

Wages/salaries              
.
2 librarians 29,366.59 33,771.58 38,837.32 44,662.92 51,362.35 59,066.70 67,926.71
2 cleaners 8,809.94 10,131.43 11,651.14 13,398.82 15,408.64 17,719.93 20,377.92
Water bills. 3670.8 4,221.42 4,854.63 5,582.82 6,420.52 7,383.59 8,491.13
Electricity bills. 20,189.51 23,217.94 26,700.63 30,705.72 35,311.15 40,607.22 46,698.30
Clearing. 2,936.62 3,377.12 3,883.69 4,466.24 5,136.18 5,906.60 6,792.59
Maintenances 10,056.77 11,565.28 13,300.08 15,295.09 17,589.35 20,227.75 23,261.91
TOTAL 75,030.1 86,284.9 99,227.6 114,111.8 131,228.6 150,912.9 173,548.56
6 5 9 4 2 1

The total benefit of the project annually is GHC 79,800.00, which increases by 15% over the

life span of the project.

4.4 SUMMARY OF BENEFITS

The table below shows the benefits to be generated for the lifespan of the project.
TABLE 4.4

YEAR BENEFIT
1 79,800.00
2 91,700.00
3 105,535.50
4 121,365.83
5 139,570.70
6 160,506.30
7 184,582.25
8 212,269.59
9 244,110.02
10 280,726.52
11 322835.51
12 371,260.83
13 426,949.96
14 490,992.45
15 564,641.32

4.5 CALCULATION OF NET PRESENT VALUE

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

TABLE 4.5.1

YEAR COST( GHC) BENEFITS CASH FLOW DISCOUNT NET PRESENT

FACTOR VALUE
0 385,000.00 ------ (385,000.00) 1.00 (385,000.00)
1 21,240.00 79,800.00 58,560.00 0.8621 50,484.58
2 24426.00 91,700.00 67,274.00 0.7432 49,998.04
3 28,089.90 105,535.50 77,445.60 0.6407 49,619.40
4 37,303.38 121,365.83 84,062.45 0.5522 46,419.28
5 42,898.88 139,570.70 96,671.82 0.4761 46,025.45
6 49,333.71 160,506.30 111,172.60 0.4104 45,625.24
7 56,733.76 184,582.25 127,848.49 0.3538 45,232.80
8 65,243.82 212,269.59 147,025.77 0.3050 44,842.86
9 75,030.16 244,110.02 169,079.87 0.2630 44,468.01
10 86,284.95 280,726.52 194,441.57 0.2267 44,079.90
11 99,227.69 322835.51 223,607.82 0.1954 43,692.97
12 114,111.84 371,260.83 257,148.99 0.1684 43,303.89
13 131,228.62 426,949.96 295,721.34 0.1452 42,938.74
14 150,912.91 490,992.45 340,079.54 0.1252 42,577.96
15 173,548.56 564,641.32 391,093.16 0.1080 42,238.06
TOTAL NPV 296,547.16

The cash flow is the difference between the benefits and the costs for each year.

Discount factor is computed as:

1
t
(1+r )

Where

r = the discount rate

t = the time period

DECISION RULE
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

In using the NPV method as investment criterion, the decision is that a project is

worthy of embarking upon when the NPV is positive. On the other, it is not advisable

to undertake the project when the NPV is negative. By applying a discount rate of

16% , we arrive at a positive NPV which is GHC 296,547.16.

In conclusion since NPV= 296,547.16 > 0, we undertake the project and conclude

that the project is economically, financially prudent and viably justifies the cost of its

undertaking.

Through the project implementation period we expect bank of Ghana to reduce the prime

rate, therefore we have computed a net present value in a two scenarios. One is where

prime rate falls to 13% and the other is when prime rate falls to 10%.

Table 4.5.2 calculation of NPV at a prime rate of 13%

YEAR COST (GHC) BENEFITS CASHFLOW DISCOUNT NET PRESNT

FACTOR VALUE

0 385,000   -385,000 1 -385,000

1 21,240.00 79,800.00 58,560.00 0.885 51,826
2 24426 91,700.00 67,274.00 0.7831 52,682
3 28,089.90 105,535.50 77,445.60 0.693 53,670
4 37,303.38 121,365.83 84,062.45 0.6133 51,556
5 42,898.88 139,570.70 96,671.82 0.5428 52,473
6 49,333.71 160,506.30 111,172.60 0.4803 53,396
7 56,733.76 184,582.25 127,848.49 0.4251 54,348
8 65,243.82 212,269.59 147,025.77 0.3762 55,311
9 75,030.16 244,110.02 169,079.87 0.3329 56,287
10 86,284.95 280,726.52 194,441.57 0.2945 57,263
11 99,227.69 322835.51 223,607.82 0.2607 58,295
12 114,111.84 371,260.83 257,148.99 0.2307 59,324
13 131,228.62 426,949.96 295,721.34 0.2042 60,386
14 150,912.91 490,992.45 340,079.54 0.1807 61,452
15 173,548.56 564,641.32 391,093.16 0.1599 62,536
    TOTAL NPV 455,805

Table 4.5.3computing NPV at a prime rate of 10%

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

YEAR COST (GHC) BENEFITS CASHFLOW DISCOUNT NET PRESNT

FACTOR VALUE

0 385,000   -385,000 1 -385,000

1 21,240.00 79,800.00 58,560.00 0.909 53,231
2 24426 91,700.00 67,274.00 0.8264 55,595
3 28,089.90 105,535.50 77,445.60 0.7513 58,185
4 37,303.38 121,365.83 84,062.45 0.683 57,415
5 42,898.88 139,570.70 96,671.82 0.6209 60,024
6 49,333.71 160,506.30 111,172.60 0.5644 62,746
7 56,733.76 184,582.25 127,848.49 0.5132 65,612
8 65,243.82 212,269.59 147,025.77 0.4665 68,588
9 75,030.16 244,110.02 169,079.87 0.4241 71,707
10 86,284.95 280,726.52 194,441.57 0.3855 74,957
11 99,227.69 322835.51 223,607.82 0.3555 79,493
12 114,111.84 371,260.83 257,148.99 0.3186 81,928
13 131,228.62 426,949.96 295,721.34 0.2897 85,670
14 150,912.91 490,992.45 340,079.54 0.2633 89,543
15 173,548.56 564,641.32 391,093.16 0.2394 93,628
    TOTAL NPV 673,320

In both scenarios the remains positive, we undertake the project and conclude that

the project remains economically, financially prudent and viably justifies the cost of

its undertaking as the bank of Ghana lowers its prime rate.

CHAPTER FIVE
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

SUMMARY, RECOMMENDATIONS AND CONCLUSION

The final chapter of our project discusses findings from the new economics department

library project on University of Ghana campus. These findings, useful recommendations for

implementation and conclusion are made based on the results of the analyses of the project

appraisals of constructing a new economics department library such as institutional,

technical, financial, economical and social.

5.1 SUMMARY

The costs and benefits analyses was carried on the new economics department library in

order to assess the viability or otherwise of the project. The main aim of building a new

library will be to construct a standard library which will be accessible to all students for

research and study. In all, the total cost of the project which includes both direct and

indirect cost amounted to GHC 385,000 comprising of Ghc350, 000 being cost of the

structure including the labour cost and contingencies was valued at GHC35, 000.

During the data collection process, interviews were conducted in which ten opinion leaders

who were at the helm of affairs regarding the construction of the new library project were

contacted. Ninety percent (90%) confirmed that the existing library was too small to

accommodate the current number of students in the department. The existing number of

students in the department requires a bigger and better environment to study.

Furthermore, it was found that the foreign students who come for exchange programme

complain and for that matter do not patronise the library facility. Thus, the library did not
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

meet the standard of an international library which does not speak well of the premier

University of Ghana.

In addition it was found that the library has to employ two librarians who will run shift in

order for the library to be opened at full time.

Consequently, the existing library could be converted into offices for lecturers of the

undergraduate programme since some of them are left with no option than to share their

offices with others.

5.2 CONCLUSION

The economics department is in anticipation of a day in its life when the department will not

only be a department but an Economics School. This burning desire led to the decision by

eminent lecturers and other opinion leaders to build a bigger and standard library which will

serve its purpose for the whole School of Economics.

Following the discussions of the analysis of costs and benefits in chapter 4,The cost and

benefit of the said project revealed a positive net benefit of GHC 79,800 which is indicative

of the fact that the social benefits far exceeds the social cost of the project hence its

acceptability. It is therefore worthwhile that the construction of a new departmental library

is desirable; it is therefore a stitch in time.

 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

5.3 RECOMMENDATIONS

The importance of library facilities in the total academic and socio-economic development

of a nation cannot be overemphasized. The library project established on the University of

Ghana campus through the funding of GETFund and the Bank of Ghana is very dear to the

students and most of the lecturers.

Based on the above the following recommendations would be made to the students, the

lecturers, the library staff, the Ghana Library Board and the government of Ghana.

First and foremost, it is recommended that construction work should begin as early as

started early with full order, monitoring and proper adherence to work schedule, so that the

building will be completed in time to confront the library problem faced by the department.

Mechanisms should be put in place to ensure early and proper disbursement of funds and

prevent possible embezzlement of the project fund. For this an ad hoc committee should be

set up to monitor the flow of funds for the project. These measures will go a long way to

ensure the project is not suspended because of inadequate funds. It is recommended that

an insurance policy should be taken against any accidents during construction. This will

boost commitment of workers.

It is also recommended that students comprising of undergraduate, postgraduate, EPM and

researchers should take full advantage of the library to ensure effective studies in order for

the department to produce very good students.

Lecturers should encourage students to patronise the library by either giving them

reference or assignments which will require the usage of books from the library.
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

The Ghana library board should also conduct serious supervision work on the library staff so

that they would be duty conscious operating the library timely for the users.

Lastly the government should also be duty bound to attend to salaries and wages conditions

as soon as the need arises in order to avoid strike actions that would disrupt maximum use

of the library.
 CBA OF CONSTRUCTING A NEW ECONOMICS DEPARTMENT LIBRARY

REFERENCES

1. Agyire Tetteh F. (2009/10) “Lecture notes on cost and benefit analysis”

2. Anthony Boardman E., David Greenberg H., Aidan Vining R. and David Weimer L.

(2001) “Cost - Benefit Analysis: concepts and practice”, Pearson prentice hall, third

edition.

3. European union, regional policy (2008) “Cost Benefit analysis of investment projects”

retrieved from- http://ec.europa.eu/regional_policy/sources/docgener/guides/cost/

guide2008_en.pdf (15th February 2010)

4. Layard Richard and Glaister Stephen. “Cost Benefit Analysis. (2003).” 2nd ed.

Cambridge University Press: Cambridge, New York.

5. Pearce D.W and Nash C.A “The Social Appraisal of projects: A Text in Cost-Benefit”

Macmillan

6. The University of Ghana Annual report, various Editions