<table>
<tr>
                                            <td vAlign="top" align="left" width="1302" height="64">
                                              <p class="MsoNormal" style="text-align: center">
                                              <b>
                                              <span style="font-family: Arial">
                                              LOANS ACT, 1970 (ACT 335)</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART I&#8212;LOCAL LOANS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              1. Raising of loans in Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              2. Authenticating of agreements, 
                                              securities, etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;EXTERNAL LOANS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              3. Authority to raise external 
                                              loans.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              4. External loan agreements.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              5. Power to issue bonds, etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;GENERAL PROVISIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              6. Statutory Corporations to 
                                              require approval of Minister 
                                              before raising a loan.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              7. Terms and conditions of loans 
                                              to be approved by National 
                                              Assembly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              8. Moneys received to be paid into 
                                              Consolidated Fund or other 
                                              prescribed public fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              9. Repayment of Government loans 
                                              charged on Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              10. Guarantees of loans by 
                                              Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              11. National Assembly may approve 
                                              standard terms of agreements.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              12. Requests for National Assembly 
                                              approval to be responsibility of 
                                              Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              13. Guarantee by Government of 
                                              loan to prescribed bodies to be 
                                              effected by Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              14. Restriction on prescribed body 
                                              borrowing while a guarantee is in 
                                              force.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              15. Minister's powers in event of 
                                              default by prescribed body.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              16. Prescribed body to repay 
                                              Government sums paid under 
                                              guarantee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              17. Issue and management of loans, 
                                              etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              18. Statement of loan 
                                              transactions, etc. to be included 
                                              in public accounts of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              19. Regulations, etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              20. Paragraphs 14 and 15 of 
                                              N.L.C.D. 165 not to apply to 
                                              transactions under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              21. Exchange Control Act to apply 
                                              to agreements, etc. under this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              22. Interpretation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              23. Repeals.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial; font-weight: 700">
                                              THE THREE HUNDRED AND THIRTY-FIFTH</span></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <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>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ENTITLED</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              THE LOANS ACT, 1970</span></b><span style="font-family: Arial">.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              AN ACT to make provision for the 
                                              raising of loans by the Government 
                                              and for other purposes connected 
                                              therewith.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 3rd July, 1970.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              WHEREAS clauses (3) and (4) of 
                                              article 133 of the Constitution 
                                              provide that no loan shall be 
                                              raised by the Government on behalf 
                                              of itself or any other public 
                                              institution or authority otherwise 
                                              than by or under the authority of 
                                              an Act of Parliament and prescribe 
                                              certain provisions which shall be 
                                              incorporated in such Act of 
                                              Parliament:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              NOW THEREFORE BE IT ENACTED by the 
                                              Presidential Commission and the 
                                              National Assembly in this present 
                                              Parliament assembled as follows:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART I&#8212;LOCAL LOANS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Raising of Loans in 
                                              Ghana.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Government may, subject to 
                                              the provisions of this Act raise 
                                              within Ghana whether on behalf of 
                                              itself or any other public 
                                              institution or authority, loans of 
                                              such sums of money as may be 
                                              agreed between the Government and 
                                              the lender:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Provided that no such agreement 
                                              for the raising of any such loan 
                                              shall be submitted to the Cabinet 
                                              for its approval except after 
                                              consultation with the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Minister may, for the 
                                              purposes of subsection (1) of this 
                                              section&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) borrow the money by the issue 
                                              and sale of securities in such 
                                              form, for such separate sums, at 
                                              such rates of interest and upon 
                                              such other terms and conditions as 
                                              the Minister may approve; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) enter into such contracts or 
                                              agreements relating to the 
                                              borrowing of the money or the 
                                              issue or sale of securities 
                                              relating thereto on such terms and 
                                              conditions as the Minister may 
                                              approve,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Government may borrow 
                                              under subsections (1) and (2) of 
                                              this section such sums of money as 
                                              are required for the payment of 
                                              any securities issued under 
                                              subsection (2) of this section and 
                                              are maturing or have been called 
                                              for redemption.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Authenticating of 
                                              Agreements, Securities, Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Contracts and agreements 
                                              entered into and securities issued 
                                              under section 1 of this Act shall 
                                              be signed by the Minister or such 
                                              other person as the Minister may 
                                              designate in writing and in the 
                                              case of securities, shall be 
                                              countersigned by such other person 
                                              as the Minister may so designate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Minister may direct that 
                                              there shall be substituted for the 
                                              signatures in the proper 
                                              handwriting of one or both of the 
                                              persons authorised under this 
                                              section to sign or countersign 
                                              securities, facsimiles thereof 
                                              printed from engraving and such 
                                              substitution shall be effected 
                                              accordingly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If both the signature and 
                                              counter-signature on a security 
                                              issued under this section are to 
                                              be printed, they shall only be 
                                              printed on the securities 
                                              (together with any distinguishing 
                                              mark) from engraving after the&nbsp; 
                                              securities have been delivered to 
                                              the Minister or the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;EXTERNAL LOANS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Authority to raise 
                                              External Loans.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Subject to the provisions of this 
                                              Act, the Government may, whether 
                                              on behalf of itself or any other 
                                              public institution or authority 
                                              and in such manner and on such 
                                              terms and conditions as may be 
                                              agreed between the Government and 
                                              the party by whom the external 
                                              loan is to be granted, enter into 
                                              any agreement providing for the 
                                              raising by the Republic of an 
                                              external loan:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Provided that no such agreement 
                                              for the raising of an external 
                                              loan shall be submitted to the 
                                              Cabinet for its approval except 
                                              after consultation with the 
                                              Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;External Loan 
                                              Agreements.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              An agreement to be entered into 
                                              for the purposes of section 3 of 
                                              this Act shall, subject to section 
                                              7 of this Act, be executed for and 
                                              on behalf of the Government by the 
                                              Minister or by such other person 
                                              as the Minister may by writing 
                                              designate for that purpose.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 5&#8212;Power to Issue Bonds, 
                                              Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Minister may issue such 
                                              bonds, promissory notes or other 
                                              instruments and on such terms and 
                                              conditions as may be necessary for 
                                              the purpose of giving effect to 
                                              the terms of any loan agreement 
                                              entered into in accordance with 
                                              this Part of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Any bond, promissory note or 
                                              other instrument issued under 
                                              subsection (1) of this section may 
                                              be signed by the Minister or by 
                                              any other person designated in 
                                              writing for that purpose by the 
                                              Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;GENERAL PROVISIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 6&#8212;Statutory Corporations 
                                              to require Approval of Minister 
                                              before Raising a Loan.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Except where the Minister 
                                              otherwise directs by legislative 
                                              instrument either generally or in 
                                              the case of any particular 
                                              corporation or class of 
                                              corporations, no statutory 
                                              corporation shall raise any loan 
                                              without the prior approval in 
                                              writing of the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 7&#8212;Terms and Conditions of 
                                              Loans to be Approved by National 
                                              Assembly.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The terms and conditions of any 
                                              loans obtained by the Government 
                                              under Part I or II of this Act or 
                                              under any other enactment shall 
                                              not come into operation unless 
                                              they have been laid before the 
                                              National Assembly and approved by 
                                              the National Assembly by 
                                              resolution.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 8&#8212;Moneys received to be 
                                              paid into Consolidated Fund or 
                                              other Prescribed&nbsp; Public Fund.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Any moneys received in respect 
                                              of any loan referred to in section 
                                              7 of this Act shall be paid into 
                                              the Consolidated Fund and form 
                                              part thereof, or into some other 
                                              public fund of Ghana either 
                                              existing at the time of the loan 
                                              or created for the purposes of the 
                                              loan and shall be applied for 
                                              purposes for which they were 
                                              obtained and in accordance with 
                                              the agreement under which they 
                                              were obtained.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where any sum has become 
                                              payable out of any moneys paid 
                                              into the Consolidated Fund or 
                                              other public fund under subsection 
                                              (1) of this section under an 
                                              agreement by which a loan is 
                                              granted for any purpose prescribed 
                                              under the agreement, the money 
                                              shall be deemed to be charged on 
                                              the Consolidated Fund or such 
                                              other public fund into which the 
                                              money has been paid under 
                                              subsection (1) of this section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 9&#8212;Repayment of Government 
                                              Loans Charged on Consolidated 
                                              Fund.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              All moneys required for the 
                                              discharge of all loans obtained 
                                              under Part I or Part II of this 
                                              Act, and also for the payment of 
                                              all interest and other charges in 
                                              relation thereto and the principal 
                                              and interest on all securities are 
                                              hereby charged on the Consolidated 
                                              Fund and shall be paid in 
                                              accordance with the terms and 
                                              conditions of the relevant 
                                              agreement applicable thereto.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 10&#8212;Guarantees of Loans by 
                                              Government.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Subject to the provisions of 
                                              this section, the Government may, 
                                              subject to the provisions of this 
                                              Act guarantee loans on such terms 
                                              and conditions as may be agreed by 
                                              the parties to the agreement 
                                              providing for the guarantee 
                                              including (if any) the requirement 
                                              of the payment of a commission for 
                                              affording the guarantee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Any such agreement may be 
                                              signed on behalf of the Government 
                                              by the Minister or by any other 
                                              person designated in writing by 
                                              the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) No agreement providing for a 
                                              guarantee by the Government of any 
                                              loan shall come into operation 
                                              unless the terms and conditions of 
                                              the agreement have been laid 
                                              before the National Assembly and 
                                              approved by the Assembly by 
                                              resolution.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where any money falls to be 
                                              paid by the Government in 
                                              satisfaction of any obligation 
                                              guaranteed by the Government that 
                                              money shall be deemed to be 
                                              charged on the Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 11&#8212;National Assembly may 
                                              Approve Standard Terms of 
                                              Agreements.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The National Assembly may if 
                                              it thinks fit, by resolution 
                                              approve from time to time standard 
                                              terms and conditions of agreements 
                                              for the purposes of sections 7 and 
                                              10 of this Act and up to such 
                                              limits as the National Assembly 
                                              may by resolution prescribe.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where the National Assembly 
                                              has approved any terms and 
                                              conditions under subsection (1) of 
                                              this section any agreement entered 
                                              into by the Government in the 
                                              terms and conditions so approved 
                                              and within the limits prescribed 
                                              by the National Assembly shall 
                                              come into operation in accordance 
                                              with its terms and without the 
                                              need for further approval of the 
                                              National Assembly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The National Assembly may, 
                                              notwithstanding anything in this 
                                              section, by resolution request 
                                              that any particular agreements or 
                                              classes of agreements shall be 
                                              brought before it for further 
                                              approval before they shall come 
                                              into operation and no agreement in 
                                              respect of which such a request 
                                              has been made shall come into 
                                              operation without such approval, 
                                              and the National Assembly may in 
                                              any case by resolution, revoke or 
                                              vary any approval granted under 
                                              subsection (1) of this section so 
                                              far as concerns agreements to be 
                                              entered into after such revocation 
                                              or variation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Minister shall cause 
                                              agreements entered into by virtue 
                                              of an approval granted under 
                                              subsection (1) of this section to 
                                              be laid before the National 
                                              Assembly as soon as practicable 
                                              after they have been entered into.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 12&#8212;Requests for National 
                                              Assembly Approval to be 
                                              Responsibility of&nbsp; Minister.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Minister shall be responsible 
                                              for laying before the National 
                                              Assembly for its approval the 
                                              terms and conditions of any loan 
                                              or guarantee the terms and 
                                              conditions of which are required 
                                              by this Act to be laid before the 
                                              National Assembly and approved by 
                                              a resolution of the Assembly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 13&#8212;Guarantee by Government 
                                              of Loan to Prescribed Bodies to be 
                                              Effected by Bank of Ghana.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Subject to section 10 of this Act, 
                                              where any prescribed body is 
                                              desirous of raising any loan and 
                                              the terms of the agreement under 
                                              which the loan is to be raised 
                                              require a guarantee of the loan by 
                                              Government, the Government may, if 
                                              the Minister has, with the 
                                              concurrence of the Bank and before 
                                              the raising of the loan, given his 
                                              approval in writing to the terms 
                                              and conditions subject to which 
                                              the loan is to be raised, by 
                                              writing request the Bank&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to guarantee the discharge by 
                                              the prescribed body of its 
                                              obligations in respect of the 
                                              loan, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) to undertake such other 
                                              obligations as may be provided for 
                                              in the agreement relating to the 
                                              loan and the Bank shall comply 
                                              with such request.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 14&#8212;Restriction on 
                                              Prescribed Body Borrowing while a 
                                              Guarantee is in Force.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Without prejudice to the general 
                                              effect of section 6 of this Act, 
                                              during any period in which any 
                                              guarantee or other undertaking 
                                              given by the Bank in respect of a 
                                              prescribed body remains in force 
                                              under section 13 of this Act, that 
                                              body shall not, except with the 
                                              consent in writing of the 
                                              Minister, raise any further loan 
                                              requiring a guarantee by 
                                              Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 15&#8212;Minister's Powers in 
                                              Event of Default by Prescribed 
                                              Body.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where the Minister is 
                                              satisfied that there is reasonable 
                                              cause to believe&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) that a prescribed body is 
                                              likely to fail or be unable to 
                                              discharge any of its obligations 
                                              under any agreement concluded 
                                              under section 13 of this Act; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) that the Bank is or may become 
                                              liable under any guarantee or 
                                              other undertaking given by it 
                                              under section 13 of this Act in 
                                              respect of that obligation, </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Minister may by writing give 
                                              or authorise any other person to 
                                              give such directions to the 
                                              prescribed body as the Minister 
                                              may think necessary or desirable 
                                              to ensure that satisfactory 
                                              arrangements are made by the 
                                              prescribed body to enable that 
                                              body duly to discharge its 
                                              obligations under such agreement 
                                              or under this Act:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Provided that where the prescribed 
                                              body is a statutory corporation or 
                                              other body for which 
                                              responsibility has been assigned 
                                              by the Prime Minister or by any 
                                              enactment to any Minister, that 
                                              Minister shall not exercise his 
                                              powers under this subsection 
                                              except after consultation with 
                                              such Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A prescribed body shall comply 
                                              with any directions given to it 
                                              under subsection (1) of this 
                                              section notwithstanding anything 
                                              to the contrary and where that 
                                              body is a statutory corporation 
                                              the provisions of this section 
                                              shall, for the purpose of giving 
                                              effect to such directions, 
                                              override the provisions of any 
                                              enactment under which that body 
                                              exists.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where any sum becomes payable 
                                              by the Bank under a guarantee or 
                                              undertaking given by that Bank 
                                              under section 13 of this Act, that 
                                              sum shall be deemed to be charged 
                                              on the Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 16&#8212;Prescribed Body to 
                                              repay Government sums paid under 
                                              Guarantee.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If any sum is paid out of the 
                                              Consolidated Fund in respect of 
                                              any liability incurred by the Bank 
                                              under a guarantee or other 
                                              undertaking given under section 13 
                                              of this Act in respect of any loan 
                                              raised by a prescribed body, that 
                                              body shall repay such sum together 
                                              with interest and other charges 
                                              thereon at the same rate if any, 
                                              as are payable on the loan under 
                                              the agreement relating to the loan 
                                              into the Consolidated Fund in such 
                                              manner and at such time or by such 
                                              instalments as the Minister may 
                                              direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If any sum is so paid out of 
                                              the Consolidated Fund the Minister 
                                              shall as soon as possible after 
                                              the end of each financial year 
                                              beginning with the financial year 
                                              in which the sum was paid and 
                                              ending with that in which all 
                                              liabilities in respect of that sum 
                                              and any interest payable thereon 
                                              is finally discharged by the 
                                              prescribed body concerned, lay 
                                              before the National Assembly a 
                                              statement relating to that sum.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 17&#8212;Issue and Management of 
                                              Loans, Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Minister shall cause to be 
                                              maintained a system of books and 
                                              records&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) showing all moneys authorised 
                                              to be borrowed and all loans 
                                              authorised to be guaranteed under 
                                              this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) containing a description and 
                                              record of all moneys so borrowed 
                                              and securities (if any) issued and 
                                              all loans so guaranteed; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) showing all amounts paid in 
                                              respect of the principal of, or 
                                              interest on, all moneys so 
                                              borrowed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank shall annually and as 
                                              often as required by the Minister 
                                              in writing, give to the Minister a 
                                              statement giving an account in 
                                              such form and terms and containing 
                                              such information as the Minister 
                                              may direct of all its transactions 
                                              in connection with the discharge 
                                              of its functions under section 38 
                                              of the Bank of Ghana Act, 1963 
                                              (Act 182).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Minister may provide for 
                                              the creation and management of a 
                                              sinking fund with respect to any 
                                              issue of securities, or with 
                                              respect to all securities issued 
                                              under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 18&#8212;Statement of Loan 
                                              Transactions, etc. to be included 
                                              in Public Accounts of Ghana.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              An annual statement of all 
                                              transactions effected under 
                                              sections 1, 3 and 10 of this Act 
                                              shall be included in the public 
                                              accounts of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 19&#8212;Regulations, Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Minister may by legislative 
                                              instrument make such regulations 
                                              or make such orders as he deems 
                                              necessary or expedient to provide 
                                              for the management of the public 
                                              debt and the payment of interest 
                                              thereon and without prejudice to 
                                              the generality of the preceding 
                                              provisions of this section may 
                                              make regulations or orders in 
                                              respect of all or any of the 
                                              following matters:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) for the inscription or 
                                              registration of securities and 
                                              prescribing the effect of such 
                                              inscriptions or registration;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) for the transfer, 
                                              transmission, exchange, 
                                              redemption, cancellation and 
                                              destruction of any securities and 
                                              without limiting the generality of 
                                              the preceding provisions of this 
                                              paragraph&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              for the transmission, transfer or 
                                              redemption of securities as a 
                                              result of a judgment of a court or 
                                              of death, dissolution or 
                                              bankruptcy of the registered owner 
                                              thereof; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) for prescribing the 
                                              conditions upon which the 
                                              transfer, transmission, exchange 
                                              and redemption of securities 
                                              registered in the names of infants 
                                              or other persons not of full 
                                              capacity to enter into ordinary 
                                              contracts may be made;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) for the issue of securities or 
                                              the making of payments in respect 
                                              of damaged, lost, stolen or 
                                              destroyed securities or interest 
                                              coupons and the register 
                                              pertaining thereto and prescribing 
                                              conditions for such issue or 
                                              payments;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) requiring guarantees to be 
                                              given to the Bank in such manner 
                                              and by such persons as may be 
                                              specified in the regulations or 
                                              orders before the Bank is 
                                              authorised to make entry in a 
                                              register maintained by the Bank 
                                              for the purposes of this section;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) authorising the correction by 
                                              the Bank, in such circumstances as 
                                              may be specified in the 
                                              regulations or orders of errors in 
                                              such register and otherwise 
                                              authorising the rectification of 
                                              such register; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) generally for the better 
                                              carrying into effect of the 
                                              provisions of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 20&#8212;Paragraphs 14 and 15 of 
                                              N.L.C.D. 165 not to Apply to 
                                              Transactions under this Act.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Paragraphs 14 and 15 of the 
                                              Financial Administration Decree, 
                                              1967 (N.L.C.D. 165) (which relate 
                                              to government contracts) shall not 
                                              apply to any transaction under 
                                              this Act unless the Minister 
                                              otherwise directs.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 21&#8212;Exchange Control Act to 
                                              apply to Agreements, etc. under 
                                              this Act.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              This Act shall have effect subject 
                                              to the provisions of the Exchange 
                                              Control Act, 1961 (Act 71) and to 
                                              the provisions of any statutory 
                                              instrument made thereunder but 
                                              subject thereto, any transaction 
                                              or thing duly affected in 
                                              accordance with the provisions of 
                                              this Act shall be valid and have 
                                              full force and effect 
                                              notwithstanding anything to the 
                                              contrary.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 22&#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&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Bank&quot; means the Bank of Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;external loan&quot; means a loan 
                                              raised from all or &nbsp;&nbsp;&nbsp; any of the 
                                              following:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) the Government of any country 
                                              other than Ghana,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) any person, body or 
                                              institution whether resident in 
                                              Ghana or outside Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              being a loan raised in currency 
                                              other than Ghana currency or a 
                                              loan the repayment of which is to 
                                              be made in currency other than 
                                              Ghana currency; </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;guarantee&quot; includes an 
                                              undertaking to repay a &nbsp;&nbsp; loan 
                                              whether conditioned upon a default 
                                              or not;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;loan&quot; includes an overdraft and 
                                              any moneys lent or given to the 
                                              Government on condition of return 
                                              or repayment and any other form of 
                                              borrowing or lending in respect of 
                                              which&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) moneys from the Consolidated 
                                              Fund or any other public fund, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) moneys from any fund by 
                                              whatever name called established 
                                              for the purposes of repayment 
                                              whether in whole or in part and 
                                              whether directly or indirectly, 
                                              may be used for repayment;</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 body&quot; means&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) a body corporate established 
                                              by an Act or by a statutory 
                                              instrument made under an Act,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) any company or partnership in 
                                              which the Government has a 
                                              controlling interest being a 
                                              company or partnership which is 
                                              registered under the Companies 
                                              Code, 1963 (Act 179) or as the 
                                              case may be, under the 
                                              Incorporated Private Partnerships 
                                              Act, 1962 (Act 152),</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (c) any other company or 
                                              partnership (whether the 
                                              Government has any interest in it 
                                              or not) which is registered under 
                                              the Companies Code, 1963 (Act 179) 
                                              or as the case may be under the 
                                              Incorporated Private Partnerships 
                                              Act, 1962 (Act 152);</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;securities&quot; include securities of 
                                              the Government or of any other 
                                              country approved by the Minister 
                                              and bonds, notes, deposits, 
                                              certificates, debentures and 
                                              treasury bills.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 23&#8212;Repeals.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The following enactments are 
                                              hereby repealed:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) Paragraphs 25, 26, 27, 28, 29 
                                              and 30, the word &quot;loan&quot; appearing 
                                              in paragraph 13 and the proviso to 
                                              paragraph 46 (1) of the Financial 
                                              Administration Decree, 1967 (N.L.C.D. 
                                              165),</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the External Loans Decree, 
                                              1968 (N.L.C.D. 246), and </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the provisions relating to the 
                                              External Loans Decree, 1968 in the 
                                              Second Schedule to the 
                                              Constitution (Consequential and 
                                              Transitional Provisions) Decree, 
                                              1969 (N.L.C.D. 406).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Notwithstanding the repeal of 
                                              the enactments referred to in 
                                              subsection (1) of this section any 
                                              loans or other transactions or 
                                              statutory instruments existing 
                                              thereunder immediately before the 
                                              commencement of this Act shall 
                                              continue in effect under the 
                                              corresponding provisions of this 
                                              Act.</span></td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
        <tr>
          <td width="76" height="50" bgcolor="#003366">&nbsp;</td>
          <td width="777" height="50">
            <p align="center">
              </table>
            </td>
        </tr>
