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                                              <b>
                                              <span style="font-family: Arial">
                                              BANK OF GHANA ACT, 2002 (ACT 612)</span></b></p>
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                                              <b>
                                              <span style="font-family: Arial">&nbsp;</span></b></p>
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                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
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                                              <span style="font-family: Arial">
                                              Section</span></p>
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                                              <span style="font-family: Arial">
                                              PART I&#8212;THE BANK OF GHANA, ITS 
                                              OBJECTS AND SHARES</span></p>
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                                              <span style="font-family: Arial">
                                              1.&nbsp; Continued legal existence of 
                                              Bank of Ghana</span></p>
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                                              <span style="font-family: Arial">
                                              2.&nbsp; Head Office and branches</span></p>
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                                              <span style="font-family: Arial">
                                              3.&nbsp; Objects of the Central Bank
                                              </span></p>
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                                              <span style="font-family: Arial">
                                              4.&nbsp; Functions of the Central Bank</span></p>
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                                              5.&nbsp; Authorised shares of the Bank</span></p>
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                                              6.&nbsp; General Reserve Fund, payment 
                                              into Consolidated Fund</span></p>
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                                              <span style="font-family: Arial">
                                              7.&nbsp; Revaluation Account</span></p>
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                                              <span style="font-family: Arial">
                                              PART II&#8212;ADMINISTRATION OF THE BANK</span></p>
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                                              <span style="font-family: Arial">
                                              8.&nbsp; The Board of Directors</span></p>
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                                              9.&nbsp; Functions of the Board on 
                                              policy formulation</span></p>
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                                              <span style="font-family: Arial">
                                              10.&nbsp; Terms and conditions of 
                                              service of members</span></p>
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                                              <span style="font-family: Arial">
                                              11.&nbsp; Qualifications of members</span></p>
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                                              12.&nbsp; Removal from the Board</span></p>
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                                              <span style="font-family: Arial">
                                              13.&nbsp; Vacancy on the Board</span></p>
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                                              <span style="font-family: Arial">
                                              14.&nbsp; Meetings of the Board</span></p>
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                                              <span style="font-family: Arial">
                                              15.&nbsp; Committees of the Board</span></p>
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                                              <span style="font-family: Arial">
                                              16.&nbsp; Audit Committee</span></p>
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                                              <span style="font-family: Arial">
                                              17.&nbsp; Appointment of Governor and 
                                              Deputy Governors</span></p>
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                                              18.&nbsp; Functions of the Governor</span></p>
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                                              19.&nbsp; Emergency powers of the 
                                              Governor</span></p>
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                                              <span style="font-family: Arial">
                                              20.&nbsp; Functions of the Deputy 
                                              Governors</span></p>
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                                              21.&nbsp; The Secretary</span></p>
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                                              <span style="font-family: Arial">
                                              22.&nbsp; Chief Internal Auditor</span></p>
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                                              <span style="font-family: Arial">
                                              23.&nbsp; Other officers and employees 
                                              of the Bank</span></p>
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                                              <span style="font-family: Arial">
                                              24.&nbsp; Signing of documents</span></p>
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                                              <span style="font-family: Arial">
                                              25.&nbsp; Declaration of secrecy</span></p>
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                                              <span style="font-family: Arial">
                                              26.&nbsp; Liability for loss</span></p>
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                                              <span style="font-family: Arial">
                                              27.&nbsp; Monetary Policy Committee</span></p>
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                                              <span style="font-family: Arial">
                                              PART III&#8212;THE BANK AS BANKER AND 
                                              FISCAL AGENT OF GOVERNMENT AND 
                                              STATE INSTITUTIONS</span></p>
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                                              28. Custodian of State funds</span></p>
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                                              29. The banker for Government</span></p>
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                                              <span style="font-family: Arial">
                                              30. Temporary advances</span></p>
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                                              <span style="font-family: Arial">
                                              31. Management of the Public Debt</span></p>
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                                              <span style="font-family: Arial">
                                              32. Adviser to Government on 
                                              fiscal matters</span></p>
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                                              <span style="font-family: Arial">
                                              PART IV&#8212;CREDIT CONTROL</span></p>
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                                              <span style="font-family: Arial">
                                              33. Report on unusual movement in 
                                              supply of money</span></p>
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                                              <span style="font-family: Arial">
                                              34. Managing the monetary and 
                                              banking system</span></p>
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                                              <span style="font-family: Arial">
                                              PART V&#8212;DOMESTIC OPERATIONS</span></p>
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                                              <span style="font-family: Arial">
                                              35. Issue and redemption of notes 
                                              and coins</span></p>
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                                              <span style="font-family: Arial">
                                              36. Cover for notes and coins</span></p>
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                                              <span style="font-family: Arial">
                                              37. Unit and denomination and form 
                                              of currency</span></p>
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                                              <span style="font-family: Arial">
                                              38. Appointment of other banks as 
                                              currency agents</span></p>
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                                              <span style="font-family: Arial">
                                              39. Currency cover assets of the 
                                              Bank</span></p>
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                                              <span style="font-family: Arial">
                                              40. Liabilities for issue</span></p>
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                                              <span style="font-family: Arial">
                                              41. Legal tender</span></p>
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                                              <span style="font-family: Arial">
                                              42. Refund of lost or imperfect 
                                              currency notes or coins</span></p>
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                                              <span style="font-family: Arial">
                                              43. Evidence of imitation of a 
                                              currency note</span></p>
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                                              <span style="font-family: Arial">
                                              44. Exemption from stamp duty on 
                                              currency notes</span></p>
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                                              <span style="font-family: Arial">
                                              45. Exchange of currency</span></p>
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                                              <span style="font-family: Arial">
                                              46. Business transactions</span></p>
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                                              <span style="font-family: Arial">
                                              47. Transactions in securities</span></p>
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                                              <span style="font-family: Arial">
                                              48. Clearing houses</span></p>
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                                              <span style="font-family: Arial">
                                              49. Business the Bank may not 
                                              engage in</span></p>
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                                              <span style="font-family: Arial">
                                              PART VI&#8212;FOREIGN OPERATIONS</span></p>
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                                              <span style="font-family: Arial">
                                              50. Transactions in assets of 
                                              international value</span></p>
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                                              <span style="font-family: Arial">
                                              51. Power to borrow and guarantee</span></p>
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                                              <span style="font-family: Arial">
                                              52. Exchange rate of the cedi</span></p>
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                                              <span style="font-family: Arial">
                                              53. Holding of state foreign 
                                              exchange</span></p>
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                                              <span style="font-family: Arial">
                                              PART VII&#8212;BANKING SUPERVISION AND 
                                              RESEARCH</span></p>
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                                              <span style="font-family: Arial">
                                              54. Head of Banking Supervision 
                                              and supervision of financial 
                                              institutions </span></p>
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                                              <span style="font-family: Arial">
                                              55. Statistical data and 
                                              publication of bulletins and 
                                              reports</span></p>
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                                              <span style="font-family: Arial">
                                              56. Request for research 
                                              information</span></p>
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                                              <span style="font-family: Arial">
                                              PART VIII&#8212;ACCOUNTS AND AUDIT</span></p>
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                                              <span style="font-family: Arial">
                                              57. Accounts and audit</span></p>
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                                              <span style="font-family: Arial">
                                              58. General returns</span></p>
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                                              <span style="font-family: Arial">
                                              59. Returns relating to foreign 
                                              exchange</span></p>
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                                              <span style="font-family: Arial">
                                              60. Financial year of the Bank</span></p>
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                                              <span style="font-family: Arial">
                                              61. Application of Part V of the 
                                              Banking Law</span></p>
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                                              <span style="font-family: Arial">
                                              PART IX&#8212;GENERAL AND SUPPLEMENTARY 
                                              PROVISIONS</span></p>
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                                              <span style="font-family: Arial">
                                              62. Training of employees of the 
                                              Bank and bankers</span></p>
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                                              <span style="font-family: Arial">
                                              63. Exemption from income tax</span></p>
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                                              <span style="font-family: Arial">
                                              64. Liquidation</span></p>
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                                              <span style="font-family: Arial">
                                              65. Bye-laws by the Board</span></p>
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                                              <span style="font-family: Arial">
                                              66. Regulations</span></p>
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                                              <span style="font-family: Arial">
                                              67. Offences and penalties</span></p>
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                                              <span style="font-family: Arial">
                                              68. Offences by bodies of persons</span></p>
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                                              <span style="font-family: Arial">
                                              69. Interpretation</span></p>
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                                              <span style="font-family: Arial">
                                              70. Repeals and savings</span></p>
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                                              <span style="font-family: Arial">
                                              SCHEDULE</span></p>
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                                              <span style="font-family: Arial">
                                              Schedule</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial; font-weight: 700">
                                              THE SIX HUNDRED AND TWELFTH</span></p>
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                                              <b></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial; font-weight: 700">
                                              ACT OF THE PARLIAMENT OF THE 
                                              REPUBLIC OF GHANA</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              BANK OF GHANA ACT, 2002</span></b></p>
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                                              <span style="font-family: Arial">
                                              AN ACT to amend and consolidate 
                                              the law relating to the Bank of 
                                              Ghana and to provide for related 
                                              matters.</span></p>
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                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 24th January, 
                                              2002.</span></p>
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                                              <span style="font-family: Arial">
                                              BE IT ENACTED by Parliament as 
                                              follows:</span></p>
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                                              <span style="font-family: Arial">
                                              PART I&#8212;THE BANK OF GHANA, ITS 
                                              OBJECTS AND SHARES</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Continued Legal 
                                              Existence of Bank of Ghana</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana in existence 
                                              immediately before the 
                                              commencement of this Act shall, 
                                              subject to this Act, continue to 
                                              be in existence as a body 
                                              corporate with perpetual 
                                              succession and a common seal and 
                                              may sue and be sued in its 
                                              corporate name.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) The Bank referred to in 
                                              subsection (1) shall be the 
                                              Central Bank of Ghana and may, in 
                                              relation to its business purchase, 
                                              hold, manage and dispose of 
                                              movable and immovable property and 
                                              may enter into a contract or a 
                                              transaction as may be expedient.</span></p>
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                                              <span style="font-family: Arial">
                                              (3) The application of the common 
                                              seal of the Bank shall be 
                                              authenticated</span></p>
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                                              <span style="font-family: Arial">
                                              (a) by the Governor, or</span></p>
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                                              <span style="font-family: Arial">
                                              (b) in the absence of the 
                                              Governor, by a Deputy Governor, 
                                              and two directors all of whom 
                                              shall certify the validity of the 
                                              authentication and that signing 
                                              shall be independent of the 
                                              signing by any other person who 
                                              may sign the instrument as a 
                                              witness.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Head Office and Branches</span></b></p>
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                                              <span style="font-family: Arial">
                                              The Bank shall have its head 
                                              office in Accra and may, where it 
                                              is considered necessary for the 
                                              performance of its functions, open 
                                              branches and have agencies or 
                                              agents in and outside Ghana.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Objects of the Central 
                                              Bank</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) The primary objective of the 
                                              Bank is to maintain stability in 
                                              the general level of prices.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) Without prejudice to 
                                              subsection (1) the Bank shall 
                                              support the general economic 
                                              policy of the Government and 
                                              promote economic growth and 
                                              effective and efficient operation 
                                              of banking and credit systems in 
                                              the country, independent of 
                                              instructions from the Government 
                                              or any other authority.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;Functions of the Central 
                                              Bank</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) The Bank shall for the 
                                              purposes of section 3 perform the 
                                              following functions:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) formulate and implement 
                                              monetary policy aimed at achieving 
                                              the objects of the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) promote by monetary measures 
                                              the stabilization of the value of 
                                              the currency within and outside 
                                              Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) institute measures which are 
                                              likely to have a favourable effect 
                                              on the balance of payments, the 
                                              state of public finances and the 
                                              general development of the 
                                              national economy;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) regulate, supervise and direct 
                                              the banking and credit system and 
                                              ensure the smooth operation of the 
                                              financial sector;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e)&nbsp; promote, regulate and 
                                              supervise payment and settlement 
                                              systems;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f)&nbsp; issue and redeem the currency 
                                              notes and coins;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) ensure effective maintenance 
                                              and management of Ghana's external 
                                              financial services;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) license, regulate, promote and 
                                              supervise non-banking financial 
                                              institutions;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">(i)&nbsp; 
                                              act as banker and financial 
                                              adviser to the Government;</span></p>
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                                              <span style="font-family: Arial">
                                              (j) promote and maintain relations 
                                              with international banking and 
                                              financial institutions and subject 
                                              to the Constitution or any other 
                                              relevant enactment, implement 
                                              international monetary agreements 
                                              to which Ghana is a party; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (k) do all other things that are 
                                              incidental or conducive to the 
                                              efficient performance of its 
                                              functions under this Act and any 
                                              other enactment.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) The Board may by legislative 
                                              instrument authorise any person to 
                                              exercise the power of the Bank to 
                                              regulate and supervise non-banking 
                                              financial institutions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) An instrument issued under 
                                              subsection (2) may include 
                                              provisions relating to</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) inspection;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) management audit; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) any other aspect of operation 
                                              of non-banking institutions.</span></p>
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                                              <span style="font-family: Arial">
                                              (4) An instrument issued under 
                                              subsection (2) shall be under the 
                                              signature of the Governor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 5&#8212;Authorised Shares of the 
                                              Bank</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) The authorised number of 
                                              shares of the Bank shall be seven 
                                              hundred billion shares of no par 
                                              value which shall be taken up from 
                                              time to time by the Government and 
                                              may be increased from time to 
                                              time.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The shares shall not be 
                                              transferable or subject to any 
                                              encumbrance.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 6&#8212;General Reserve Fund, 
                                              Payment into Consolidated Fund</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) There shall be a General 
                                              Reserve Fund of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) At the end of each financial 
                                              year of the Bank, after allowing 
                                              for the operational expenses out 
                                              of its income and after provision 
                                              has been made for bad and doubtful 
                                              debts, depreciation of assets, 
                                              replacement of currency, 
                                              development fund, contributions to 
                                              staff and superannuation fund and 
                                              other contingencies, there shall 
                                              be transferred to the General 
                                              Reserve Fund,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) one-half of the net profit of 
                                              the Bank if the amount of money in 
                                              that Fund is less than the paid-up 
                                              capital of the Bank; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) one-quarter of the net profit 
                                              of the Bank, if the amount of 
                                              money in that Fund is less than 
                                              twice the amount of the paid-up 
                                              capital of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Money that remains after the 
                                              transfer under subsection (2) 
                                              shall</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) where there is a balance of 
                                              government indebtedness in the 
                                              books of the Bank, be used to set 
                                              off the indebtedness; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) where there is no balance of 
                                              government indebtedness in the 
                                              books of the Bank, be paid into 
                                              the Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where at the end of a 
                                              financial year the amount of money 
                                              in the General Reserve Fund is 
                                              more than twice the amount of the 
                                              paid-up capital, a proportion of 
                                              the profit, as may be agreed upon 
                                              between the Bank and the Minister, 
                                              shall be paid into the 
                                              Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 7&#8212;Revaluation Account</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Profits or losses arising from 
                                              a revaluation of the Bank's assets 
                                              or liabilities in gold, special 
                                              drawing rights or foreign 
                                              securities as a result of a change 
                                              in the par value of the cedi or of 
                                              any change in the par value of the 
                                              currency unit of any other country 
                                              shall be excluded from the 
                                              computation of the annual profits 
                                              or losses of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The profits and losses arising 
                                              under subsection (1) shall be 
                                              carried to a special account to be 
                                              known as the 'Revaluation 
                                              Account'.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Profits shall not be paid into 
                                              the General Reserve Fund or the 
                                              Consolidated Fund under 
                                              sub-section (2) or (3) of section 
                                              6 where the Revaluation Account 
                                              shows a net loss, and the profits 
                                              not paid into the General Reserve 
                                              Fund shall be credited to the 
                                              Revaluation Account in an amount 
                                              sufficient to cover the loss.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where the profits referred to 
                                              under subsection (1) are 
                                              insufficient to cover the losses 
                                              of the Bank in a financial year, 
                                              the Government shall cause to be 
                                              issued to the Bank redeemable 
                                              negotiable interest bearing 
                                              securities to the extent of the 
                                              deficiency.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A credit balance in the 
                                              Revaluation Account at the end of 
                                              a financial year of the Bank shall 
                                              be applied to redeem the 
                                              outstanding securities issued 
                                              under subsection (4).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;ADMINISTRATION OF THE BANK</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 8&#8212;The Board of Directors</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The governing body of the Bank 
                                              shall be a Board of Directors 
                                              consisting of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the Governor of the Bank who 
                                              shall be the chairperson;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the First and Second Deputy 
                                              Governors appointed under section 
                                              17;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) one representative of the 
                                              Ministry of Finance; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) eight other directors 
                                              appointed by the President in 
                                              consultation with the Council of 
                                              State.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 9&#8212;Functions of the Board 
                                              on Policy Formulation</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Board shall formulate policies 
                                              necessary for the achievement of 
                                              the objects of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 10&#8212;Terms and Conditions of 
                                              Service of Members</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The members of the Board, 
                                              other than the Governor and the 
                                              two Deputy Governors, shall hold 
                                              office for a period of three years 
                                              but are eligible for 
                                              re-appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The members, other than the 
                                              Governor and the two Deputy 
                                              Governors shall be paid 
                                              appropriate allowances to be 
                                              determined by the Board in 
                                              consultation with the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 11&#8212;Qualifications of 
                                              Members</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              person does not qualify to be 
                                              appointed as a member of the Board 
                                              who</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) is not a citizen of Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) has entered into terms with 
                                              any person for payment of his or 
                                              her debt, has suspended payment of 
                                              his or her debt or has been 
                                              declared insolvent;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) has been convicted of a felony 
                                              or an offence involving 
                                              dishonesty;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) is adjudged to be a person of 
                                              unsound mind; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) in the case of a person 
                                              possessed of professional 
                                              qualification, that person is 
                                              disqualified or suspended, 
                                              otherwise than at the request of 
                                              that person, from practising the 
                                              profession of that person by order 
                                              of a competent authority made in 
                                              respect of that person.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 12&#8212;Removal from the Board</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              member shall cease to hold office 
                                              if that member</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) ceases to be a citizen of 
                                              Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) becomes a person of unsound 
                                              mind or incapable of carrying out 
                                              the duties of that member;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) has entered into terms with 
                                              any person for payment of his or 
                                              her debt, has suspended payment of 
                                              his or her debt or has been 
                                              declared insolvent;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) is convicted of a felony or of 
                                              an offence involving dishonesty;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) is guilty of gross misconduct 
                                              in relation to the duties of that 
                                              member; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) in the case of a person 
                                              possessed of professional 
                                              qualification, that member is 
                                              disqualified or suspended from 
                                              practising his or her profession 
                                              by the order of a competent 
                                              authority, made in respect of that 
                                              member or ceases to be a member of 
                                              the profession otherwise than at 
                                              the request of that member.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 13&#8212;Vacancy on the Board</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where a member dies, resigns or 
                                              otherwise vacates office before 
                                              the completion of the term of 
                                              office, another person shall be 
                                              appointed</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) in the case of the Governor or 
                                              a Deputy Governor, for a period of 
                                              four years;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in the case of any other 
                                              member for the unexpired period of 
                                              that member.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 14&#8212;Meetings of the Board</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Governor shall summon 
                                              meetings of the Board as often as 
                                              may be required but not less 
                                              frequently than once in each 
                                              month.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Governor shall preside at 
                                              the meetings of the Board and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) in the absence of the 
                                              Governor, the First Deputy 
                                              Governor shall preside, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in the absence of the Governor 
                                              and the First Deputy Governor, the 
                                              Second Deputy Governor shall 
                                              preside.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The quorum for a meeting of 
                                              the Board shall be six members 
                                              including the Governor or a Deputy 
                                              Governor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A member who has an interest, 
                                              whether direct or indirect, in a 
                                              matter that is being considered or 
                                              dealt with by the Board shall 
                                              disclose in writing to the Board 
                                              the nature of that interest and 
                                              shall not participate in a 
                                              discussion or decision of the 
                                              Board on that matter.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where a member fails or 
                                              refuses to disclose his or her 
                                              interest under sub-section (4), 
                                              the member shall cease to be a 
                                              member.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Decisions of the Board shall 
                                              be determined by a simple majority 
                                              of the members present and voting 
                                              except that where there is an 
                                              equality of votes on an issue 
                                              before the Board, the person 
                                              presiding shall have a casting 
                                              vote.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) The Board may, where it 
                                              considers it fit, invite a person 
                                              to assist at its meeting but a 
                                              person so invited is not entitled 
                                              to vote at that meeting on a 
                                              matter for decision by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (8) The validity of the 
                                              proceedings of the Board shall not 
                                              be affected by a vacancy among its 
                                              membership or by a defect in the 
                                              appointment or qualification of 
                                              any of the members.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (9) An act done by a member acting 
                                              in good faith as a member is 
                                              valid, notwithstanding a defect in 
                                              the appointment or qualification 
                                              of that member.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (10) Except as otherwise provided 
                                              in this section, the Board shall 
                                              determine the procedure for its 
                                              meetings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 15&#8212;Committees of the Board</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Board may appoint a number of 
                                              committees that are necessary for 
                                              the purpose of advising the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 16&#8212;Audit Committee</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) There shall be appointed by 
                                              the Board an Audit Committee whose 
                                              chairperson shall be appointed by 
                                              the members from among their 
                                              number.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Audit Committee shall 
                                              consist of three members and its 
                                              responsibilities shall be to:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) establish appropriate 
                                              accounting procedures and 
                                              accounting controls for the Bank 
                                              and supervise compliance with 
                                              these procedures;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) monitor compliance with 
                                              enactments applicable to the Bank 
                                              and report to the Board thereon;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) deliver opinions on any 
                                              matters submitted to it by the 
                                              Board or management;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) receive and examine the 
                                              external auditor's report and 
                                              recommend to the Board any 
                                              appropriate action to be taken; 
                                              and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) review the work of the Chief 
                                              Internal Auditor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Audit Committee shall meet 
                                              ordinarily once every quarter and 
                                              extraordinarily when convened by 
                                              the Board or management.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 17&#8212;Appointment of Governor 
                                              and Deputy Governors</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Governor and the two 
                                              Deputy Governors shall be</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) persons of recognised 
                                              financial or banking experience; 
                                              and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) appointed by the President 
                                              acting in consultation with the 
                                              Council of State.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Governor and the Deputy 
                                              Governors shall each be appointed 
                                              for a term of four years each and 
                                              each one is eligible for 
                                              re-appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Unless otherwise permitted by 
                                              the Board in writing, the Governor 
                                              and the Deputy Governors shall 
                                              not, while holding office under 
                                              this Act, occupy any other office 
                                              or employment whether there is 
                                              remuneration attached to it or 
                                              not.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Notwithstanding subsection 
                                              (3), the Governor or a Deputy 
                                              Governor may, with the approval of 
                                              the Board,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) act as a member of a 
                                              commission appointed by the 
                                              Government to enquire into a 
                                              matter affecting currency or 
                                              banking;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) act as a member of the board 
                                              of an international bank or an 
                                              international monetary authority 
                                              or any other institution to which 
                                              the Government gives support.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Subject to the Constitution 
                                              and this section, the Governor and 
                                              the two Deputy Governors shall be 
                                              appointed on terms and conditions 
                                              determined by the Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) The two Deputy Governors shall 
                                              be designated as First Deputy and 
                                              Second Deputy Governor 
                                              respectively.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 18&#8212;Functions of the 
                                              Governor</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Governor shall, subject to 
                                              the directions given by the Board 
                                              on matters of policy and subject 
                                              as expressly provided in this Act, 
                                              be entrusted with the day-to-day 
                                              business and administration of the 
                                              Bank, and may make decisions and 
                                              exercise all powers and perform 
                                              the functions which may be 
                                              exercised and performed by the 
                                              Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Without prejudice to 
                                              sub-section (1), the Governor 
                                              shall</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) execute the policies of the 
                                              Board;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) make regular reports to the 
                                              Board on the management and 
                                              operations of the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) provide the data, statistics 
                                              and advice necessary for the 
                                              attainment of the objects of the 
                                              Bank; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) perform any other functions 
                                              directed by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Governor shall be 
                                              answerable to the Board for the 
                                              acts and decisions of the 
                                              Governor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 19&#8212;Emergency Powers of the 
                                              Governor</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where there is an internal 
                                              disorder, external exigencies, 
                                              national disaster or critical 
                                              financial or economic crisis or 
                                              other exigencies requiring 
                                              immediate action and there is 
                                              insufficient time to call a 
                                              meeting of the Board, the Governor 
                                              may, after giving notice to the 
                                              Minister, exercise the powers of 
                                              the Board and take necessary 
                                              action.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Governor shall, within 
                                              seven working days after having 
                                              taken action by virtue of 
                                              subsection (1), call a meeting of 
                                              the Board and report the action 
                                              taken for ratification or review 
                                              by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 20&#8212;Functions of the Deputy 
                                              Governors</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Deputy Governors shall 
                                              assist the Governor in the 
                                              performance of the functions of 
                                              the Governor under this Act in the 
                                              area that the Governor may in 
                                              consultation with the Board, 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) In the absence of the 
                                              Governor, the First Deputy 
                                              Governor shall have authority to 
                                              perform the functions of the 
                                              Governor under this Act and in the 
                                              absence of both the Governor and 
                                              the First Deputy Governor the 
                                              Second Deputy Governor shall have 
                                              authority to perform the functions 
                                              of the Governor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 21&#8212;The Secretary</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall have an officer 
                                              designated the Secretary who shall 
                                              be appointed by the Board to 
                                              perform the functions of 
                                              maintaining a secretariat for the 
                                              Board and ensuring accurate 
                                              recording of proceedings and 
                                              decisions of the Board and to 
                                              perform such other functions as 
                                              the Governor or the Board may 
                                              direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 22&#8212;Chief Internal Auditor</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank shall have a Chief 
                                              Internal Auditor who shall be 
                                              appointed by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subject to this Act, the Chief 
                                              Internal Auditor is responsible to 
                                              the Governor in the performance of 
                                              functions of office as Chief 
                                              Internal Auditor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Chief Internal Auditor 
                                              shall, as part of the functions of 
                                              office, at intervals of three 
                                              months, prepare a report on the 
                                              internal audit work carried out by 
                                              the Chief Internal Auditor during 
                                              the period of three months 
                                              immediately preceding the 
                                              preparation of the report, and 
                                              submit the report to the Governor 
                                              who shall place the report before 
                                              the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 23&#8212;Other Officers and 
                                              Employees of the Bank</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Board shall appoint such 
                                              other officers and employees as 
                                              the Board considers necessary for 
                                              the effective implementation of 
                                              the functions of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subject to this Act, the 
                                              officers and employees of the Bank 
                                              shall hold office or appointment 
                                              on the terms and conditions 
                                              specified in their letters of 
                                              appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The salaries, benefits, wages 
                                              or other remuneration or 
                                              allowances paid by the Bank shall 
                                              not be computed by reference to 
                                              the net or other profits of the 
                                              Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 24&#8212;Signing of Documents</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Board may empower the 
                                              Governor, a Deputy Governor or an 
                                              employee of the Bank in writing 
                                              generally or in respect of a 
                                              particular document or class of 
                                              documents to sign for and on 
                                              behalf of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Governor and the employees 
                                              of the Bank empowered under 
                                              subsection (1), are hereby 
                                              severally empowered for and on 
                                              behalf of the Bank to endorse and 
                                              transfer promissory notes, 
                                              stock-receipt, debenture stock, 
                                              shares, securities and documents 
                                              of title to goods standing in the 
                                              name of, or held by, the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 25&#8212;Declaration of Secrecy</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The employees of the Bank of 
                                              all classes of designation shall 
                                              be bound by a declaration of 
                                              secrecy unless they are otherwise 
                                              called upon to give evidence in a 
                                              court or to fulfil an obligation 
                                              imposed by law.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) For the purposes of this 
                                              section a former employee of the 
                                              Bank is similarly bound and shall 
                                              not disclose any information 
                                              whether documentary or otherwise 
                                              relating to the affairs of the 
                                              Bank except by order of a court or 
                                              to fulfil an obligation imposed by 
                                              law.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A person who contravenes a 
                                              provision of this section commits 
                                              an offence and is liable on 
                                              summary conviction to a fine not 
                                              exceeding 500 penalty units or to 
                                              imprisonment for a term not 
                                              exceeding 2 years or to both.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 26&#8212;Liability for Loss</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              An employee of the Bank is liable 
                                              for loss or damage suffered by the 
                                              Bank as a result of any wilful 
                                              default or negligence of that 
                                              employee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 27&#8212;Monetary Policy 
                                              Committee</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) There is hereby established a 
                                              committee of the Bank to be known 
                                              as the Monetary Policy Committee 
                                              of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Monetary policy Committee 
                                              shall be responsible for</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) initiating proposals for the 
                                              formulation of the monetary 
                                              policies of the bank; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) providing the statistical data 
                                              and advice necessary for the 
                                              formulation of monetary policies.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The members of the Monetary 
                                              Policy Committee shall be</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the Governor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the First and Second Deputy 
                                              Governors;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the head of monetary policy 
                                              analysis of the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the head of banking operations 
                                              of the Bank; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) two other persons appointed by 
                                              the Minister being persons with 
                                              knowledge or experience relevant 
                                              to the functions of the Monetary 
                                              Policy Committee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The members of the Monetary 
                                              Policy Committee other than the 
                                              full-time members shall be paid 
                                              such allowances as the Board shall 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;THE BANK AS BANKER AND 
                                              FISCAL AGENT OF GOVERNMENT AND 
                                              STATE INSTITUTIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 28&#8212;Custodian of State 
                                              Funds</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall be the sole 
                                              custodian of the state funds both 
                                              in and outside Ghana, and may by 
                                              notice published in the Gazette 
                                              authorise any other person or 
                                              institution to act as custodian of 
                                              any such funds as may be specified 
                                              in the notice.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 29&#8212;The Banker for 
                                              Government</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank shall receive, 
                                              collect, pay and remit money, 
                                              bullion and securities on behalf 
                                              of the Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank shall accept custody 
                                              of all securities, documents and 
                                              other valuable objects belonging 
                                              to the Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Bank may act as banker to 
                                              any government institution or 
                                              agency.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) In a place where the Bank does 
                                              not have a branch, the Bank may 
                                              appoint a banking institution to 
                                              act as its agent for the 
                                              collection and payment of 
                                              Government moneys.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) An agent which collects money 
                                              for and on behalf of the Bank 
                                              under subsection (4) shall, as may 
                                              be specified, remit the money to 
                                              the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Interest shall not be paid by 
                                              the Bank on amounts deposited in a 
                                              government account.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) Except as otherwise determined 
                                              by agreement with the Minister, 
                                              the Bank shall not receive from 
                                              the Government remuneration for 
                                              its services under this section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (8) Subject to this section, the 
                                              Bank may undertake and transact a 
                                              business which the Government may 
                                              entrust to the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 30&#8212;Temporary Advances</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank may</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) make advances and loans to the 
                                              Government on overdraft or in any 
                                              other form that the Board may 
                                              determine;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) make direct purchase from the 
                                              Government of treasury bills or 
                                              securities representing 
                                              obligations of the Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The total of the loans, 
                                              advances, purchase of treasury 
                                              bills and securities together with 
                                              money borrowed by the Government 
                                              from other banking institutions 
                                              and the public at the close of a 
                                              financial year under subsection 
                                              (1) shall not exceed 10 percent of 
                                              the total revenue of the fiscal 
                                              year in which the advances were 
                                              made.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) An advance made under 
                                              subsection (1) shall be repaid 
                                              within three months after the 
                                              grant of the advance, and where 
                                              that advance remains unpaid after 
                                              the due date, the power of the 
                                              Bank to make further advances in a 
                                              subsequent financial year shall 
                                              not be exercised unless the 
                                              amounts due in respect of 
                                              outstanding advances have been 
                                              repaid.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where repayment of the 
                                              advances and overdrafts is unduly 
                                              delayed, the Bank may transfer the 
                                              debt to the public through the 
                                              sale of treasury bills.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Bank shall charge interest 
                                              on advances granted under this 
                                              section at the rate that the Board 
                                              in consultation with the Minister 
                                              shall determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) In the event of any emergency, 
                                              the Governor, the Minister and the 
                                              Controller and Accountant-General 
                                              shall meet to decide the limit of 
                                              borrowing that should be made by 
                                              Government and the Minister shall 
                                              submit a report on the issue to 
                                              Parliament within seven sitting 
                                              days.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 31&#8212;Management of the 
                                              Public Debt</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall be entrusted with 
                                              the issue and management of 
                                              government loans publicly issued 
                                              upon the terms and conditions that 
                                              are agreed between the Government 
                                              and the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 32&#8212;Adviser to Government 
                                              on Fiscal Matters</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall advise Government 
                                              on</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the monetary transactions of 
                                              the Government and government 
                                              agencies; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the international and local 
                                              contracts to which the Government 
                                              is a party and which relate to the 
                                              object and functions of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IV&#8212;CREDIT CONTROL</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 33&#8212;Report on Unusual 
                                              Movement in Supply of Money</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where the Board considers that 
                                              there are unusual movements in the 
                                              money supply and prices, 
                                              detrimental to a balanced growth 
                                              of the national economy, it shall 
                                              subject to this Act, make as soon 
                                              as practicable a report of this to 
                                              the Minister specifying the causes 
                                              which in its opinion led to the 
                                              situation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank, in counteracting 
                                              unusual movements in the money 
                                              supply and prices in the country 
                                              shall, after consultation with the 
                                              Minister, use any of the 
                                              instruments of control conferred 
                                              upon it under this Act or under 
                                              any other enactment to maintain 
                                              and promote a balanced growth of 
                                              the national economy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 34&#8212;Managing the Monetary 
                                              and Banking System</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Without prejudice to subsection 
                                              (2) of section 33, the Bank may, 
                                              for the purposes of monetary 
                                              management,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) alter the minimum ratio of 
                                              reserve to deposits or the minimum 
                                              capital adequacy ratio which each 
                                              banking institution shall 
                                              maintain;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) alter the discount and 
                                              interest rates of the Bank to be 
                                              applied in credit operations with 
                                              banking institutions;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) buy or sell in the open market 
                                              commercial bills, Government bonds 
                                              and securities or bonds and 
                                              securities guaranteed by the 
                                              Government;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) issue, sell, re-purchase or 
                                              redeem Bank of Ghana securities;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) expand or contract credit 
                                              facilities to the banks;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) authorise a banking 
                                              institution that it considers fit 
                                              to accept deposits for the 
                                              Government or order the transfer 
                                              of government deposits with any 
                                              bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) impose special requirements on 
                                              deposit with banking institutions 
                                              that it may determine; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) impose such other measures as 
                                              the Board may determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART V&#8212;DOMESTIC OPERATIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 35&#8212;Issue and Redemption of 
                                              Notes and Coins</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall have the sole right 
                                              to issue and redeem currency notes 
                                              and coins in the country.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 36&#8212;Cover for Notes and 
                                              Coins</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall hold assets to 
                                              cover the currency notes and coins 
                                              issued by the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 37&#8212;Unit and Denomination 
                                              and Form of Currency</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The unit of currency shall be 
                                              the Cedi which shall be divided 
                                              into one hundred pesewas, one 
                                              pesewa being one hundredth part of 
                                              a cedi.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank shall issue currency 
                                              notes and coins of the 
                                              denominations that are approved by 
                                              the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Currency notes and coins 
                                              issued by the Bank shall be of the 
                                              forms and designs that are 
                                              approved by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The standard weight and 
                                              composition of coins issued by the 
                                              Bank and the amount of remedy and 
                                              variation shall be determined by 
                                              the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The currency issued by the 
                                              Bank shall be printed or minted by 
                                              the Bank or under the authority of 
                                              the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 38&#8212;Appointment of Other 
                                              Banks as Currency Agents</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank may appoint a banking 
                                              institution to act as agent for 
                                              the issue, re-issue, exchange and 
                                              withdrawal of currency notes and 
                                              coins on the terms and conditions 
                                              that are agreed between the Bank 
                                              and that banking institution.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 39&#8212;Currency Cover Assets 
                                              of the Bank</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The currency cover assets of 
                                              the Bank may include</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) gold, gold coin and bullion;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) convertible currency notes and 
                                              coins and bank balances in 
                                              convertible currency with a bank 
                                              outside Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) treasury bills of the 
                                              Government of a country whose 
                                              currency is convertible;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) bills of exchange bearing at 
                                              least two good signatures drawn on 
                                              a place outside Ghana, payable in 
                                              convertible currency and having a 
                                              maturity not exceeding three 
                                              months exclusive of days of grace;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) securities of Government other 
                                              than the Government of Ghana 
                                              expressed in convertible currency;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) special drawing rights;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) securities or bonds in 
                                              convertible currency issued by any 
                                              international financial 
                                              institution or bank; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) subject to subsection (2),</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              treasury bills of the Government 
                                              denominated in cedis and maturing 
                                              within ninety-one days;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) other securities of the 
                                              Government denominated in cedis 
                                              and maturing in not more than 
                                              twenty years which have been 
                                              publicly issued or form part of an 
                                              issue which is being made to the 
                                              public at the time of acquisition.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The aggregate holding of 
                                              treasury bills and of securities 
                                              under paragraph (h) of subsection 
                                              (1) shall not at any time exceed 
                                              sixty per cent of the currency in 
                                              circulation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 40&#8212;Liabilities for Issue</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The currency cover assets of 
                                              the Bank shall be available to 
                                              meet only the liabilities of the 
                                              Bank as represented by the total 
                                              of the amount of currency notes 
                                              and coins issued by the Bank and 
                                              are in circulation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where at any time the assets 
                                              of the Bank including funds in the 
                                              General Reserve Fund and the 
                                              Revaluation Account are 
                                              insufficient to meet demands for 
                                              the redemption of notes and coins, 
                                              that deficiency shall be a charge 
                                              on the Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 41&#8212;Legal Tender</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Currency notes issued by the 
                                              Bank shall be legal tender at 
                                              their face value.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Coins issued by the Bank 
                                              shall, if those coins have not 
                                              been tampered with, be legal 
                                              tender for payments up to an 
                                              amount not exceeding</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) five thousand cedis in the 
                                              case of coins of denominations of 
                                              one hundred, two hundred and five 
                                              hundred cedis;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) one thousand cedis in the case 
                                              of denominations of not less than 
                                              twenty cedis; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) one hundred cedis in the case 
                                              of coins of denominations of less 
                                              than twenty cedis.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) For the purposes of this Act, 
                                              a coin shall be deemed to have 
                                              been tampered with if the coin has 
                                              been</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) impaired, diminished or 
                                              lightened otherwise than by fair 
                                              wear and tear; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) defaced by stamping, engraving 
                                              or piercing whether the coin has 
                                              been thereby diminished, 
                                              lightened, or not.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Bank may, on giving not 
                                              less than three months notice in 
                                              the Gazette, call in any of its 
                                              currency notes and coins on 
                                              payment of the face value; and the 
                                              notes or coins with respect to 
                                              which a notice has been given 
                                              under this subsection shall, on 
                                              the expiration of the notice, 
                                              cease to be legal tender.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 42&#8212;Refund of Lost or 
                                              Imperfect Currency Notes or Coins</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person is not entitled to 
                                              recover from the Bank the value of 
                                              any mutilated or imperfect 
                                              currency note or a coin tampered 
                                              with.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Notwithstanding subsection 
                                              (1), the Governor may permit the 
                                              exchange of the amount of any 
                                              mutilated or imperfect currency 
                                              notes or coins as determined by 
                                              the Governor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 43&#8212;Evidence of Imitation 
                                              of a Currency Note</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where in proceedings in a court it 
                                              has to be determined whether a 
                                              document purporting to be a 
                                              currency note is an imitation of a 
                                              currency note, a certificate in 
                                              the form set out in the Schedule 
                                              to this Act under the hand of the 
                                              Governor or the First or Second 
                                              Deputy Governor shall be received 
                                              in evidence without further proof 
                                              as conclusive evidence of the fact 
                                              that the document is an imitation 
                                              of a currency note.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 44&#8212;Exemption from Stamp 
                                              Duty on Currency Notes</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank is not liable for the 
                                              payment of a stamp duty under any 
                                              enactment in respect of currency 
                                              notes issued by it.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 45&#8212;Exchange of Currency</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person who delivers to the 
                                              Bank an amount of currency is 
                                              entitled to receive from the Bank 
                                              in exchange, without charge, 
                                              currency notes or coins of the 
                                              same amount and of the 
                                              denomination as that person may 
                                              require.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where the Bank is unable to 
                                              give currency notes or coins of 
                                              the denomination required under 
                                              subsection (1), it shall give that 
                                              person currency notes or coins of 
                                              the nearest denomination.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 46&#8212;Business Transaction</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank may, subject to this Act 
                                              and the policies of the Bank, 
                                              undertake or transact any or all 
                                              of the following:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) accept deposits from and make 
                                              payments to Government and other 
                                              public bodies, agencies or 
                                              international organisations, 
                                              embassies and bodies or persons 
                                              specified in notices issued by the 
                                              Board;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) issue demand drafts and other 
                                              forms of remittances made payable 
                                              at its own offices or the offices 
                                              of agencies or correspondents;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) purchase and sell secured 
                                              export bills;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) purchase, sell, discount and 
                                              rediscount bills of exchange and 
                                              promissory notes arising out of 
                                              bona fide commercial transactions 
                                              bearing two or more authorised 
                                              signatures and maturing within 
                                              ninety days, exclusive of days of 
                                              grace from the date of 
                                              acquisition;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) purchase, sell, discount and 
                                              rediscount bills of exchange and 
                                              promissory notes bearing two or 
                                              more authorised signatures drawn 
                                              or issued for the purpose of 
                                              financing seasonal agricultural 
                                              operations or the marketing of 
                                              crops and maturing within one 
                                              hundred and eighty days, exclusive 
                                              of days of grace from the date of 
                                              acquisition;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) purchase, sell, discount and 
                                              rediscount treasury bills of the 
                                              Government publicly issued;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) purchase and sell for the 
                                              Bank's account, Government 
                                              securities and guaranteed 
                                              securities of other public 
                                              corporations;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) grant, on the conditions 
                                              determined by the Board, advances 
                                              to financial institutions for 
                                              fixed periods not exceeding three 
                                              months against publicly issued 
                                              treasury bills of the Government 
                                              maturing within ninety-one days of 
                                              the issue;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">(i) 
                                              grant advances for a fixed period 
                                              not exceeding three months at the 
                                              interest rate determined by the 
                                              Board against promissory notes 
                                              secured by the pledge with the 
                                              Bank of</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i)&nbsp;&nbsp; 
                                              gold, gold coin or bullion;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) securities of the Government 
                                              which have been publicly offered 
                                              for sale and are to mature within 
                                              a period of twenty years;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii) warehouse warrants or their 
                                              equivalent (securing possession of 
                                              goods) in respect of staple 
                                              commodities or other goods duly 
                                              insured with a letter of 
                                              hypothecation from the owner;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (j) accept from customers for safe 
                                              custody moneys, securities and 
                                              other articles of value; and 
                                              collect proceeds whether 
                                              principal, interest or dividend on 
                                              the moneys, securities or articles 
                                              of value; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (k) generally conduct the business 
                                              of banking for its specified 
                                              customer base.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 47&#8212;Transactions in 
                                              Securities</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank may issue securities of 
                                              its own, specify the conditions 
                                              for the securities and sell or 
                                              purchase them.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 48&#8212;Clearing Houses</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall facilitate the 
                                              clearing of cheques and other 
                                              credit instruments for banking 
                                              institutions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 49&#8212;Business the Bank may 
                                              not Engage in</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Except as authorised by the 
                                              Board, and for the purposes of 
                                              supporting the Banks core 
                                              functions, the Bank shall not</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) engage in a trade or have a 
                                              direct interest in any commercial, 
                                              agricultural, industrial or any 
                                              other undertaking except an 
                                              interest that the Bank may acquire 
                                              in the course of the satisfaction 
                                              of debts due to it;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) purchase the shares of a 
                                              company except shares of a 
                                              financial institution or grant 
                                              loans upon the security of shares;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) advance money on mortgage or 
                                              otherwise on the security of 
                                              immovable property or the title 
                                              deeds relating to that property;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) become the owner of an 
                                              immovable property except in so 
                                              far as it is necessary for its own 
                                              business premises and residence of 
                                              its staff and employees;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) draw or accept bills payable 
                                              otherwise than on demand;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) pay interest on deposits; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) accept for discount or as 
                                              guarantee for an advance made by 
                                              the Bank, bills or notes signed by 
                                              members of the Board or by the 
                                              Bank's officials or other 
                                              employees.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Notwithstanding paragraph (c) 
                                              of subsection (1), the Bank may 
                                              for the purpose of acquisition of 
                                              houses by its staff, advance money 
                                              on mortgage to a member of staff 
                                              on terms and conditions as 
                                              determined by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VI&#8212;FOREIGN OPERATIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 50&#8212;Transactions in Assets 
                                              of International Value</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank may</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) purchase and sell external 
                                              convertible currencies;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) discount and re-discount 
                                              treasury bills drawn in 
                                              convertible currencies;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) purchase and sell bills of 
                                              exchange drawn in convertible 
                                              currencies;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) import, export, refine, hold, 
                                              sell, transfer or otherwise deal 
                                              in gold, gold coins and bullion, 
                                              silver, platinum and any other 
                                              precious metals as determined by 
                                              the Board;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) accept deposits from foreign 
                                              banking institutions, 
                                              international financial 
                                              institutions, foreign governments 
                                              and their agencies or the organs 
                                              of the United Nations;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) acquire, hold and transfer 
                                              foreign exchange and foreign 
                                              government securities;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) maintain accounts with central 
                                              banks and reputable international 
                                              financial institutions;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) act as correspondent bank or 
                                              agent for an international banking 
                                              institution or a monetary 
                                              authority; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">(i) 
                                              effect foreign exchange 
                                              transactions of any kind.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank shall not acquire, 
                                              hold or transfer any foreign 
                                              government securities unless those 
                                              securities are denominated in 
                                              convertible currency.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 51&#8212;Power to Borrow and 
                                              Guarantee</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank may,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) without the prior approval of 
                                              the Minister borrow money from 
                                              foreign institutions for a period 
                                              not exceeding ninety days for the 
                                              day-to-day operations of the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in accordance with this Act or 
                                              any other enactment, borrow money 
                                              from foreign institutions and 
                                              pledge assets held by it as 
                                              security for the repayment of the 
                                              loan;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) lend money or grant short-term 
                                              credits to any financial 
                                              institutions; but the Bank may, 
                                              without the approval of the 
                                              Minister, lend to those 
                                              institutions in the ordinary 
                                              course of business.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank may, at the written 
                                              request of the Minister, guarantee 
                                              a loan granted to the Government 
                                              or an agency of Government by a 
                                              foreign institution.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Bank shall put a limit on 
                                              the aggregate of guarantees issued 
                                              by it in each year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Bank may request security 
                                              to cover its exposure for any 
                                              guarantee it issues.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Government may guarantee 
                                              on behalf of the Republic a loan 
                                              granted under paragraph (a) and 
                                              (b) of subsection (1).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 52&#8212;Exchange Rate of the 
                                              Cedi</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Board may, in consultation 
                                              with the Minister, formulate 
                                              exchange rate policy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 53&#8212;Holding of State 
                                              Foreign Exchange</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall hold all foreign 
                                              exchange of the State and be 
                                              responsible to Parliament in the 
                                              performance of its function in 
                                              relation to the foreign exchange.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VII&#8212;BANKING SUPERVISION AND 
                                              RESEARCH</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 54&#8212;Head of Banking 
                                              Supervision and Supervision of 
                                              Financial Institutions</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank shall have an officer 
                                              designated as the Head of the 
                                              Banking Supervision Department of 
                                              the Bank who shall be appointed by 
                                              the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Head of the Banking 
                                              Supervision Department shall be 
                                              responsible for the supervision 
                                              and examination of all banking 
                                              institutions in the country and 
                                              perform functions specified under 
                                              any enactment to be performed by 
                                              the Head of the Banking 
                                              Supervision Department.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 55&#8212;Statistical Data and 
                                              Publication of Bulletins and 
                                              Reports</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              For the purpose of providing the 
                                              Board with information necessary 
                                              for the proper formulation of 
                                              monetary and credit policies, the 
                                              Bank shall</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) collect and prepare statistics 
                                              on money and banking, public 
                                              finance, prices, wages, 
                                              production, the balance of payment 
                                              and any other statistical data 
                                              that the Board may direct;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) publish a monthly and 
                                              quarterly bulletin on economic and 
                                              financial indicators;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) prepare and publish the annual 
                                              report of the Bank which shall 
                                              include statements about monetary 
                                              policies pursued in the year under 
                                              review; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) perform any other duties that 
                                              the Board may direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 56&#8212;Request for Research 
                                              Information</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) For the effective conduct of 
                                              research, the Bank may request 
                                              from an institution or a person 
                                              information relating to money or 
                                              banking, balance of payments and 
                                              any other subjects that the Board 
                                              may direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Information received under 
                                              subsection (1) shall be treated 
                                              with the utmost confidence.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A publication for statistical 
                                              purpose or information obtained 
                                              under subsection (1) shall not 
                                              include personal data.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A person who fails to supply 
                                              information requested under 
                                              subsection (1) commits an offence 
                                              and is liable on summary 
                                              conviction to a fine not exceeding 
                                              500 penalty units or to 
                                              imprisonment for a term not 
                                              exceeding 2 years or both and 
                                              where the offence is continued 
                                              after conviction, to a further 
                                              fine not exceeding 50 penalty 
                                              units for every day on which the 
                                              offence is continued.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VIII&#8212;ACCOUNTS AND AUDIT</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 57&#8212;Accounts and Audit</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank shall keep proper 
                                              books of accounts and records in 
                                              relation to them.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The books of accounts of the 
                                              Bank shall be audited by the 
                                              Auditor-General or any other 
                                              auditor appointed by the 
                                              Auditor-General.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 58&#8212;General Returns</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank shall, within three 
                                              months after the end of each 
                                              financial year,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) transmit a copy of the annual 
                                              accounts certified by the 
                                              Auditor-General to the Minister 
                                              who shall, not later than one 
                                              month after receipt of the annual 
                                              accounts, cause the annual 
                                              accounts to be published in the 
                                              Gazette; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) submit to the Minister an 
                                              annual report of the Board on its 
                                              working during the financial year 
                                              in question which shall be 
                                              published by the Bank within six 
                                              months from the end of the 
                                              financial year to which it 
                                              relates.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Minister shall, not later 
                                              than one month after receiving the 
                                              annual report, submit the annual 
                                              report with the Minister&#8217;s 
                                              comments on it to Parliament.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Bank shall, after the 
                                              fifteenth day and the last day of 
                                              each month, prepare and publish 
                                              returns of its assets and 
                                              liabilities as at the close of 
                                              business on those days; or if 
                                              either of those days is a holiday, 
                                              then at the close of business on 
                                              the last preceding business day; 
                                              and a copy of the returns, shall 
                                              be transmitted to the Minister and 
                                              shall be published in the Gazette 
                                              by the Bank within one month after 
                                              receipt of the returns by the 
                                              Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 59&#8212;Returns Relating to 
                                              Foreign Exchange</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank shall, not later than 
                                              three months</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) after the end of the first six 
                                              months of its financial year, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) after the end of its financial 
                                              year,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              submit to the Auditor-General for 
                                              audit a statement of its foreign 
                                              exchange receipts and payments or 
                                              transfers in and outside Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Auditor-General shall, not 
                                              later than three months after the 
                                              submission of the statement 
                                              referred to in subsection (1), 
                                              submit the report on that 
                                              statement to Parliament.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 60&#8212;Financial Year of the 
                                              Bank</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The financial year of the Bank 
                                              shall be the same as the financial 
                                              year of the Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 61&#8212;Application of Part V 
                                              of the Banking Law</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The following provisions of the 
                                              Banking Law, 1989 (PNDCL 225) or 
                                              any statutory&nbsp; re-enactment or 
                                              modification of the Law shall with 
                                              the modifications that are 
                                              necessary apply to accounting and 
                                              auditing under this Part:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) section 31 (which relates to 
                                              the matter of keeping a bank's 
                                              account);</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; section 34(3) (which relates 
                                              to the qualifications of the 
                                              auditors of banks);</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; section 37 (which relates to 
                                              the remuneration of a bank's 
                                              auditors); and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) section 38 (which relates to 
                                              the auditors' right of access to 
                                              and demand for information).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IX&#8212;GENERAL AND SUPPLEMENTARY 
                                              PROVISIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 62&#8212;Training of Employees 
                                              of the Bank and Bankers</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank may, in co-operation 
                                              with banking institutions in the 
                                              country or with any other bodies 
                                              determined by the Board establish 
                                              educational institutions and 
                                              facilities for the training of 
                                              employees for the Bank and for the 
                                              banking institutions in the 
                                              country.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subsection (1) shall be 
                                              without prejudice to any other 
                                              banking training facilities that 
                                              an institution or individual bank 
                                              may have or provide.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 63&#8212;Exemption from Income 
                                              Tax</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank is exempted from the 
                                              payment of income tax in respect 
                                              of its functions under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 64&#8212;Liquidation</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall not be placed in 
                                              liquidation except in accordance 
                                              with legislation passed for that 
                                              purpose.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 65&#8212;Bye-Laws by the Board</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Board may make bye-laws 
                                              and issue notices not inconsistent 
                                              with this Act, for the purposes of 
                                              regulating the administration of 
                                              the Bank and for the performance 
                                              of its functions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Bye-laws and notices issued 
                                              under subsection (1) shall be 
                                              signified under the hand of the 
                                              Secretary to the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 66&#8212;Regulations</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Minister may, after 
                                              consultations with the Board by 
                                              legislative instrument, make 
                                              Regulations that are necessary to 
                                              give effect to this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 67&#8212;Offences and Penalties</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Except as otherwise provided in 
                                              this Act, a person who</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) contravenes a provision of 
                                              this Act or Regulations made under 
                                              this Act, or anything prescribed 
                                              or direction made or given under 
                                              this Act and published in the 
                                              Gazette; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) knowingly makes an incorrect 
                                              statement in a document submitted 
                                              by that person or an incorrect 
                                              reply to a question asked of that 
                                              person for the purposes of this 
                                              Act,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              commits an offence and is liable 
                                              on summary conviction to a fine 
                                              not exceeding 500 penalty units or 
                                              to imprisonment for a period not 
                                              exceeding 2 years or to both.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 68&#8212;Offences by Bodies of 
                                              Persons</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where an offence is committed 
                                              under this Act or under 
                                              Regulations made under this Act by 
                                              a body of persons,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) in the case of a body 
                                              corporate, other than a 
                                              partnership, every director or an 
                                              officer of that body shall be 
                                              deemed to have committed that 
                                              offence; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in the case of a partnership, 
                                              every partner or officer of that 
                                              body shall be deemed to have 
                                              committed that offence.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A person shall not be 
                                              convicted of an offence by virtue 
                                              of subsection (1), if that person 
                                              proves that the offence was 
                                              committed without the knowledge or 
                                              connivance of that person, and 
                                              that that person exercised all due 
                                              care and diligence to prevent the 
                                              commission of the offence having 
                                              regard to all the circumstances.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 69&#8212;Interpretation</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              In this Act, unless the context 
                                              otherwise requires,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Auditor-General&quot; includes an 
                                              auditor appointed by the 
                                              Auditor-General;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Bank&quot; means the Bank of Ghana 
                                              continued in existence by section 
                                              1;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Board&quot; means the Board of 
                                              Directors specified under section 
                                              8;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;financial institution&quot; means an 
                                              entity which may be either a 
                                              depository financial institution 
                                              such as a commercial bank, savings 
                                              and loans company, mutual savings 
                                              company, credit union or a 
                                              non-depository financial 
                                              institution such as a brokerage 
                                              firm, insurance company, pension 
                                              fund, investment company, which 
                                              carries on the business of or part 
                                              of whose business is any of the 
                                              following activities:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) taking of deposits of money 
                                              from the public repayable on 
                                              demand and withdrawable by 
                                              cheques, drafts, orders or by 
                                              other means;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) financing of any activity by 
                                              way of creating financial assets 
                                              such as loans and advances, 
                                              securities, bank deposits or 
                                              otherwise, other than its own;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; companies dealing in shares, 
                                              stocks, bonds or other securities;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d)&nbsp; leasing, letting or 
                                              delivering goods to a hirer under 
                                              a hire purchase agreement;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) carrying on by insurance 
                                              companies of any business other 
                                              than insurance;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) collecting of money or 
                                              accepting employer contributions 
                                              and paying it out for legitimate 
                                              claims or for retirement benefits;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;financial system&quot; means a network 
                                              of deposit-taking and non-deposit 
                                              taking financial institutions and 
                                              entities providing financial 
                                              services to the public.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;foreign exchange&quot; means</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; currency notes, bank notes or 
                                              coins other than the currency of 
                                              Ghana which are legal tender in 
                                              any other country and are 
                                              convertible into currency which is 
                                              legal tender in any other country;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) bills of exchange, travellers 
                                              cheques, convertible currency, 
                                              foreign government treasury bills, 
                                              securities and bonds, promissory 
                                              notes and balance in a bank 
                                              payable otherwise than in the 
                                              currency of Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;foreign institutions&quot; means 
                                              banking or financial institutions 
                                              of foreign governments and 
                                              agencies or institutions acting on 
                                              behalf of foreign governments, 
                                              banking or financial institution;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Government&quot; means the Government 
                                              of Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;liquid assets&quot; means the cash in 
                                              till, balances deposited with the 
                                              Bank of Ghana and such other 
                                              assets as the Bank of Ghana may 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;member&quot; means a Director of the 
                                              Board;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Minister&quot; means the Minister 
                                              responsible for Finance;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;prescribed&quot; means prescribed by 
                                              Regulations made under section 66.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;settlement system&quot; means an 
                                              arrangement by which action is 
                                              taken to discharge any obligation 
                                              in respect of funds or security 
                                              transfers between two or more 
                                              parties.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 70&#8212;Repeals and Savings</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana Law 1992 (PNDCL 
                                              291) is hereby repealed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Notwithstanding the repeal of 
                                              the enactment specified in 
                                              subsection (1) any Regulations, 
                                              bye-laws, notices, orders, 
                                              directions, appointments, other 
                                              act lawfully made or done under 
                                              the repealed enactment and in 
                                              force immediately before the 
                                              commencement of this Act shall be 
                                              deemed to have been made or done 
                                              under this Act and shall until 
                                              revoked, cancelled, withdrawn, or 
                                              terminated continue to have 
                                              effect.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Every contract in respect of 
                                              any matter subsisting between the 
                                              Bank and any other person and in 
                                              force immediately before the 
                                              commencement of this Act, shall be 
                                              deemed to subsist between the Bank 
                                              and that other person.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The assets and liabilities of, 
                                              and property vested in the Bank 
                                              immediately before the coming into 
                                              force of this Act shall, without 
                                              further authority than this 
                                              subsection vest in the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              SCHEDULE</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (Section 43)</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">I 
                                              ................................................................ 
                                              Governor/Deputy Governor of the 
                                              Bank of Ghana for the time being 
                                              acting as the chief executive 
                                              officer of the Bank, do hereby 
                                              certify that I have examined the 
                                              document marked 
                                              &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;which purports to 
                                              be a bank note of the denomination 
                                              &#8230;&#8230;&#8230;&#8230;&#8230;....................&#8230;&#8230;&#8230;&#8230; 
                                              bearing the number &#8230;&#8230;&#8230;.......... 
                                              and dated 
                                              .....................................&#8230;&#8230;. 
                                              and that the document is an 
                                              imitation of a bank note and is 
                                              not a bank note issued or deemed 
                                              to be issued by the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Date of Gazette Notification: 25th 
                                              January, 2002.</span></td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
<tr>
  <td width="76" height="50" bgcolor="#003366"></table></td>
        </tr>
