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                                              <b>I<font face="Arial">NTERNATIONAL 
                                              BANK, FUND AND FINANCE 
                                              CORPORATION&nbsp; ACT, 1957 (NO. 17 OF 
                                              1957 )</font></b></p>
                                              <p class="MsoNormal" align="center" style="text-align: center">&nbsp;</p>
                                              <p class="MsoNormal">
                                              <font face="Arial">&nbsp;</font></p>
                                              <p class="MsoNormal">
                                              <font face="Arial">ARRANGEMENT OF 
                                              SECTIONS</font></p>
                                              <p class="MsoNormal">
                                              <font face="Arial">Section</font></p>
                                              <p class="MsoNormal">1<font face="Arial">. 
                                              Short Title.</font></p>
                                              <p class="MsoNormal">
                                              <font face="Arial">2. 
                                              Interpretation.</font></p>
                                              <p class="MsoNormal">
                                              <font face="Arial">3. 
                                              Authorization for signature of the 
                                              Agreements.</font></p>
                                              <p class="MsoNormal">
                                              <font face="Arial">4. Financial 
                                              provisions.</font></p>
                                              <p class="MsoNormal">
                                              <font face="Arial">4A. Special 
                                              Drawing Account of the Fund.</font></p>
                                              <p class="MsoNormal">
                                              <font face="Arial">5. Status and 
                                              immunities of the Fund, the Bank 
                                              and the Finance Corporation.</font></p>
                                              <p class="MsoNormal">&nbsp;</p>
                                              <p class="MsoNormal">&nbsp;</p>
                                              <p class="MsoNormal" align="center">
                                              <font face="Arial">GHANA</font></p>
                                              <p class="MsoNormal" align="center">
                                              <font face="Arial">&nbsp;</font></p>
                                              <p class="MsoNormal" align="center">
                                              <font face="Arial">1957 No. 17.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&nbsp;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">Assented to in 
                                              Her Majesty's Name and on Her 
                                              Majesty&#8217;s behalf this 3rd day of 
                                              August, 1957.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&nbsp;</font></p>
                                              <p class="MsoNormal" align="center" style="text-align: justify; margin-left: 288.0pt">
                                              <font face="Arial">K. A. KORSAH</font></p>
                                              <p class="MsoNormal" align="center" style="text-align: justify; margin-left: 288.0pt">
                                              <font face="Arial">Acting 
                                              Governor-General.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">AN ACT to 
                                              enable Ghana to be a member of the 
                                              International Monetary Fund, of 
                                              the International Bank for 
                                              Reconstruction and Development, 
                                              and of the International Finance 
                                              Corporation.</font></p>
                                              <p class="MsoNormal" align="right" style="text-align: justify">
                                              <font face="Arial">Date of 
                                              commencement. [7th August, 1957.]
                                              </font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">WHEREAS certain 
                                              Articles of Agreement were drawn 
                                              up at the United Nations Monetary 
                                              and Financial Conference held in 
                                              the year nineteen hundred and 
                                              forty-four at Bretton Woods in New 
                                              Hampshire in the United States of 
                                              America, that is to say Articles 
                                              of Agreement for the establishment 
                                              and operation of an international 
                                              body to be called the 
                                              International Monetary Fund, and 
                                              Articles of Agreement for the 
                                              establishment and operation of an 
                                              international body to be called 
                                              the International Bank for 
                                              Reconstruction and Development, 
                                              and these two bodies were duly set 
                                              up in accordance with the said 
                                              Articles:</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">AND WHEREAS in 
                                              the year nineteen hundred and 
                                              fifty-five Articles of Agreement 
                                              were approved by the executive 
                                              directors of the International 
                                              Bank for Reconstruction and 
                                              Development, that is to say 
                                              Articles of Agreement for the 
                                              establishment and operation of an 
                                              international body to be called 
                                              the International Finance 
                                              Corporation, and this body was 
                                              duly set up in accordance with the 
                                              said Articles:</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">AND WHEREAS 
                                              copies of the texts of all these 
                                              said Agreements have been laid 
                                              before Parliament:</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">AND WHEREAS it 
                                              is expedient that the Government 
                                              of Ghana should be a member of 
                                              each of these said three 
                                              international bodies, and adhere 
                                              to these said Agreements:</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">AND WHEREAS in 
                                              pursuance of the relevant said 
                                              Agreements respectively the 
                                              International Monetary Fund and 
                                              the International Bank for 
                                              Reconstruction and Development 
                                              have each prescribed the terms and 
                                              conditions on which the Government 
                                              of Ghana may become a member 
                                              thereof and on which the said 
                                              Agreement relating thereto may be 
                                              signed on behalf of the 
                                              Government, but the International 
                                              Finance Corporation has not yet 
                                              prescribed any such terms or 
                                              conditions:</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">Now, therefore, 
                                              BE IT ENACTED by the Queen's Most 
                                              Excellent Majesty, by and with the 
                                              advice and consent of the National 
                                              Assembly of Ghana in this present 
                                              Parliament assembled, and by the 
                                              authority of the same, as 
                                              follows:&#8212;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial"><b>Section 
                                              1&#8212;Short Title</b>.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">This Act may be 
                                              cited as the International Bank, 
                                              Fund and Finance Corporation Act, 
                                              1957.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial"><b>Section 
                                              2&#8212;Interpretation</b>.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(1) In this 
                                              Act, unless the context otherwise 
                                              requires:&#8212;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&quot;the Bank&quot; 
                                              means the International Bank for 
                                              Reconstruction and Development;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&quot;the Bank 
                                              Agreement&quot; means the Articles of 
                                              Agreement hereinbefore referred to 
                                              for the establishment and 
                                              operation of the Bank;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&quot;the Finance 
                                              Corporation&quot; means the 
                                              International Finance Corporation;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&quot;the Finance 
                                              Corporation Agreement&quot; means the 
                                              Articles of Agreement hereinbefore 
                                              referred to for the establishment 
                                              and operation of the Finance 
                                              Corporation;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&quot; the Fund&quot; 
                                              means the International Monetary 
                                              Fund;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&quot;the Fund 
                                              Agreement&quot; means the Articles of 
                                              Agreement hereinbefore referred to 
                                              for the establishment and 
                                              operation of the Fund;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">&quot;the Minister&quot; 
                                              means the Minister responsible for 
                                              Finance.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">Cap. 1.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(2) The 
                                              Interpretation Ordinance shall 
                                              apply for the interpretation of 
                                              this Act as it applies to the 
                                              interpretation of an Ordinance.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial"><b>Section 
                                              3&#8212;Authorization for Signature of 
                                              the Agreements.</b></font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">The Minister is 
                                              hereby authorised on behalf of the 
                                              Government of Ghana to sign the 
                                              Fund Agreement, the Bank Agreement 
                                              and the Finance Corporation 
                                              Agreement; and to deposit, in the 
                                              cases of the Fund Agreement and 
                                              the Bank Agreement with the 
                                              Government of the United States, 
                                              and in the case of the Finance 
                                              Corporation Agreement with the 
                                              Bank, instruments of acceptance of 
                                              those Agreements and of the terms 
                                              and conditions respectively 
                                              prescribed thereunder relating to 
                                              the admission of the Government of 
                                              Ghana to membership; or by 
                                              instruments under his hand to 
                                              empower such person as may be 
                                              named in those instruments to sign 
                                              the said Agreements and to deposit 
                                              the said instruments of acceptance 
                                              as above set out.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial"><b>Section 
                                              4&#8212;Financial Provisions.</b></font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(1) There shall 
                                              be paid out of the Consolidated 
                                              Fund, on the warrant of the 
                                              Minister, all sums required for 
                                              the purpose of paying&#8212;</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(a) the 
                                              subscription payable to the Fund 
                                              under paragraph (a) of section 3 
                                              of Article III of the Fund 
                                              Agreement;</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(aa) any sums 
                                              payable to the Fund under section 
                                              2 and paragraph (a) of section 4 
                                              of Article III of the Fund 
                                              Agreement (which relate to 
                                              increases in the subscriptions of 
                                              members); and [As Inserted by the 
                                              International Bank Fund and 
                                              Finance Corporatrion (Amendment) 
                                              Act, 1960 (Act 12), s. 1 (a)].</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(b) any sums 
                                              payable to the Fund under 
                                              paragraph (b) or paragraph (d) of 
                                              sections 8 of Article IV of the 
                                              Fund Agreement (which&nbsp; relates to 
                                              changes in the par or foreign 
                                              exchange value of currencies of 
                                              members);</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(c) any sums 
                                              required for implementing the 
                                              guarantee required by section 3 of 
                                              Article XIII of the Fund 
                                              Agreement, that is to say, a 
                                              guarantee of the assets of the 
                                              Fund against loss resulting from 
                                              failure or default of the 
                                              depository designated by the 
                                              Government of Ghana under the said 
                                              Article</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(d) any 
                                              compensation required to be paid 
                                              to the Fund or to any member 
                                              thereof under Schedule D of the 
                                              Fund Agreement (which relates to 
                                              the withdrawal of members from the 
                                              Fund) or under Schedule E thereof 
                                              (which relates to the liquidation 
                                              of the Fund);</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(e) any moneys 
                                              to be subscribed for shares in the 
                                              Bank under section 3 of Article II 
                                              of the Bank Agreement, and any 
                                              sums payable to the Bank under 
                                              section 9 of that Article (which 
                                              section relates to changes in the 
                                              par or foreign exchange values of 
                                              currencies of members); [As 
                                              Substituted by the International 
                                              Bank, Fund and Finance Corporation 
                                              (Amendment) Act 1965 (Act 285) s. 
                                              1].</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(f) any amounts 
                                              required to be paid to the Bank 
                                              under head (iv) of paragraph (c) 
                                              of section 4 of Article VI of the 
                                              Bank Agreement;</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(g) the moneys 
                                              to be subscribed for shares in the 
                                              Finance Corporation under 
                                              paragraph (a) of section 3 of 
                                              Article II of the Finance 
                                              Corporation Agreement, not 
                                              exceeding in aggregate the sum of 
                                              sixty thousand pounds;</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(h) any amounts 
                                              required to be paid to the Finance 
                                              Corporation under head (iii) of 
                                              paragraph (c) of section 4 of 
                                              Article V of the Finance 
                                              Corporation Agreement;</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(i) any amounts 
                                              or charges required to be paid to 
                                              the Fund, the Bank or the Finance 
                                              Corporation incidentally to the 
                                              Government's membership therein 
                                              respectively, or operations or 
                                              transactions therewith;</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">Cap. 207. No. 
                                              12 of 1953.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">and for the 
                                              purpose of providing any sums to 
                                              be paid out of the Consolidated 
                                              Fund as aforesaid money may if 
                                              required from time to time be 
                                              borrowed in the manner provided in 
                                              the Treasury Bills Ordinance or in 
                                              the Local Loans Ordinance (but 
                                              without prejudice to any other 
                                              method of raising the money) 
                                              without any authorization of the 
                                              National Assembly other than this 
                                              section and any moneys so borrowed 
                                              shall be paid into the 
                                              Consolidated Fund.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">Section 4 of 
                                              the said Act (as amended by the 
                                              Constitution (Consequential 
                                              Provisions) Act, 1960 (CA 8) and 
                                              by this Act) shall apply to any 
                                              sums payable by Ghana under the 
                                              provisions of the Fund and Bank 
                                              Agreements referred to in 
                                              paragraphs (aa) and (ee) of 
                                              subsection (1) of that section and 
                                              outstanding immediately prior to 
                                              the commencement of this Act as it 
                                              applies to any such sum incurred 
                                              thereafter. [As Inserted by the 
                                              International Bank, Fund and 
                                              Finance Corporation (Amendment) 
                                              Act, 1960 (Act 12) s. 2].</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(2) The 
                                              Minister may, if he thinks fit so 
                                              to do, create and issue to the 
                                              Fund or to the Bank, in such form 
                                              as he thinks fit, any such 
                                              non-interest-bearing and 
                                              non-negotiable notes or other 
                                              obligations as are provided for by 
                                              section 5 of Article III of the 
                                              Fund Agreement, or by section 12 
                                              of Article V of the Bank Agreement 
                                              (both of which sections relate to 
                                              the acceptance by the Fund or by 
                                              the Bank, as the case may be, of 
                                              notes or similar obligations in 
                                              place of currency), and the sums 
                                              payable under any such notes or 
                                              other obligations so created and 
                                              issued shall be charged on the 
                                              Consolidated Fund.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(3) Any sums 
                                              received by the Government of 
                                              Ghana from the Fund, the Bank or 
                                              the Finance Corporation (other 
                                              than sums received by reason of 
                                              operations or transactions under 
                                              Article V, Article VII or Article 
                                              VIII of the Fund Agreement) shall 
                                              be paid into the Consolidated 
                                              Fund.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial"><b>Section 
                                              4A&#8212;Special Drawing Account of the 
                                              Fund.</b></font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(1) The 
                                              Commissioner responsible for 
                                              Finance is hereby authorised on 
                                              behalf of the Government of Ghana 
                                              to accept the amendments proposed 
                                              to the Fund Agreement by the 
                                              Executive Directors of the Fund on 
                                              the 16th day of April, 1968 and 
                                              approved by the Board of Governors 
                                              of the Fund on the 31st day of 
                                              May, 1968.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(2) The said 
                                              Commissioner is hereby also 
                                              authorised on behalf of the 
                                              Government of Ghana to accept 
                                              participation in the Special 
                                              Drawing Account of the Fund 
                                              proposed to be instituted by the 
                                              amendments referred to in 
                                              subsection (1) of this section and 
                                              to deposit with the Fund the 
                                              instrument prescribed by section 1 
                                              of Article XXIII of the Fund 
                                              Agreement (as proposed in the said 
                                              amendments) and to undertake on 
                                              behalf of the Government of Ghana 
                                              all the obligations of a 
                                              participant in the Special Drawing 
                                              Account.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(3) The said 
                                              Commissioner may if he thinks fit, 
                                              by instrument under his hand 
                                              authorise any person to accept the 
                                              said amendments and to deposit the 
                                              said instrument on behalf of the 
                                              Government of Ghana and to do any 
                                              other thing which the Commissioner 
                                              is authorised to do under 
                                              subsections (1) and (2) of this 
                                              section; and any thing done by a 
                                              person so authorised shall for the 
                                              purposes of this Act, be deemed to 
                                              be as effective as if it had been 
                                              done by the said Commissioner 
                                              personally.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(4) Any 
                                              reference in this Act to the Fund 
                                              Agreement shall, unless the 
                                              contrary intention appears be 
                                              deemed to include a reference to 
                                              the amendments referred to in 
                                              subsection (1) of this section.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(5) Without 
                                              prejudice to the general effect of 
                                              subsection (3) of this section the 
                                              following provisions shall have 
                                              effect:&#8212;</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(a) all sums 
                                              falling to be paid at any time by 
                                              the Government of Ghana under any 
                                              provision of the Fund Agreement as 
                                              a result of the said amendments or 
                                              as a result of the operations of 
                                              the Special Drawing Account shall 
                                              be deemed to be charged on the 
                                              Consolidated Fund,</font></p>
                                              <p class="MsoNormal" style="margin-left: 36.0pt" align="justify">
                                              <font face="Arial">(b) the 
                                              provisions of subsection (1) of 
                                              section 4 of this Act relating to 
                                              the raising of loans in respect of 
                                              sums required to be paid out of 
                                              the Consolidated Fund under that 
                                              subsection shall apply in relation 
                                              to the sums referred to in 
                                              paragraph (a) of this subsection 
                                              as it applies in relation to the 
                                              sums referred to in the said 
                                              subsection (1) of section 4 of 
                                              this Act.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(6) The Issue 
                                              Department of the&nbsp; Bank of Ghana 
                                              shall have power to acquire and 
                                              hold without limitation as part of 
                                              the assets of that department 
                                              special drawing rights issued by 
                                              the Fund and acquired by the 
                                              Government of Ghana whether 
                                              directly from the Fund itself or 
                                              otherwise in pursuance of the Fund 
                                              Agreement (as modified by the said 
                                              amendments) and accordingly 
                                              section 15 of the Bank of Ghana 
                                              Act, 1963 (Act 182) is hereby 
                                              amended by the insertion 
                                              immediately after paragraph (a) of 
                                              subsection (2) of that section of 
                                              the following new paragraph:&#8212; [As 
                                              Inserted by the Internationl Bank, 
                                              Fund and Finance Corporation 
                                              (Amendment) 1969 (NLCD 359) s. 1].
                                              </font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial"><b>Section 
                                              5&#8212;Status and Immunities of the 
                                              Fund, the Bank and the Finance 
                                              Corporation.</b></font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(1) The Fund, 
                                              the Bank and the Finance 
                                              Corporation shall each be a body 
                                              corporate with perpetual 
                                              succession and each may, subject 
                                              to the provisions of sub-section 
                                              (2) of this section, sue and be 
                                              sued in its respective corporate 
                                              name and may enter into contracts 
                                              and, for and in connection with 
                                              the purposes of the Fund 
                                              Agreement, the Bank Agreement or 
                                              the Finance Corporation Agreement 
                                              respectively, may acquire and 
                                              dispose of real and personal 
                                              property.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(2) The 
                                              Governor-General may by Order make 
                                              such provision as may be 
                                              reasonably necessary for carrying 
                                              into effect any of the provisions 
                                              of the Fund Agreement, the Bank 
                                              Agreement or the Finance 
                                              Corporation Agreement relating to 
                                              the status, immunities and 
                                              privileges of the Fund, the Bank 
                                              and the Finance Corporation and 
                                              their respective governors, 
                                              executive directors, directors, 
                                              alternates, officers and 
                                              employees, or any of the 
                                              provisions of the Fund Agreement 
                                              as to the unenforceability of 
                                              exchange contracts.</font></p>
                                              <p class="MsoNormal" align="justify">&nbsp;</p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">Cap. 268.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">(3) Nothing in 
                                              this Act shall be construed as 
                                              limiting the power of the 
                                              Governor-General under section 2 
                                              of the Diplomatic Privileges 
                                              Ordinance to declare the Fund, the 
                                              Bank or the Finance Corporation to 
                                              be such an organization as is 
                                              mentioned in that section, or any 
                                              power of the Governor-General 
                                              under that or any other law to 
                                              confer any immunities or 
                                              privileges on the Fund or the 
                                              Bank, or on any other persons 
                                              connected with them.</font></p>
                                              <p class="MsoNormal" align="justify">
                                              <font face="Arial">This printed 
                                              impression has been carefully 
                                              compared by me with the Bill which 
                                              has passed the National Assembly, 
                                              and found by me to be a true and 
                                              correctly printed copy of the said 
                                              Bill.</font></p>
                                              <p class="MsoNormal" align="center" style="text-align: justify; margin-left: 252.0pt">
                                              <font face="Arial">K. B. AYENSU</font></p>
                                              <p class="MsoNormal" align="center" style="text-align: justify; margin-left: 252.0pt">
                                              <font face="Arial"><i>Clerk of the 
                                              National Assembly.</i></font></p>
                                              <p class="MsoNormal">&nbsp;</p>
                                              <p class="MsoNormal">&nbsp;</p>
                                              <p class="MsoNormal">&nbsp;</p>
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