INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(135, 'ATOMIC ENERGY COMMISSION ACT, 2000 (ACT 588)', '<table>\r\n<tr>\r\n                                            <td vAlign="top" align="left" width="1277" height="64">\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" align="center">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              ATOMIC ENERGY COMMISSION ACT, 2000 \r\n                                              (ACT 588)</span></b></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">&nbsp;</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              ARRANGEMENT OF SECTIONS</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              Section</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART I&#8212;ESTABLISHMENT OF COMMISSION</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              1. Establishment </span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              2. Terms of office</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART II&#8212;FUNCTIONS OF THE \r\n                                              COMMISSION</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              3. Functions of the Commission</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              4. Committees of the Commission</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              5. Meetings of the Commission</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART III&#8212;FINANCIAL PROVISIONS</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              6. Funds</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              7. Accounts and Audit </span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              8. Annual Reports</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &nbsp;PART IV&#8212;ADMINISTRATION</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              9. Director-General </span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              10. Other staff</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART V&#8212;MISCELLANEOUS PROVISIONS</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              11. Institutes</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              12. Exemptions from Taxation\r\n                                              </span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              13. Acquisition of land </span>\r\n                                              </p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              14. Regulations</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              15. Interpretation</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              16. Repeal</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              17. Transitional Provisions</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" align="center">\r\n                                              <span style="font-family: Arial; font-weight: 700">\r\n                                              THE FIVE HUNDRED AND FIFTY-EIGHT</span></p>\r\n                                              <p class="MsoNormal" align="center">\r\n                                              <b></p>\r\n                                              <p class="MsoNormal" align="center">\r\n                                              <span style="font-family: Arial; font-weight: 700">\r\n                                              ACT OF THE PARLIAMENT OF THE \r\n                                              REPUBLIC OF GHANA</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              ENTITLED</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              THE ATOMIC ENERGY COMMISSION ACT, \r\n                                              2000</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              AN ACT to amend and consolidate \r\n                                              the law relating to the \r\n                                              establishment of the Atomic Energy \r\n                                              Commission and for related \r\n                                              matters.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              DATE OF ASSENT: 27th November, \r\n                                              2000</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              ENACTED by the President and \r\n                                              Parliament</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART I&#8212;ESTABLISHMENT OF COMMISSION</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 1&#8212;Establishment</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) There is hereby established a \r\n                                              commission to be known as the \r\n                                              Atomic Energy Commission \r\n                                              consisting of:</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) a chairman,</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the Director-General of the \r\n                                              Commission, and</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) five other members,</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              all of whom, other than the \r\n                                              Director-General, shall be \r\n                                              appointed by the President acting \r\n                                              in consultation with the Council \r\n                                              of State.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A person shall not be \r\n                                              appointed a member of the \r\n                                              Commission unless that person</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) is a citizen of Ghana, and</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) has interest and experience in \r\n                                              nuclear sciences and engineering \r\n                                              or a reputable knowledge of \r\n                                              nuclear and its related sciences.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Commission shall be a body \r\n                                              corporate with perpetual \r\n                                              succession and a common seal, may \r\n                                              sue and be sued in its corporate \r\n                                              name and subject to this Act, \r\n                                              shall otherwise have all the \r\n                                              attributes of a body corporate in \r\n                                              respect of</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the right to acquire and hold \r\n                                              real or personal property for the \r\n                                              purposes of the Commission;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the right to regulate its own \r\n                                              procedure;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the investment of the funds of \r\n                                              the Commission including the funds \r\n                                              in a pension scheme instituted by \r\n                                              the Commission for the benefit of \r\n                                              its employees in addition to any \r\n                                              other pension scheme under any \r\n                                              other enactment;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) the obtaining of loans, for \r\n                                              the purposes of the Commission \r\n                                              subject to the prior approval in \r\n                                              writing of the Minister \r\n                                              responsible for Finance.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 2&#8212;Terms of Office</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A member, other than the \r\n                                              Director-General,</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) shall hold office for a term \r\n                                              of five years, but is eligible for \r\n                                              re-appointment;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) may in writing addressed to \r\n                                              the President through the Minister \r\n                                              resign from office as a member.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The office of a member who is \r\n                                              absent without just cause from \r\n                                              three consecutive meetings of the \r\n                                              Commission shall become vacant.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Where the office of a member \r\n                                              becomes vacant pursuant to \r\n                                              subsection (2), or by reason of \r\n                                              death or resignation, the \r\n                                              President shall, acting in \r\n                                              consultation with the Council of \r\n                                              State, appoint a person to fill \r\n                                              the vacancy that is created.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A member, other than the \r\n                                              Director-General, shall be paid \r\n                                              the allowances determined by the \r\n                                              Minister in consultation with the \r\n                                              Minister responsible for Finance.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART II&#8212;FUNCTIONS OF COMMISSION</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 3&#8212;Functions of the \r\n                                              Commission</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The functions of the \r\n                                              Commission are,</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) to make proposals to the \r\n                                              Government for legislation in the \r\n                                              field of nuclear radiation and \r\n                                              radioactive waste management;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) to advise the Government on \r\n                                              questions relating to nuclear \r\n                                              energy, science and technology;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) to establish, for the purposes \r\n                                              of research and in furtherance of \r\n                                              its functions, Institutes of the \r\n                                              Commission and to exercise control \r\n                                              over the boards of management of \r\n                                              the Institutes;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) to encourage and promote the \r\n                                              commercialisation of research and \r\n                                              development results through its \r\n                                              Institutes;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) to supervise the carrying out \r\n                                              of all requirements designed to \r\n                                              secure the safety and health of \r\n                                              radiation workers and the \r\n                                              environment;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) to engage in research and \r\n                                              development activities, as well as \r\n                                              in the publication and \r\n                                              dissemination of research findings \r\n                                              and other useful technical \r\n                                              information;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) to oversee and facilitate the \r\n                                              development of human resources in \r\n                                              the fields of nuclear science and \r\n                                              technology, and to promote the \r\n                                              training of scientific, technical \r\n                                              and non-scientific personnel of \r\n                                              the Commission;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (h) to maintain relations with the \r\n                                              International Atomic Energy Agency \r\n                                              and other similar international \r\n                                              and national organisations, and to \r\n                                              collaborate and liaise with those \r\n                                              organisations on matters of \r\n                                              research and development of \r\n                                              nuclear energy and nuclear \r\n                                              technology;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              to collaborate with Universities \r\n                                              and Research Institutes for the \r\n                                              purposes of conducting research \r\n                                              into matters connected with the \r\n                                              peaceful uses of nuclear energy \r\n                                              and technology;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (j) to perform any other functions \r\n                                              determined by the Government.\r\n                                              </span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Commission shall ensure \r\n                                              that nuclear damage does not \r\n                                              result from</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) anything on premises occupied \r\n                                              by the Commission whether the \r\n                                              damage is suffered on the premises \r\n                                              or elsewhere; or</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) anything which is in the \r\n                                              course of carriage on its behalf \r\n                                              to or from the premises of the \r\n                                              Commission; or</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) waste discharged or released, \r\n                                              in whatever form, on or from the \r\n                                              premises of the Commission or any \r\n                                              other place.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The liability of the \r\n                                              Commission for nuclear damage \r\n                                              under paragraph (b) of subsection \r\n                                              (2) is subject to the terms of an \r\n                                              agreement relating to the \r\n                                              carriage.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A nuclear installation \r\n                                              operated under the supervision of \r\n                                              an Institute of the Commission \r\n                                              shall be deemed for all purposes \r\n                                              to be operated by the Commission \r\n                                              on the premises of the Commission.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 4&#8212;Committees of the \r\n                                              Commission </span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Commission may appoint \r\n                                              committees consisting of persons \r\n                                              who are, or are not members of the \r\n                                              Commission, to perform a function \r\n                                              of the Commission assigned to the \r\n                                              committee.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where a committee appointed \r\n                                              under subsection (1) is composed \r\n                                              of persons who are not members of \r\n                                              the Commission that committee \r\n                                              shall only act in an advisory \r\n                                              capacity.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 5&#8212;Meetings of the \r\n                                              Commission</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Commission shall \r\n                                              ordinarily meet for the despatch \r\n                                              of business at the times and \r\n                                              venues determined by the chairman \r\n                                              but shall meet at least once every \r\n                                              three months.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The chairman shall, at the \r\n                                              request in writing of four \r\n                                              members, call an extraordinary \r\n                                              meeting.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The chairman shall preside at \r\n                                              meetings of the Commission and in \r\n                                              the absence of the chairman the \r\n                                              members present shall elect one of \r\n                                              their number to preside.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The quorum at a meeting of the \r\n                                              Commission shall be four or a \r\n                                              greater number determined by the \r\n                                              Commission in respect of an \r\n                                              important matter or question \r\n                                              relating to policy or finance.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) Subject to subsection (4) \r\n                                              decisions at a meeting of the \r\n                                              Commission may be reached by a \r\n                                              simple majority of the members \r\n                                              present and voting; and where \r\n                                              there is a tie of votes the \r\n                                              chairman or the person presiding \r\n                                              shall have a second or casting \r\n                                              vote.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) The Commission may request the \r\n                                              attendance of a person who is not \r\n                                              a member to any of its meetings \r\n                                              but that person shall not vote on \r\n                                              a matter for decision before the \r\n                                              meeting.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (7) The Deputy Director-General \r\n                                              shall be in attendance at the \r\n                                              meetings of the Commission.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (8) Subject to this section, the \r\n                                              Commission shall determine and \r\n                                              regulate its own procedure.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (9) The Commission may cat \r\n                                              notwithstanding a vacancy among \r\n                                              its members or a defect in the \r\n                                              appointment or qualification of a \r\n                                              member.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART III&#8212;FINANCIAL PROVISIONS</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 6&#8212;Funds </span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              The funds of the Commission \r\n                                              include</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) funds provided by Parliament \r\n                                              for the Commission which are paid \r\n                                              directly out of the Consolidated \r\n                                              Fund of other moneys provided by \r\n                                              Parliament out of any other public \r\n                                              funds; </span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) a loan granted to the \r\n                                              Commission by the Government or a \r\n                                              banking institution or by any \r\n                                              other person;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) moneys accruing to the \r\n                                              Commission in the course of the \r\n                                              performance of its functions; and</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) donations and gifts made to \r\n                                              the Commission.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 7&#8212;Accounts and Audit</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Commission shall maintain \r\n                                              proper books of account and other \r\n                                              records in the form determined by \r\n                                              the Auditor-General.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Commission shall, not \r\n                                              later than three months after the \r\n                                              end of the financial year, submit \r\n                                              for audit to the Auditor-General, \r\n                                              its books and records of account.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Auditor-General shall, not \r\n                                              later than three months after the \r\n                                              submission under subsection (2), \r\n                                              audit the books and records of \r\n                                              account of the Commission, and \r\n                                              submit a copy of the report on the \r\n                                              accounts to the Minister who shall \r\n                                              lay the report before Parliament.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The Auditor-General may, with \r\n                                              the prior approval of the \r\n                                              Minister, issue instructions \r\n                                              regarding the conduct of the audit \r\n                                              or conduct a supplementary audit.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) The financial year of the \r\n                                              Commission shall be the same as \r\n                                              the financial year of the \r\n                                              Government.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 8&#8212;Annual Reports</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Commission shall, not \r\n                                              later than seven months after the \r\n                                              end of the financial year, submit \r\n                                              to the Minister an annual report \r\n                                              on the activities of the \r\n                                              Commission for that year which \r\n                                              shall include the \r\n                                              Auditor-General''s report and the \r\n                                              report of a supplementary audit.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Minister shall lay the \r\n                                              annual report before Parliament.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART IV&#8212;ADMINISTRATION</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 9&#8212;Director-General</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A Director-General and a \r\n                                              Deputy Director-General shall be \r\n                                              appointed by the Commission in \r\n                                              accordance with clause (3) of \r\n                                              article 195 of the Constitution.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Director-General shall, \r\n                                              subject to the directions of the \r\n                                              Commission on matters of policy, \r\n                                              be the chief executive officer of \r\n                                              the Commission and shall perform \r\n                                              any other functions as directed, \r\n                                              and in particular, the \r\n                                              Director-General shall be \r\n                                              responsible for the effective \r\n                                              co-ordination of research, \r\n                                              scientific and technical matters \r\n                                              of the Commission.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Deputy Director-General \r\n                                              shall perform the functions \r\n                                              assigned by the Director-General.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 10&#8212;Other Staff</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A secretary to the Commission \r\n                                              shall be appointed by the \r\n                                              Commission in accordance with \r\n                                              clause (3) of article 195 of the \r\n                                              Constitution.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Commission may employ \r\n                                              other officers and employees \r\n                                              necessary for the proper and \r\n                                              efficient performance of its \r\n                                              functions.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The terms and conditions of \r\n                                              service of a person employed by \r\n                                              the Commission shall be as \r\n                                              approved by the Commission.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) An employee of the Commission \r\n                                              established under the Atomic \r\n                                              Energy Commission Act, 1963 (Act \r\n                                              204) shall, on the coming into \r\n                                              operation of this Act, so far as \r\n                                              may be practicable and subject to \r\n                                              directions by the President, \r\n                                              continue as an employee of the \r\n                                              Commission in a post comparable to \r\n                                              that which the employee held with \r\n                                              the former Commission.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              PART V&#8212;MISCELLANEOUS PROVISIONS</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 11&#8212;Institutes</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Commission may set up \r\n                                              Institutes it considers necessary \r\n                                              for the performance of its \r\n                                              functions.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) An Institute shall have a \r\n                                              management board consisting of</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) a chairman,</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the Director of the Institute, \r\n                                              and</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) five other members who are \r\n                                              persons with the requisite \r\n                                              knowledge or expertise in the \r\n                                              matters for which the Institute is \r\n                                              set up.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Director of an Institute \r\n                                              is responsible for the scientific, \r\n                                              technical and day to day \r\n                                              administration of the Institute.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) Directors and Deputy Directors \r\n                                              of Institutes shall be appointed \r\n                                              by the Commission.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) A Director or a \r\n                                              Deputy-Director shall hold office \r\n                                              for a term as determined by the \r\n                                              Commission.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 12&#8212;Exemption from Taxation</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              Subject to clause (2) of article \r\n                                              174 of the Constitution, the \r\n                                              Minister responsible for Finance \r\n                                              may, in writing, exempt the \r\n                                              Commission from the payment of \r\n                                              income tax and from other direct \r\n                                              taxation.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 13&#8212;Acquisition of Land</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Commission may, subject to \r\n                                              article 20 of the Constitution, \r\n                                              make recommendations to the \r\n                                              Minister for the compulsory \r\n                                              acquisition of land or other \r\n                                              property.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Moneys due to a person by way \r\n                                              of compensation for property \r\n                                              acquired in pursuance of \r\n                                              subsection (1) shall be paid out \r\n                                              of the funds of the Commission.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 14&#8212;Regulations</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              The Minister may, on the \r\n                                              recommendations of the Commission, \r\n                                              by legislative instrument, make \r\n                                              Regulations for the purpose of:</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) securing the safe operation of \r\n                                              a nuclear installation under the \r\n                                              supervision of the Commission and \r\n                                              by any other organisation;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) securing the safe transport of \r\n                                              nuclear fuel, radioactive products \r\n                                              or waste;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) regulating and controlling the \r\n                                              collection, segregation, \r\n                                              treatment, conditioning, storage \r\n                                              and disposal of radioactive waste \r\n                                              generated in facilities of the \r\n                                              Commission and in the mining, \r\n                                              milling, gas production and other \r\n                                              uses of radioactive materials and \r\n                                              sources;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) securing the maintenance of \r\n                                              efficient systems for personnel \r\n                                              and environmental monitoring and \r\n                                              for medical surveillance and \r\n                                              treatment of radiation related \r\n                                              sickness;</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e)&nbsp; harmonising the interests of \r\n                                              state agencies concerned with the \r\n                                              utilisation of radiation;&nbsp; and</span></p>\r\n                                              <p class="MsoNormal" style="margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) ensuring that operations \r\n                                              relating to irradiating devices \r\n                                              and radioactive materials are \r\n                                              carried out without risk to public \r\n                                              health and safety and that \r\n                                              devices, plants, installations and \r\n                                              facilities are designed, \r\n                                              constructed, calibrated and \r\n                                              operated in accordance with \r\n                                              standards prescribed by the \r\n                                              Minister.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 15&#8212;Interpretation</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              In this Act, unless the context \r\n                                              otherwise requires,</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;chairman&quot; means the chairman of \r\n                                              the Commission; </span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Commission&quot; means the Commission \r\n                                              established under section 1;\r\n                                              </span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;financial year&quot; means as respects \r\n                                              the first financial year of the \r\n                                              Commission, the period from the \r\n                                              commencement of this Act to the \r\n                                              end of the financial year as \r\n                                              determined by the Government;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;functions&quot; includes powers and \r\n                                              duties;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Institute&quot; includes a Centre, \r\n                                              Unit and a Project of the \r\n                                              Commission;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;member&quot; means a member of the \r\n                                              Commission;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Minister&quot; means the Minister \r\n                                              responsible for nuclear energy;\r\n                                              </span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;nuclear damage&quot; means the death \r\n                                              of, or injury to, a person or loss \r\n                                              of or damage to property which \r\n                                              results from the radioactive \r\n                                              properties, or from a combination \r\n                                              of those properties with toxic, \r\n                                              explosive or other hazardous \r\n                                              properties, or nuclear fuel or \r\n                                              radioactive products or waste;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;nuclear energy&quot; means energy \r\n                                              released during transformation of \r\n                                              nuclide;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;nuclear fuel&quot; means material \r\n                                              which is capable of producing \r\n                                              energy by self-sustaining process \r\n                                              of nuclear fission;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;nuclear installation means</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) an installation, other than a \r\n                                              nuclear reactor installed in a \r\n                                              means of transport as a source of \r\n                                              power, which contains nuclear fuel \r\n                                              so arranged that a self-sustained \r\n                                              chain process of nuclear fission \r\n                                              can occur in the installation \r\n                                              without an additional source of \r\n                                              neutrons;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) any other installation in \r\n                                              which nuclear fuel, other than \r\n                                              natural or depleted uranium or a \r\n                                              radioactive product or waste, is \r\n                                              produced, used, processed or \r\n                                              stored;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;radioactive product&quot; means a \r\n                                              material produced in, or a \r\n                                              material made radioactive by \r\n                                              exposure to the radiation \r\n                                              incidental to, the process of \r\n                                              producing or utilising nuclear \r\n                                              fuel;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;University&quot; includes the \r\n                                              University of Ghana, the Kwame \r\n                                              Nkrumah University of Science and \r\n                                              Technology, the University of Cape \r\n                                              Coast and any other University \r\n                                              established by law;</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;waste&quot; means radioactive products \r\n                                              that constitute scrap materials or \r\n                                              an effluent or other unwanted \r\n                                              surplus substance.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 16&#8212;Repeal</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Atomic Energy Commission \r\n                                              Act, 1963 (Act 204), as amended by \r\n                                              the Atomic Energy Commission Act, \r\n                                              1963 (Amendment) Decree, 1966 (N. \r\n                                              L. C. D 114), the Atomic Energy \r\n                                              Commission (Amendment) Decree, \r\n                                              1974 (N.R.C.D. 296) and the Atomic \r\n                                              Energy Commission (Amendment) Law, \r\n                                              1993 (P.N.D.C.L. 308), is hereby \r\n                                              repealed.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Notwithstanding the repeal of \r\n                                              the Act specified in subsection \r\n                                              (1), subsidiary legislation made \r\n                                              under that Act and in force on the \r\n                                              coming into force of this Act \r\n                                              shall continue in force until \r\n                                              Regulations are made under section \r\n                                              13.</span></p>\r\n                                              <p class="MsoNormal"><b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 17&#8212;Transitional Provisions</span></b></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The assets and liabilities of, \r\n                                              and property vested in, the \r\n                                              Commission established under the \r\n                                              Atomic Energy Commission Act, 1963 \r\n                                              (Act 204) immediately before the \r\n                                              coming into force of this Act \r\n                                              shall, without further assurance \r\n                                              than this subsection, vest in the \r\n                                              Commission; and accordingly \r\n                                              proceedings taken by or against \r\n                                              the former Commission may be \r\n                                              continued by or against the \r\n                                              Commission.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A contract subsisting between \r\n                                              the Commission established under \r\n                                              the Atomic Energy Commission Act \r\n                                              1963 (Act 204) and any other \r\n                                              person in force immediately before \r\n                                              the coming into force of this Act \r\n                                              shall, subject to directions by \r\n                                              the President, subsist between the \r\n                                              Commission established under this \r\n                                              Act and that other person.</span></p>\r\n                                              <p class="MsoNormal">\r\n                                              <span style="font-family: Arial">\r\n                                              Date of Gazette Notification: 8th \r\n                                              December, 2000.</span></td>\r\n                </tr>\r\n              </tbody>\r\n            </table>\r\n          </td>\r\n        </tr>\r\n        <tr>\r\n          <td width="76" height="50" bgcolor="#003366">&nbsp;</td>\r\n          <td width="777" height="50">\r\n            <p align="center">\r\n              </table>\r\n            </td>\r\n        </tr>\r\n', 'Fourth', 'Yes', 'ACT 588');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(136, 'AUCTION SALES ACT, 2006 ', ' \n                    <table height="11" cellSpacing="0" cellPadding="3" width="1360" border="0" id="table3">\n						<tr>\n							<td vAlign="top" align="left" width="1354" height="1">\n							<a href="../table%20of%20cases%204th%20Republic.htm">\n                            \n									</p>\n									<p class="MsoNormal" align="center" style="text-align: center">\n									<b><span style="font-family: Arial">THE \n									SEVEN&nbsp; \n									HUNDRED AND SIXTEEN</span></b></p>\n									<p class="MsoNormal"><b>\n									<span style="font-family: Arial">&nbsp; </span>\n									</b></p>\n									<p class="MsoNormal" align="center" style="text-align: center">\n									<b><span style="font-family: Arial">A </span>\n									</b></p>\n									<p class="MsoNormal" align="center" style="text-align: center">\n									<b><span style="font-family: Arial">OF THE \n									PARLIAMENT OF THE REPUBLIC </span></b></p>\n									<p class="MsoNormal" align="center" style="text-align: center">\n									<b><span style="font-family: Arial">OF GHANA\n									</span></b></p>\n									<p class="MsoNormal"><b>\n									<span style="font-family: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span>\n									</b></p>\n									<p class="Style" align="center" style="text-align: center; text-indent: 52.05pt; line-height: 19.2pt; margin-left: 92.6pt; margin-right: 95.2pt; margin-top: 9.35pt; margin-bottom: .0001pt"><b>\n									<span style="font-family: Arial">&nbsp;AUCTION \n									SALES ACT, 2006 </span>\n									</b></p>\n									<p class="MsoNormal">\n									<font face="Arial">AN ACT to provide for the \n									registration of certain persons who were \n									licensed to practice as auctioneers before \n									and after the coming into force of the \n									Auction Sales Law, 1989 (PNDCL 230) and for \n									related matters. </font>\n									</p>\n									<p class="Style" style="text-indent: 91.2pt; line-height: 18.2pt; margin-right: 93.55pt">\n									<font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n									<b>&nbsp; DATE OF ASSENT: <i>14th August, \n									2006 </i></b></font></p>\n									<p class="Style" style="text-indent: 91.2pt; line-height: 18.2pt; margin-right: 93.55pt">\n									<i><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n									</font></i><font face="Arial">ENACTED by the \n									President and Parliament. </font></p>\n									<p class="Style" style="line-height: 20.85pt; margin-left: .2pt">\n									<font face="Arial"><b>Application for \n									auctioneer''s licence </b></font></p>\n									<p class="Style" style="text-align: justify; text-indent: 12.7pt; line-height: 14.4pt; margin-left: .2pt; margin-right: 1.6pt; margin-top: 0in; margin-bottom: .0001pt">\n									<font face="Arial"><b>1. </b>A person who \n									before the coming into force of the Auction \n									Sales Law, 1989 (PNDCL 230) ar,d whose \n									licence has not been renewed atthe date \n									ofthe coming into force ofthisAct, may apply \n									to the Board under section 6 oftheAuction \n									Sales Law, 1989, for the grant of an \n									auctioneer''s licence. </font></p>\n									<p class="Style" style="line-height: 20.4pt; margin-left: .45pt">\n									<font face="Arial"><b>Grant </b>of licence\n									</font></p>\n									<p class="Style" style="line-height: 14.85pt; margin-left: 12.45pt; margin-right: 1.35pt; margin-top: 0in; margin-bottom: .0001pt">\n									<font face="Arial"><b>2. </b>(1) Where the \n									Board is satisfied that an applicant under \n									section 1 ofthis Act <i>(a) </i>was duly \n									issued with a licence under the Auction \n									Sales Ordinance (cap 196), or </font></p>\n									<p class="Style" style="text-indent: -114.45pt; line-height: 14.4pt; margin-left: 114.45pt; margin-right: 1.35pt; margin-top: 1.2pt; margin-bottom: .0001pt">\n									<font face="Arial"><i>(b) </i>has been in \n									practice as an auctioneer prior to the \n									coming into force of the Auction Sales Law, \n									1989 (PNDCL230), or </font></p>\n									<p class="Style" style="text-indent: -114.7pt; line-height: 14.4pt; margin-left: 114.7pt; margin-right: 1.35pt; margin-top: 1.2pt; margin-bottom: .0001pt">\n									<font face="Arial"><i>(c) </i>had been \n									issued with a licence by the Board under the \n									Auction Sales Law, 1989, or </font></p>\n									<p class="Style" style="text-indent: -114.7pt; line-height: 14.4pt; margin-left: 114.7pt; margin-right: 1.35pt; margin-top: 1.2pt; margin-bottom: .0001pt">\n									<font face="Arial"><i>(d) </i>had been \n									issued with a licence by the Police Service \n									after the coming into force ofthe Auction \n									Sales Law 1989, </font></p>\n									<p class="Style" style="line-height: 14.4pt; margin-left: .7pt">\n									<font face="Arial">the Board shall issue the \n									applicant with the auctioneer''s licence on \n									the payment of the relevant fees. </font>\n									</p>\n									<p class="Style" style="text-align: justify; text-indent: 26.6pt; line-height: 14.6pt; margin-left: .2pt; margin-right: .15pt; margin-top: 0in; margin-bottom: .0001pt">\n									<font face="Arial">(2) A penwn seeking to \n									enter into practice as an auctioneer after \n									the coming into force of this Act shall \n									comply with the provisions of the Auction \n									Sales Law, 1989 (P.D.C.L. 230). </font></p>\n									<p class="Style" style="line-height: 20.6pt; margin-right: -.05pt">\n									<font face="Arial">Interpretation </font>\n									</p>\n									<p class="Style" style="text-indent: 11.75pt; line-height: 15.1pt; margin-left: .45pt; margin-right: -.05pt; margin-top: 0in; margin-bottom: .0001pt">\n									<font face="Arial">3. (1) For the pwposes of \n									this Act, &quot;Board&quot; means the Board \n									established under section 1 of the Auction \n									Sales Law, 1989 (PNDCL230) </font></p>\n									<p class="Style" style="text-indent: 26.85pt; line-height: 14.15pt; margin-left: .2pt; margin-right: .4pt; margin-top: 2.6pt; margin-bottom: .0001pt">\n									<font face="Arial">(2) This Act shall be \n									read as one with the Auction Sales Law, 1989 \n									and where there is a conflict, this Act \n									shall prevail. </font></p>\n									<p class="Style"><font face="Arial">&nbsp;</font></p>\n									<p class="MsoNormal" style="margin-left: -13.5pt">\n									<i><span style="font-family: Arial">&nbsp; </span>\n									</i></p>\n									<p class="MsoNormal" style="margin-left: -13.5pt">\n									<i><span style="font-family: Arial">&nbsp;</span></i></td>\n								</tr>\n								<tr>\n									<td vAlign="top" align="middle" width="1354" height="5">\n									</td>\n								</tr>\n								<tr>\n								  <td vAlign="top" align="middle" height="5"></td>\n					  </tr>\n							</table>\n ', 'Fourth', 'Yes', '');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(137, 'AUDIT SERVICE ACT, 2000 (ACT 584)', '<table>\r\n<tr>\r\n                                            <td vAlign="top" align="left" width="1336" height="64">\r\n                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              AUDIT SERVICE ACT, 2000 (ACT 584)</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">&nbsp;</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              ARRANGEMENT OF SECTIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Section</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART I&#8212;THE AUDIT SERVICE AND THE \r\n                                              AUDIT SERVICE BOARD</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              1. The Audit Service continued in \r\n                                              existence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              2. Members of the Audit Service</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              3. The governing body of the \r\n                                              Service</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              4. Functions of the Board</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              5. Tenure of office of members</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              6. Meetings of the Board</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              7. Appointment of committees</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              8. Engagement of consultants and \r\n                                              experts</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              9. Allowances for members of the \r\n                                              Board</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART II&#8212;THE APPOINTMENT, FUNCTIONS \r\n                                              AND MODE OF OPERATION OF THE \r\n                                              AUDITOR-GENERAL</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              10. Appointment of the \r\n                                              Auditor-General</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              11. Audit of public accounts \r\n                                              generally</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              12. Audit of foreign exchange \r\n                                              transactions</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              13. Examination of accounts</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              14. Auditing of statutory \r\n                                              corporation</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              15 Examination on receipt of \r\n                                              Controller and \r\n                                              Accountant-General&#8217;s report on \r\n                                              public accounts</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              16. Submission of special audit \r\n                                              report to Parliament</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              17. Disallowance and surcharge by \r\n                                              Auditor-General</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              18. Independence and powers of the \r\n                                              Auditor-General</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              19. Adherence to international \r\n                                              practices</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              20. Submission of \r\n                                              Auditor-General&#8217;s report to \r\n                                              Parliament</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              21. Debate by Parliament of the \r\n                                              Auditor-General&#8217;s reports</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              22. Audit of accounts by \r\n                                              Auditor-General or as requested by \r\n                                              Parliament</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              23. Publication of reports</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              24. Auditing of the office of the \r\n                                              Auditor-General</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              25. Submission of annual report on \r\n                                              activities of the Service</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART III&#8212;FINANCIAL AND \r\n                                              MISCELLANEOUS PROVISIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              26. Expenses of the Service \r\n                                              charged on the Consolidated Fund</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              27. Annual Estimates of the \r\n                                              Service</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              28. Stationing of officers in \r\n                                              organisations subject to audit</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              29. Audit observations</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              30. Audit Report Implementation \r\n                                              Committees</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              31. Examination on oath</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              32. Retirement of Audit Service \r\n                                              staff</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              33. Offences</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              34. Offences by bodies of persons</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              35. Regulations</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              36. Interpretation</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              37. Consequential amendments</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              38. Repeals and saving.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <span style="font-family: Arial; font-weight: 700">\r\n                                              THE FIVE HUNDRED AND EIGHTY-FOURTH</span></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <b></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <span style="font-family: Arial; font-weight: 700">\r\n                                              ACT OF THE PARLIAMENT OF THE \r\n                                              REPUBLIC OF GHANA</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              ENTITLED</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              AUDIT SERVICE ACT, 2000</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              AN ACT to revise the Audit Service \r\n                                              Decree, 1972 (N.R.C.D. 49) by \r\n                                              incorporating therein the relevant \r\n                                              provisions of articles 187, 188 \r\n                                              and 189 of the Constitution; to \r\n                                              incorporate, with amendments, \r\n                                              specific provisions in the \r\n                                              Financial Administration Decree, \r\n                                              1979 (S.M.C.D. 221) regarding the \r\n                                              method of operation of the \r\n                                              Auditor-General and to provide for \r\n                                              related matters.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              DATE OF ASSENT: 10th October, \r\n                                              2000.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              BE IT ENACTED by Parliament as \r\n                                              follows&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART I&#8212;THE AUDIT SERVICE AND THE \r\n                                              AUDIT SERVICE BOARD</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 1&#8212;The Audit Service \r\n                                              Continued in Existence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Audit Service in existence \r\n                                              immediately before the \r\n                                              commencement of this Act is hereby \r\n                                              continued in existence subject to \r\n                                              the provisions of this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Audit Service referred to \r\n                                              in this Act as &#8220;the Service&#8221;, \r\n                                              shall continue to form a part of \r\n                                              the Public Services of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 2&#8212;Members of the Audit \r\n                                              Service</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The members of the Service are&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the Auditor-General; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the other persons employed in \r\n                                              the Service.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 3&#8212;The Governing Body of \r\n                                              the Service</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The governing body of the \r\n                                              Service shall be the Audit Service \r\n                                              Board referred to in this Act as \r\n                                              &#8220;the Board&#8221;.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Board shall consist of&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) a chairman and four other \r\n                                              members appointed by the \r\n                                              President, acting in&nbsp; consultation \r\n                                              with the Council of State;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the Auditor-General; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the Head of the Civil Service \r\n                                              or his representative.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A member of the Audit Service \r\n                                              Board, other than the \r\n                                              Auditor-General or the Head of the \r\n                                              Civil Service or his \r\n                                              representative, may be removed \r\n                                              from office by the President, \r\n                                              acting in accordance with the \r\n                                              advice of the Council of State for \r\n                                              inability to perform the functions \r\n                                              of his office arising from \r\n                                              infirmity of mind or body or for \r\n                                              any other sufficient cause.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 4&#8212;Functions of the Board</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Board shall&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) determine the structure and \r\n                                              technical expertise required for \r\n                                              the efficient performance of the \r\n                                              functions of the Service;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) ensure that the auditing \r\n                                              activities of the Audit Service as \r\n                                              spelt out in this Act are carried \r\n                                              out in accordance with best \r\n                                              international practices;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) appoint officers and other \r\n                                              employees of the Service other \r\n                                              than the Auditor-General; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) determine the terms and \r\n                                              conditions of service of officers \r\n                                              and other employees of the Service \r\n                                              other than the Auditor-General.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) In pursuance of subsection (1) \r\n                                              the Board shall hold consultation \r\n                                              with the Public Services \r\n                                              Commission but final decision on \r\n                                              any matter is subject to the \r\n                                              approval of the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Board may delegate to the \r\n                                              Auditor-General or any officer of \r\n                                              the Service or a committee of the \r\n                                              Board, the appointment of such \r\n                                              category of staff of the Service \r\n                                              as the Board may determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 5&#8212;Tenure of Office of \r\n                                              Members</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A member of the Board other \r\n                                              than the Auditor-General and the \r\n                                              Head of Civil Service shall hold \r\n                                              office for a period not exceeding \r\n                                              three years and is eligible for \r\n                                              re-appointment but no such member \r\n                                              shall be appointed for more than \r\n                                              three terms in succession.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) An existing member of the \r\n                                              Board other than an ex-officio \r\n                                              member ceases to hold office on \r\n                                              the reconstitution of the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Where a member of the Board \r\n                                              resigns, dies, is removed from \r\n                                              office or is for any reason unable \r\n                                              to act as a member of the Board, \r\n                                              the chairman shall notify the \r\n                                              President of the vacancy and the \r\n                                              President shall in consultation \r\n                                              with the Council of State appoint \r\n                                              another person to hold the office \r\n                                              for the unexpired portion of the \r\n                                              member''s term of office.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A member of the Board may at \r\n                                              any time resign his office in \r\n                                              writing addressed to the President \r\n                                              through the chairman of the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) A member of the Board who is \r\n                                              absent from three consecutive \r\n                                              meetings of the Board without \r\n                                              sufficient cause ceases to be a \r\n                                              member of the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 6&#8212;Meetings of the Board</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Board shall ordinarily \r\n                                              meet for the transaction of \r\n                                              business at such time and at such \r\n                                              place as the Board may determine \r\n                                              but shall meet at least once in \r\n                                              two months.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A special meeting of the Board \r\n                                              shall be called upon the written \r\n                                              request of the chairman or by a \r\n                                              majority of the members of the \r\n                                              Board addressed to the secretary \r\n                                              to the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) At any meeting of the Board \r\n                                              the chairman shall preside and in \r\n                                              his absence, a member of the Board \r\n                                              elected by the members present \r\n                                              from among their number shall \r\n                                              preside.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A question for decision shall \r\n                                              be determined by a simple majority \r\n                                              of the members present and voting \r\n                                              and where there is equality of \r\n                                              votes the person presiding shall \r\n                                              have a second or casting vote.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) The quorum at a meeting of the \r\n                                              Board shall be four including the \r\n                                              Auditor-General or in the absence \r\n                                              of the Auditor-General, the person \r\n                                              acting on behalf of the \r\n                                              Auditor-General.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) The validity of any \r\n                                              proceedings of the Board shall not \r\n                                              be affected by a vacancy in its \r\n                                              membership or by any defect in the \r\n                                              appointment or qualification of a \r\n                                              member.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (7) The Board may co-opt a person \r\n                                              to attend a Board meeting but that \r\n                                              person shall not vote on any \r\n                                              matter for decision by the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (8) A member of the Board who has \r\n                                              an interest in any contract, \r\n                                              application or other transaction \r\n                                              for consideration by the Board \r\n                                              shall disclose verbally or in \r\n                                              writing the nature of his interest \r\n                                              and is disqualified from \r\n                                              participating in any deliberation \r\n                                              of the Board in respect of the \r\n                                              contract, application or other \r\n                                              transaction.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (9) A member who contravenes \r\n                                              subsection (8) shall be removed \r\n                                              from the Board. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (10) Subject to this section, the \r\n                                              Board shall determine the \r\n                                              procedure for its meetings.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 7&#8212;Appointment of \r\n                                              Committees</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Board may appoint \r\n                                              committees consisting of members \r\n                                              of the Board or of members and \r\n                                              non-members to exercise any of its \r\n                                              functions.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The chairman of a committee of \r\n                                              the Board shall be a member of the \r\n                                              Board. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A committee of the Board may \r\n                                              co-opt such person as it may \r\n                                              determine to attend its meetings.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A committee of the Board shall \r\n                                              determine the procedure for its \r\n                                              meetings.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 8&#8212;Engagement of \r\n                                              Consultants and Experts</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Board may engage the \r\n                                              services of such consultants and \r\n                                              other experts as it may consider \r\n                                              necessary for the efficient \r\n                                              discharge of the duties of the \r\n                                              Service.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The consultants and experts \r\n                                              shall be engaged on such terms and \r\n                                              conditions as the Board may \r\n                                              determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 9&#8212;Allowances for Members \r\n                                              of the Board</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The members of the Board shall be \r\n                                              paid such allowances as the \r\n                                              President may determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART II&#8212;THE APPOINTMENT, FUNCTIONS \r\n                                              AND MODE OF OPERATION OF THE \r\n                                              AUDITOR-GENERAL</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 10&#8212;Appointment of the \r\n                                              Auditor-General</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) There shall be an \r\n                                              Auditor-General who shall be \r\n                                              appointed by the President acting \r\n                                              in consultation with the Council \r\n                                              of State.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The office of Auditor-General \r\n                                              shall be a public office.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person appointed to be the \r\n                                              Auditor-General shall, before \r\n                                              entering upon the duties of his \r\n                                              office, take and subscribe the \r\n                                              Oath of the Auditor-General set \r\n                                              out in the Second Schedule to the \r\n                                              Constitution.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The Auditor-General shall \r\n                                              retire after attaining the age of \r\n                                              sixty years but may be engaged for \r\n                                              a limited period of not more than \r\n                                              two years at a time but not \r\n                                              exceeding five years in all and \r\n                                              upon such other terms and \r\n                                              conditions as the President acting \r\n                                              in consultation with the Council \r\n                                              of State shall determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) The salary and allowances \r\n                                              payable, and the facilities and \r\n                                              privileges available to the \r\n                                              Auditor-General shall be \r\n                                              determined by the President on the \r\n                                              recommendations of a committee of \r\n                                              not more than five persons \r\n                                              appointed by the President, acting \r\n                                              in accordance with the advice of \r\n                                              the Council of State.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) The salary and allowances \r\n                                              payable to the Auditor-General \r\n                                              shall be a charge on the \r\n                                              Consolidated Fund.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (7) The salary and allowances \r\n                                              payable to the Auditor-General, \r\n                                              his rights in respect of leave of \r\n                                              absence, retiring award or \r\n                                              retiring age shall not be varied \r\n                                              to his disadvantage during his \r\n                                              tenure of office.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (8) The provisions of article 146 \r\n                                              of the Constitution relating to \r\n                                              the removal of a Justice of the \r\n                                              Superior Court of Judicature from \r\n                                              office shall apply to the \r\n                                              Auditor-General.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (9) The Auditor-General may at any \r\n                                              time resign his office in writing \r\n                                              addressed to the President.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 11&#8212;Audit of Public \r\n                                              Accounts Generally</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The public accounts of Ghana \r\n                                              and of all public offices, \r\n                                              including the courts, the central \r\n                                              and local government \r\n                                              administrations, of the \r\n                                              Universities and public \r\n                                              institutions of like nature, of \r\n                                              any public corporation or other \r\n                                              body or organisation established \r\n                                              by an Act of Parliament shall be \r\n                                              audited and reported on by the \r\n                                              Auditor-General.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) For the purposes of subsection \r\n                                              (1), the Auditor-General or any \r\n                                              person authorised or appointed for \r\n                                              the purpose by the Auditor-General \r\n                                              shall have access to all books, \r\n                                              records, returns and other \r\n                                              documents including documents in \r\n                                              computerized and electronic form \r\n                                              relating to or relevant to those \r\n                                              accounts.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The public accounts of Ghana \r\n                                              and of all persons and \r\n                                              institutions referred to in \r\n                                              subsection (1) including \r\n                                              computerized financial and \r\n                                              accounting systems and electronic \r\n                                              transactions shall be kept in such \r\n                                              form as the Auditor-General shall \r\n                                              approve and shall be subject to \r\n                                              review by the Auditor-General.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) An internal auditor of an \r\n                                              organisation or body to which \r\n                                              subsection (1) applies shall \r\n                                              submit a copy of each report \r\n                                              issued as a result of internal \r\n                                              audit work carried out to the \r\n                                              Auditor-General.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) All financial and accounting \r\n                                              systems in respect of the accounts \r\n                                              provided under subsection (1) \r\n                                              shall be subject to prior approval \r\n                                              of the Auditor-General and any \r\n                                              change in any such system shall be \r\n                                              notified to the Auditor-General \r\n                                              and shall be subject to prior \r\n                                              approval before implementation.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) Any head of a public \r\n                                              institution or other body subject \r\n                                              to auditing by the Auditor-General \r\n                                              who fails to comply with \r\n                                              subsection (5) is liable to be \r\n                                              surcharged with the cost of any \r\n                                              loss occasioned by defective or \r\n                                              deficient internal controls of \r\n                                              auditing.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 12&#8212;Audit of Foreign \r\n                                              Exchange Transactions</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana shall, not \r\n                                              later than three months&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) after the end of the first six \r\n                                              months of its financial year; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) after the end of its financial \r\n                                              year,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              submit to the Auditor-General for \r\n                                              audit, a statement of its foreign \r\n                                              exchange receipts and payments or \r\n                                              transfers in and outside Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Auditor-General shall, not \r\n                                              later than three months after the \r\n                                              submission of the statement \r\n                                              referred to in section (1) submit \r\n                                              his report to Parliament on the \r\n                                              statement.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 13&#8212;Examination of Accounts</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Auditor-General shall examine \r\n                                              in such manner as he thinks \r\n                                              necessary the public and other \r\n                                              government accounts and shall \r\n                                              ascertain whether in his opinion&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the accounts have been \r\n                                              properly kept;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) all public monies have been \r\n                                              fully accounted for, and rules and \r\n                                              procedures applicable are \r\n                                              sufficient to secure an effective \r\n                                              check on the assessment, \r\n                                              collection and proper allocation \r\n                                              of the revenue;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) monies have been expended for \r\n                                              the purposes for which they were \r\n                                              appropriated and the expenditures \r\n                                              have been made as authorised;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) essential records are \r\n                                              maintained and the rules and \r\n                                              procedures applied are sufficient \r\n                                              to safeguard and control public \r\n                                              property; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) programmes and activities have \r\n                                              been undertaken with due regard to \r\n                                              economy, efficiency and \r\n                                              effectiveness in relation to the \r\n                                              resources utilised and results \r\n                                              achieved.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 14&#8212;Auditing of Statutory \r\n                                              Corporation</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) In respect of the accounts of \r\n                                              a statutory corporation, a state \r\n                                              enterprise or a public commercial \r\n                                              institution operating under its \r\n                                              own enactment, the Auditor-General \r\n                                              or any person appointed by him \r\n                                              shall upon the examination of the \r\n                                              accounts of the body or \r\n                                              institution, express his opinion \r\n                                              as to whether the accounts present \r\n                                              fairly financial information in \r\n                                              accordance with the applicable \r\n                                              statutory provisions, stated \r\n                                              accounting policies of the \r\n                                              Government and is in accordance \r\n                                              with generally accepted accounting \r\n                                              standards and essentially \r\n                                              consistent with that of the \r\n                                              preceding year.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Auditor-General or any \r\n                                              person appointed by the \r\n                                              Auditor-General to audit the \r\n                                              accounts of statutory corporations \r\n                                              shall in addition to the audit \r\n                                              report draw attention to the \r\n                                              following&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the profitability, liquidity, \r\n                                              stability and solvency of the \r\n                                              corporation and also the \r\n                                              performance of the shares of the \r\n                                              corporation on the capital \r\n                                              markets, where relevant;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) whether there was delay in \r\n                                              payment of government portion of \r\n                                              any declared dividend, if any, \r\n                                              into the Consolidated Fund;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) any significant cases of fraud \r\n                                              or losses and the underlying \r\n                                              causes;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) any internal control weakness \r\n                                              noted; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) the general corporate \r\n                                              performance indicating&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              achievement against set targets \r\n                                              and objectives; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) whether the finances of the \r\n                                              body have been conducted with due \r\n                                              regard to economy, efficiency and \r\n                                              effectiveness having regard to the \r\n                                              resources utilised.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 15&#8212;Examination on Receipt \r\n                                              of Controller and \r\n                                              Accountant-General''s Report on \r\n                                              Public Accounts</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Auditor-General shall, upon \r\n                                              receipt of the annual statements \r\n                                              of public accounts required, under \r\n                                              sections 40 and 41 of the \r\n                                              Financial Administration Decree, \r\n                                              1979 (S.M.C.D. 221), to be made by \r\n                                              the Controller and \r\n                                              Accountant-General, examine the \r\n                                              statement and certify whether in \r\n                                              his opinion the statements present \r\n                                              fairly financial information on \r\n                                              the accounts in accordance with \r\n                                              accounting policies of the \r\n                                              Government and consistent with \r\n                                              statements of the preceding year \r\n                                              in accordance with best \r\n                                              international practices, and may \r\n                                              state such reservation or comment \r\n                                              that he considers necessary.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 16&#8212;Submission of Special \r\n                                              Audit Report to Parliament</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Auditor-General may in \r\n                                              addition to the audit of public \r\n                                              accounts, carry out in the public \r\n                                              interest such special audits or \r\n                                              reviews as he considers necessary \r\n                                              and shall submit reports on the \r\n                                              audits or review undertaken by him \r\n                                              to Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 17&#8212;Disallowance and \r\n                                              Surcharge by Auditor-General</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Auditor-General shall \r\n                                              specify to the appropriate head of \r\n                                              department or institution the \r\n                                              amount due from any person upon \r\n                                              whom he has made a surcharge or \r\n                                              disallowance and the reasons for \r\n                                              the surcharge or disallowance.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A sum specified by the \r\n                                              Auditor-General to be due from any \r\n                                              person shall be paid by that \r\n                                              person to the department or \r\n                                              institution as the case may be, \r\n                                              within 60 days after it has been \r\n                                              so specified.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person aggrieved by a \r\n                                              disallowance or surcharge made by \r\n                                              the Auditor-General may appeal to \r\n                                              the High Court not later than the \r\n                                              expiration of 60 days prescribed \r\n                                              in subsection (2).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) In accordance with article \r\n                                              187(10) the Rules of Court \r\n                                              Committee may, by constitutional \r\n                                              instrument, make Rules of Court \r\n                                              for the purposes of subsection (3) \r\n                                              of this section.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) Any sum which is lawfully due \r\n                                              under this section shall, on civil \r\n                                              proceedings taken by the Head of \r\n                                              Department in a court be \r\n                                              recoverable as a civil debt and \r\n                                              where the person surcharged is in \r\n                                              receipt of remuneration from \r\n                                              government or any institution, the \r\n                                              remuneration shall be attached to \r\n                                              the extent of the sum lawfully \r\n                                              due.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) In any proceedings for the \r\n                                              recovery of that sum a certificate \r\n                                              signed by the Auditor-General \r\n                                              shall be prima facie evidence of \r\n                                              the facts certified.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (7) The Auditor-General may with \r\n                                              the prior approval of Parliament \r\n                                              revoke any surcharge made under \r\n                                              this section.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 18&#8212;Independence and Powers \r\n                                              of the Auditor-General</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) In the performance of his \r\n                                              functions under this Act or any \r\n                                              other law the Auditor-General&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) shall not be subject to the \r\n                                              direction or control of any other \r\n                                              person or authority;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) may disallow any item of \r\n                                              expenditure which is contrary to \r\n                                              law and surcharge&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              the amount of any expenditure \r\n                                              disallowed upon the person \r\n                                              responsible for incurring or \r\n                                              authorising the expenditure;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) any sum which has not been \r\n                                              duly brought into account, upon \r\n                                              the person by whom the sum ought \r\n                                              to have been brought into account; \r\n                                              or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iii) the amount of any loss or \r\n                                              deficiency, upon any person by \r\n                                              whose negligence or misconduct the \r\n                                              loss or deficiency has been \r\n                                              incurred.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Paragraph (a) of subsection \r\n                                              (1) shall not preclude the \r\n                                              President, acting in accordance \r\n                                              with the advice of the Council of \r\n                                              State, from requesting the \r\n                                              Auditor- General in the public \r\n                                              interest, to audit, at any \r\n                                              particular time, the accounts of \r\n                                              any such body or organisation as \r\n                                              is referred to in section 11(1).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 19&#8212;Adherence to \r\n                                              International Practices</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Auditor-General shall in the \r\n                                              audit of accounts under this Act \r\n                                              adhere to methods that are \r\n                                              consistent with emerging practices \r\n                                              in governmental auditing such as \r\n                                              environmental and forensic audits \r\n                                              adopted by the International \r\n                                              Organisation of Supreme Audit \r\n                                              Institutions and other \r\n                                              internationally recognised bodies.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 20&#8212;Submission of \r\n                                              Auditor-General''s Report to \r\n                                              Parliament</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Auditor-General shall, \r\n                                              within six months after the end of \r\n                                              the immediately preceding \r\n                                              financial year to which each of \r\n                                              the accounts mentioned in this \r\n                                              Part relates, submit his report to \r\n                                              Parliament and shall, in the \r\n                                              report, draw attention to any \r\n                                              irregularities in the accounts \r\n                                              audited and to any other matter \r\n                                              which in his opinion ought to be \r\n                                              brought to the notice of \r\n                                              Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Without limiting the scope of \r\n                                              subsection (1), the \r\n                                              Auditor-General in his report to \r\n                                              Parliament on the public accounts \r\n                                              shall draw attention to any case \r\n                                              in which he has observed that&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) an officer or employee of \r\n                                              Government has wilfully or \r\n                                              negligently omitted to collect or \r\n                                              receive any public money due to \r\n                                              the Government;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) any public money was not duly \r\n                                              accounted for and paid into the \r\n                                              Consolidated Fund or other \r\n                                              designated public account;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) an appropriation was exceeded \r\n                                              or was applied for a purpose or in \r\n                                              a manner not authorised by law;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) an expenditure was not \r\n                                              authorised or properly vouched for \r\n                                              or certified;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) there has been a deficiency \r\n                                              through fraud, default or mistake \r\n                                              of any person;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) applicable internal control \r\n                                              and management measures are \r\n                                              inefficient or ineffective;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) the use or custody of \r\n                                              property, money, stamps, \r\n                                              securities, equipment, stores, \r\n                                              trust money, trust property or \r\n                                              other assets has occurred in a \r\n                                              manner detrimental to the State;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (h) resources have not been used \r\n                                              with due regard to economy, \r\n                                              efficiency and effectiveness in \r\n                                              relation to the results attained;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              in the public interest, the matter \r\n                                              should be brought to the notice of \r\n                                              Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 21&#8212;Debate by Parliament of \r\n                                              the Auditor-General''s Reports</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Parliament shall debate reports of \r\n                                              the Auditor-General on the public \r\n                                              accounts of Ghana, the statement \r\n                                              of foreign exchange receipts and \r\n                                              payments of the Bank of Ghana and \r\n                                              other special audits and shall \r\n                                              appoint where necessary, in the \r\n                                              public interest, committees to \r\n                                              deal with any matters arising from \r\n                                              the report.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 22&#8212;Audit of Accounts by \r\n                                              Auditor-General or as Requested by \r\n                                              Parliament</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Auditor-General may whenever \r\n                                              Parliament so requests and may, of \r\n                                              his own motion inquire into and \r\n                                              report on any matter relating to&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the financial affairs of the \r\n                                              Government or public property; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) any person or organisation in \r\n                                              receipt of financial aid from the \r\n                                              Government or in respect of whom \r\n                                              financial aid from the Government \r\n                                              is sought.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 23&#8212;Publication of Reports</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Auditor-General shall \r\n                                              publish his reports on the public \r\n                                              accounts of Ghana and the \r\n                                              statement of foreign exchange \r\n                                              receipts and payments of the Bank \r\n                                              of Ghana as soon as the reports \r\n                                              have been presented to the Speaker \r\n                                              to be laid before Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Auditor-General shall \r\n                                              submit copies of the published \r\n                                              reports to&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the Government Archivist;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) all public and University \r\n                                              libraries in Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the libraries of the Ghana \r\n                                              Institute of Management and Public \r\n                                              Administration (GIMPA) and the \r\n                                              Management Development and \r\n                                              Productivity Institute (MDPI);</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) members of the Board; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) any other institution approved \r\n                                              by the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 24&#8212;Auditing of the Office \r\n                                              of the Auditor-General</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The accounts of the office of the \r\n                                              Auditor-General shall be audited \r\n                                              annually and reported upon by an \r\n                                              auditor appointed by Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 25&#8212;Submission of Annual \r\n                                              Report on Activities of the \r\n                                              Service</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Board shall submit to the \r\n                                              President and Parliament as soon \r\n                                              as possible but in any event not \r\n                                              later than eight months after the \r\n                                              end of each financial year a \r\n                                              report on the activities of the \r\n                                              Service during the year to which \r\n                                              the report relates.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART III&#8212;FINANCIAL AND \r\n                                              MISCELLANEOUS PROVISIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 26&#8212;Expenses of the Service \r\n                                              charged on the Consolidated Fund</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The administrative expenses of the \r\n                                              office of the Auditor-General \r\n                                              including all salaries, \r\n                                              allowances, gratuities and \r\n                                              pensions payable to or in respect \r\n                                              of persons serving in the Audit \r\n                                              Service shall be a charge on the \r\n                                              Consolidated Fund.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 27&#8212;Annual Estimates of the \r\n                                              Service</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Board shall at least two \r\n                                              months before the end of the \r\n                                              financial year submit to the \r\n                                              President the estimates of the \r\n                                              Service; and the President shall \r\n                                              at least one month before the end \r\n                                              of the financial year cause the \r\n                                              estimates to be laid before \r\n                                              Parliament without revision but \r\n                                              with any recommendations that the \r\n                                              President may make on them.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 28&#8212;Stationing of Officers \r\n                                              in Organisations Subject to Audit</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Auditor-General may \r\n                                              require any organisation or body \r\n                                              subject to audit by the \r\n                                              Auditor-General to make available \r\n                                              while the audit is being carried \r\n                                              on, suitable office accommodation \r\n                                              for the proper conduct of the \r\n                                              audit.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Auditor-General shall \r\n                                              require every person employed in \r\n                                              his office who is to examine the \r\n                                              accounts of an organization under \r\n                                              this Act to comply with security \r\n                                              arrangements applicable to, and to \r\n                                              take any oath of secrecy required \r\n                                              to be taken by persons employed in \r\n                                              that organization and every such \r\n                                              person shall comply with the \r\n                                              requirement.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Auditor-General shall \r\n                                              station in Parliament House, \r\n                                              permanent staff to enable \r\n                                              Parliament carry out effectively \r\n                                              its duties in respect of reports \r\n                                              submitted by the Auditor-General \r\n                                              to Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 29&#8212;Audit Observations</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Auditor-General or any \r\n                                              authorised person acting on his \r\n                                              behalf shall, as a result of an \r\n                                              audit conducted by him, issue \r\n                                              observations to the Controller and \r\n                                              Accountant-General or the \r\n                                              management of the audited \r\n                                              organisation and the comments made \r\n                                              by the management shall be \r\n                                              returned to the Auditor-General \r\n                                              within 30 days after the receipt \r\n                                              of the observation.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A person who fails or refuses \r\n                                              to reply to the audit observations \r\n                                              within the period specified in \r\n                                              subsection (1) shall, if the \r\n                                              Auditor-General so directs, have \r\n                                              his emoluments and allowances \r\n                                              withheld for so long as the person \r\n                                              fails to comply.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 30&#8212;Audit Report \r\n                                              Implementation Committees</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) An institution, body or \r\n                                              organisation which is subject to \r\n                                              auditing by the Auditor-General \r\n                                              shall establish an Audit Report \r\n                                              Implementation Committee, \r\n                                              comprising members of</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the Governing Board or Council \r\n                                              of that institution, body or \r\n                                              organisation where such Council or \r\n                                              Board exist by law; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) a Ministerial Committee for \r\n                                              Ministries, Departments and \r\n                                              Agencies of the Central \r\n                                              Government, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) a Special Committee of the \r\n                                              District Assembly.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) It shall be the duty of the \r\n                                              Audit Report Implementation \r\n                                              Committee to ensure that the head \r\n                                              of an institution, body or \r\n                                              organisation to which subsection \r\n                                              (1) applies</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) pursues the implementation of \r\n                                              matters in all audit reports as \r\n                                              well as the Auditor-General&#8217;s \r\n                                              reports endorsed by Parliament as \r\n                                              well as financial matters raised \r\n                                              in the reports of internal \r\n                                              monitoring units in the \r\n                                              institution, body or organisation; \r\n                                              and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) annually prepares a statement \r\n                                              showing the status of \r\n                                              implementation of recommendation \r\n                                              made in all audit reports as well \r\n                                              as the Auditor-General&#8217;s reports \r\n                                              which have been accepted by \r\n                                              Parliament and any other related \r\n                                              directives of Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The statement shall show \r\n                                              remedial action taken or proposed \r\n                                              to be taken to avoid or minimise \r\n                                              the recurrence of undesirable \r\n                                              features in the accounts and \r\n                                              operations of the institution, \r\n                                              body or organisation and the time \r\n                                              frame for action to be completed.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The statement referred to in \r\n                                              subsection (3) shall be endorsed \r\n                                              by the relevant Minister and \r\n                                              forwarded to Parliament, Office of \r\n                                              the President and the \r\n                                              Auditor-General within six months \r\n                                              after Parliamentary decisions on \r\n                                              the Auditor-General''s report.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) In the performance of its \r\n                                              functions under this Act, an Audit \r\n                                              Report Implementation Committee \r\n                                              may co-opt any senior management \r\n                                              personnel to serve on the \r\n                                              Committee.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 31&#8212;Examination on Oath</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Auditor-General may examine \r\n                                              any person on oath on any matter \r\n                                              pertaining to any account subject \r\n                                              to audit by him.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 32&#8212;Retirement of Audit \r\n                                              Service Staff</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Except otherwise provided in \r\n                                              this Act a person employed by the \r\n                                              Service&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) may voluntarily retire from \r\n                                              the Service at any time after \r\n                                              attaining the age of 45 years; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) shall retire from the Service \r\n                                              after attaining the age of 60 \r\n                                              years.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Notwithstanding subsection (1) \r\n                                              a person employed by the Service \r\n                                              who has attained the age of 60 \r\n                                              years may be eligible for \r\n                                              engagement immediately after \r\n                                              retirement by the Board on the \r\n                                              recommendation of the \r\n                                              Auditor-General for a limited \r\n                                              period of not more than two years \r\n                                              at a time but not exceeding five \r\n                                              years in all.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person who has retired from \r\n                                              the Service shall be paid \r\n                                              retirement benefits in accordance \r\n                                              with the Constitution.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 33&#8212;Offences</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Any person who&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) fails to produce for \r\n                                              inspection by the Auditor-General \r\n                                              or otherwise fails to give the \r\n                                              Auditor-General access to any \r\n                                              book, record, return or other \r\n                                              document relating or relevant to \r\n                                              any account to be audited by the \r\n                                              Auditor-General, when so requested \r\n                                              by the Auditor-General; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) fails to keep proper books of \r\n                                              account or proper records in \r\n                                              relation thereto when so required \r\n                                              by the provisions of any \r\n                                              enactment; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) gives to the Auditor-General \r\n                                              any information which he knows to \r\n                                              be false or which he has no reason \r\n                                              to believe to be true; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) wilfully suppresses any \r\n                                              information required by the \r\n                                              Auditor-General in the performance \r\n                                              of his functions under this Act or \r\n                                              any other enactment; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) obstructs the Auditor-General \r\n                                              in the performance of his \r\n                                              functions under this Act or any \r\n                                              other enactment,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              commits an offence and is liable \r\n                                              on summary conviction to a fine \r\n                                              not less than 500 penalty units or \r\n                                              to imprisonment for a term not \r\n                                              exceeding 2 years or to both.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) For the purposes of subsection \r\n                                              (1), &#8220;Auditor-General&#8221; includes \r\n                                              any auditor acting under the \r\n                                              direction of the Auditor-General.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Any member of the Audit \r\n                                              Service who&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) demands or takes any bribe, \r\n                                              gratuity, recompense or reward for \r\n                                              the neglect or non-performance of \r\n                                              his duty; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) wilfully fails to report to \r\n                                              the Auditor-General any abuse or \r\n                                              irregularity that comes to his \r\n                                              notice in the course of his duties \r\n                                              in relation to any accounts \r\n                                              audited by him; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) makes any report to the \r\n                                              Auditor-General which he knows to \r\n                                              be false or which he has no reason \r\n                                              to believe to be true,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              commits an offence and is liable \r\n                                              on summary conviction to a fine \r\n                                              not less than 500 penalty units or \r\n                                              to imprisonment for a term not \r\n                                              exceeding 2 years or to both.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 34&#8212;Offences by Bodies of \r\n                                              Persons</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) In the case of an offence \r\n                                              committed under section 33(1) by a \r\n                                              body of persons&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) where the body of persons is a \r\n                                              body corporate, other than a \r\n                                              partnership, every director and \r\n                                              officer of that body corporate \r\n                                              shall be deemed to be also guilty \r\n                                              of that offence; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) where the body is a \r\n                                              partnership every partner shall be \r\n                                              deemed to be also guilty of that \r\n                                              offence.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) No person shall be deemed to \r\n                                              be guilty of an offence under \r\n                                              section 33(1) if he proves that \r\n                                              the offence was committed without \r\n                                              his knowledge or that he exercised \r\n                                              all due diligence to prevent the \r\n                                              commission of the offence.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 35&#8212;Regulations</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Board shall, acting in \r\n                                              consultation with the Public \r\n                                              Services Commission, make \r\n                                              Regulations by constitutional \r\n                                              instrument&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) for the effective and \r\n                                              efficient administration of the \r\n                                              Audit Service; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) generally for carrying out the \r\n                                              principles and purposes of this \r\n                                              Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 36&#8212;Interpretation</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              In this Act unless the context \r\n                                              other wise requires&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;financial aid&quot; means grants, \r\n                                              loans, guarantees and commodity \r\n                                              aids. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Service&quot; means the Audit Service.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 37&#8212;Consequential \r\n                                              Amendments</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Financial Administration \r\n                                              Decree, 1979 (S.M.C.D. 221) is \r\n                                              amended as follows&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) by the substitution for \r\n                                              paragraph (c) of subsection (4) of \r\n                                              section 47, the following&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;(c) the libraries of the Ghana \r\n                                              Institute of Management and Public \r\n                                              Administration (GIMPA) and the \r\n                                              Management Development and \r\n                                              Productivity Institute (M.D.P.I.)&quot;.;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) by the insertion after \r\n                                              paragraph (c) of subsection (4) of \r\n                                              the following&#8212;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;(d) members of the Audit Service \r\n                                              Board.&quot;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 38&#8212;Repeals and Saving</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Audit Service Decree, 1972 \r\n                                              (N.R.C.D. 49) is repealed by this \r\n                                              Act. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Part V of the Financial \r\n                                              Administration Decree, 1979 (S.M.C.D. \r\n                                              221) is hereby repealed.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Public Officers \r\n                                              (Auditor-General) Instrument, 1962 \r\n                                              (L.I. 204) is hereby revoked.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) Notwithstanding the repeal \r\n                                              under subsection (1) any \r\n                                              instrument made, directives given \r\n                                              or appointments made under the \r\n                                              repealed enactment and in force \r\n                                              immediately before the date of the \r\n                                              coming into force of this Act \r\n                                              shall continue in force as if made \r\n                                              or given under this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) Subject to the provisions of \r\n                                              this Act, the Audit Service Board \r\n                                              in existence immediately before \r\n                                              the coming into force of this Act \r\n                                              shall be the Board referred to in \r\n                                              this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Date of Gazette Notification: 20th \r\n                                              October, 2000.</span></td>\r\n                </tr>\r\n              </tbody>\r\n            </table>\r\n          </td>\r\n        </tr>\r\n<tr>\r\n  <td width="76" height="50" bgcolor="#003366"></table></td>\r\n        </tr>\r\n', 'Fourth', 'Yes', 'ACT 584');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(138, 'BANK OF GHANA ACT, 2002 (ACT 612)', '<table>\r\n<tr>\r\n                                            <td vAlign="top" align="left" width="1372" height="64">\r\n                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              BANK OF GHANA ACT, 2002 (ACT 612)</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">&nbsp;</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              ARRANGEMENT OF SECTIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Section</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART I&#8212;THE BANK OF GHANA, ITS \r\n                                              OBJECTS AND SHARES</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              1.&nbsp; Continued legal existence of \r\n                                              Bank of Ghana</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              2.&nbsp; Head Office and branches</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              3.&nbsp; Objects of the Central Bank\r\n                                              </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              4.&nbsp; Functions of the Central Bank</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              5.&nbsp; Authorised shares of the Bank</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              6.&nbsp; General Reserve Fund, payment \r\n                                              into Consolidated Fund</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              7.&nbsp; Revaluation Account</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART II&#8212;ADMINISTRATION OF THE BANK</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              8.&nbsp; The Board of Directors</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              9.&nbsp; Functions of the Board on \r\n                                              policy formulation</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              10.&nbsp; Terms and conditions of \r\n                                              service of members</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              11.&nbsp; Qualifications of members</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              12.&nbsp; Removal from the Board</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              13.&nbsp; Vacancy on the Board</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              14.&nbsp; Meetings of the Board</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              15.&nbsp; Committees of the Board</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              16.&nbsp; Audit Committee</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              17.&nbsp; Appointment of Governor and \r\n                                              Deputy Governors</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              18.&nbsp; Functions of the Governor</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              19.&nbsp; Emergency powers of the \r\n                                              Governor</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              20.&nbsp; Functions of the Deputy \r\n                                              Governors</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              21.&nbsp; The Secretary</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              22.&nbsp; Chief Internal Auditor</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              23.&nbsp; Other officers and employees \r\n                                              of the Bank</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              24.&nbsp; Signing of documents</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              25.&nbsp; Declaration of secrecy</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              26.&nbsp; Liability for loss</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              27.&nbsp; Monetary Policy Committee</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART III&#8212;THE BANK AS BANKER AND \r\n                                              FISCAL AGENT OF GOVERNMENT AND \r\n                                              STATE INSTITUTIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              28. Custodian of State funds</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              29. The banker for Government</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              30. Temporary advances</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              31. Management of the Public Debt</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              32. Adviser to Government on \r\n                                              fiscal matters</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART IV&#8212;CREDIT CONTROL</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              33. Report on unusual movement in \r\n                                              supply of money</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              34. Managing the monetary and \r\n                                              banking system</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART V&#8212;DOMESTIC OPERATIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              35. Issue and redemption of notes \r\n                                              and coins</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              36. Cover for notes and coins</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              37. Unit and denomination and form \r\n                                              of currency</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              38. Appointment of other banks as \r\n                                              currency agents</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              39. Currency cover assets of the \r\n                                              Bank</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              40. Liabilities for issue</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              41. Legal tender</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              42. Refund of lost or imperfect \r\n                                              currency notes or coins</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              43. Evidence of imitation of a \r\n                                              currency note</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              44. Exemption from stamp duty on \r\n                                              currency notes</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              45. Exchange of currency</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              46. Business transactions</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              47. Transactions in securities</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              48. Clearing houses</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              49. Business the Bank may not \r\n                                              engage in</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VI&#8212;FOREIGN OPERATIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              50. Transactions in assets of \r\n                                              international value</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              51. Power to borrow and guarantee</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              52. Exchange rate of the cedi</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              53. Holding of state foreign \r\n                                              exchange</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VII&#8212;BANKING SUPERVISION AND \r\n                                              RESEARCH</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              54. Head of Banking Supervision \r\n                                              and supervision of financial \r\n                                              institutions </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              55. Statistical data and \r\n                                              publication of bulletins and \r\n                                              reports</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              56. Request for research \r\n                                              information</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VIII&#8212;ACCOUNTS AND AUDIT</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              57. Accounts and audit</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              58. General returns</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              59. Returns relating to foreign \r\n                                              exchange</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              60. Financial year of the Bank</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              61. Application of Part V of the \r\n                                              Banking Law</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART IX&#8212;GENERAL AND SUPPLEMENTARY \r\n                                              PROVISIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              62. Training of employees of the \r\n                                              Bank and bankers</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              63. Exemption from income tax</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              64. Liquidation</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              65. Bye-laws by the Board</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              66. Regulations</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              67. Offences and penalties</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              68. Offences by bodies of persons</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              69. Interpretation</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              70. Repeals and savings</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              SCHEDULE</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Schedule</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <span style="font-family: Arial; font-weight: 700">\r\n                                              THE SIX HUNDRED AND TWELFTH</span></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <b></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <span style="font-family: Arial; font-weight: 700">\r\n                                              ACT OF THE PARLIAMENT OF THE \r\n                                              REPUBLIC OF GHANA</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              BANK OF GHANA ACT, 2002</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              AN ACT to amend and consolidate \r\n                                              the law relating to the Bank of \r\n                                              Ghana and to provide for related \r\n                                              matters.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              DATE OF ASSENT: 24th January, \r\n                                              2002.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              BE IT ENACTED by Parliament as \r\n                                              follows:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART I&#8212;THE BANK OF GHANA, ITS \r\n                                              OBJECTS AND SHARES</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 1&#8212;Continued Legal \r\n                                              Existence of Bank of Ghana</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana in existence \r\n                                              immediately before the \r\n                                              commencement of this Act shall, \r\n                                              subject to this Act, continue to \r\n                                              be in existence as a body \r\n                                              corporate with perpetual \r\n                                              succession and a common seal and \r\n                                              may sue and be sued in its \r\n                                              corporate name.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank referred to in \r\n                                              subsection (1) shall be the \r\n                                              Central Bank of Ghana and may, in \r\n                                              relation to its business purchase, \r\n                                              hold, manage and dispose of \r\n                                              movable and immovable property and \r\n                                              may enter into a contract or a \r\n                                              transaction as may be expedient.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The application of the common \r\n                                              seal of the Bank shall be \r\n                                              authenticated</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) by the Governor, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in the absence of the \r\n                                              Governor, by a Deputy Governor, \r\n                                              and two directors all of whom \r\n                                              shall certify the validity of the \r\n                                              authentication and that signing \r\n                                              shall be independent of the \r\n                                              signing by any other person who \r\n                                              may sign the instrument as a \r\n                                              witness.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 2&#8212;Head Office and Branches</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall have its head \r\n                                              office in Accra and may, where it \r\n                                              is considered necessary for the \r\n                                              performance of its functions, open \r\n                                              branches and have agencies or \r\n                                              agents in and outside Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 3&#8212;Objects of the Central \r\n                                              Bank</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The primary objective of the \r\n                                              Bank is to maintain stability in \r\n                                              the general level of prices.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Without prejudice to \r\n                                              subsection (1) the Bank shall \r\n                                              support the general economic \r\n                                              policy of the Government and \r\n                                              promote economic growth and \r\n                                              effective and efficient operation \r\n                                              of banking and credit systems in \r\n                                              the country, independent of \r\n                                              instructions from the Government \r\n                                              or any other authority.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 4&#8212;Functions of the Central \r\n                                              Bank</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank shall for the \r\n                                              purposes of section 3 perform the \r\n                                              following functions:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) formulate and implement \r\n                                              monetary policy aimed at achieving \r\n                                              the objects of the Bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) promote by monetary measures \r\n                                              the stabilization of the value of \r\n                                              the currency within and outside \r\n                                              Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) institute measures which are \r\n                                              likely to have a favourable effect \r\n                                              on the balance of payments, the \r\n                                              state of public finances and the \r\n                                              general development of the \r\n                                              national economy;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) regulate, supervise and direct \r\n                                              the banking and credit system and \r\n                                              ensure the smooth operation of the \r\n                                              financial sector;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e)&nbsp; promote, regulate and \r\n                                              supervise payment and settlement \r\n                                              systems;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f)&nbsp; issue and redeem the currency \r\n                                              notes and coins;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) ensure effective maintenance \r\n                                              and management of Ghana''s external \r\n                                              financial services;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (h) license, regulate, promote and \r\n                                              supervise non-banking financial \r\n                                              institutions;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">(i)&nbsp; \r\n                                              act as banker and financial \r\n                                              adviser to the Government;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (j) promote and maintain relations \r\n                                              with international banking and \r\n                                              financial institutions and subject \r\n                                              to the Constitution or any other \r\n                                              relevant enactment, implement \r\n                                              international monetary agreements \r\n                                              to which Ghana is a party; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (k) do all other things that are \r\n                                              incidental or conducive to the \r\n                                              efficient performance of its \r\n                                              functions under this Act and any \r\n                                              other enactment.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Board may by legislative \r\n                                              instrument authorise any person to \r\n                                              exercise the power of the Bank to \r\n                                              regulate and supervise non-banking \r\n                                              financial institutions.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) An instrument issued under \r\n                                              subsection (2) may include \r\n                                              provisions relating to</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) inspection;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) management audit; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) any other aspect of operation \r\n                                              of non-banking institutions.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) An instrument issued under \r\n                                              subsection (2) shall be under the \r\n                                              signature of the Governor.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 5&#8212;Authorised Shares of the \r\n                                              Bank</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The authorised number of \r\n                                              shares of the Bank shall be seven \r\n                                              hundred billion shares of no par \r\n                                              value which shall be taken up from \r\n                                              time to time by the Government and \r\n                                              may be increased from time to \r\n                                              time.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The shares shall not be \r\n                                              transferable or subject to any \r\n                                              encumbrance.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 6&#8212;General Reserve Fund, \r\n                                              Payment into Consolidated Fund</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) There shall be a General \r\n                                              Reserve Fund of the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) At the end of each financial \r\n                                              year of the Bank, after allowing \r\n                                              for the operational expenses out \r\n                                              of its income and after provision \r\n                                              has been made for bad and doubtful \r\n                                              debts, depreciation of assets, \r\n                                              replacement of currency, \r\n                                              development fund, contributions to \r\n                                              staff and superannuation fund and \r\n                                              other contingencies, there shall \r\n                                              be transferred to the General \r\n                                              Reserve Fund,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) one-half of the net profit of \r\n                                              the Bank if the amount of money in \r\n                                              that Fund is less than the paid-up \r\n                                              capital of the Bank; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) one-quarter of the net profit \r\n                                              of the Bank, if the amount of \r\n                                              money in that Fund is less than \r\n                                              twice the amount of the paid-up \r\n                                              capital of the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Money that remains after the \r\n                                              transfer under subsection (2) \r\n                                              shall</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) where there is a balance of \r\n                                              government indebtedness in the \r\n                                              books of the Bank, be used to set \r\n                                              off the indebtedness; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) where there is no balance of \r\n                                              government indebtedness in the \r\n                                              books of the Bank, be paid into \r\n                                              the Consolidated Fund.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) Where at the end of a \r\n                                              financial year the amount of money \r\n                                              in the General Reserve Fund is \r\n                                              more than twice the amount of the \r\n                                              paid-up capital, a proportion of \r\n                                              the profit, as may be agreed upon \r\n                                              between the Bank and the Minister, \r\n                                              shall be paid into the \r\n                                              Consolidated Fund.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 7&#8212;Revaluation Account</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Profits or losses arising from \r\n                                              a revaluation of the Bank''s assets \r\n                                              or liabilities in gold, special \r\n                                              drawing rights or foreign \r\n                                              securities as a result of a change \r\n                                              in the par value of the cedi or of \r\n                                              any change in the par value of the \r\n                                              currency unit of any other country \r\n                                              shall be excluded from the \r\n                                              computation of the annual profits \r\n                                              or losses of the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The profits and losses arising \r\n                                              under subsection (1) shall be \r\n                                              carried to a special account to be \r\n                                              known as the ''Revaluation \r\n                                              Account''.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Profits shall not be paid into \r\n                                              the General Reserve Fund or the \r\n                                              Consolidated Fund under \r\n                                              sub-section (2) or (3) of section \r\n                                              6 where the Revaluation Account \r\n                                              shows a net loss, and the profits \r\n                                              not paid into the General Reserve \r\n                                              Fund shall be credited to the \r\n                                              Revaluation Account in an amount \r\n                                              sufficient to cover the loss.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) Where the profits referred to \r\n                                              under subsection (1) are \r\n                                              insufficient to cover the losses \r\n                                              of the Bank in a financial year, \r\n                                              the Government shall cause to be \r\n                                              issued to the Bank redeemable \r\n                                              negotiable interest bearing \r\n                                              securities to the extent of the \r\n                                              deficiency.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) A credit balance in the \r\n                                              Revaluation Account at the end of \r\n                                              a financial year of the Bank shall \r\n                                              be applied to redeem the \r\n                                              outstanding securities issued \r\n                                              under subsection (4).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART II&#8212;ADMINISTRATION OF THE BANK</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 8&#8212;The Board of Directors</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The governing body of the Bank \r\n                                              shall be a Board of Directors \r\n                                              consisting of,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the Governor of the Bank who \r\n                                              shall be the chairperson;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the First and Second Deputy \r\n                                              Governors appointed under section \r\n                                              17;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) one representative of the \r\n                                              Ministry of Finance; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) eight other directors \r\n                                              appointed by the President in \r\n                                              consultation with the Council of \r\n                                              State.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 9&#8212;Functions of the Board \r\n                                              on Policy Formulation</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Board shall formulate policies \r\n                                              necessary for the achievement of \r\n                                              the objects of the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 10&#8212;Terms and Conditions of \r\n                                              Service of Members</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The members of the Board, \r\n                                              other than the Governor and the \r\n                                              two Deputy Governors, shall hold \r\n                                              office for a period of three years \r\n                                              but are eligible for \r\n                                              re-appointment.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The members, other than the \r\n                                              Governor and the two Deputy \r\n                                              Governors shall be paid \r\n                                              appropriate allowances to be \r\n                                              determined by the Board in \r\n                                              consultation with the Minister.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 11&#8212;Qualifications of \r\n                                              Members</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">A \r\n                                              person does not qualify to be \r\n                                              appointed as a member of the Board \r\n                                              who</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) is not a citizen of Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) has entered into terms with \r\n                                              any person for payment of his or \r\n                                              her debt, has suspended payment of \r\n                                              his or her debt or has been \r\n                                              declared insolvent;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) has been convicted of a felony \r\n                                              or an offence involving \r\n                                              dishonesty;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) is adjudged to be a person of \r\n                                              unsound mind; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) in the case of a person \r\n                                              possessed of professional \r\n                                              qualification, that person is \r\n                                              disqualified or suspended, \r\n                                              otherwise than at the request of \r\n                                              that person, from practising the \r\n                                              profession of that person by order \r\n                                              of a competent authority made in \r\n                                              respect of that person.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 12&#8212;Removal from the Board</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">A \r\n                                              member shall cease to hold office \r\n                                              if that member</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) ceases to be a citizen of \r\n                                              Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) becomes a person of unsound \r\n                                              mind or incapable of carrying out \r\n                                              the duties of that member;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) has entered into terms with \r\n                                              any person for payment of his or \r\n                                              her debt, has suspended payment of \r\n                                              his or her debt or has been \r\n                                              declared insolvent;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) is convicted of a felony or of \r\n                                              an offence involving dishonesty;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) is guilty of gross misconduct \r\n                                              in relation to the duties of that \r\n                                              member; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) in the case of a person \r\n                                              possessed of professional \r\n                                              qualification, that member is \r\n                                              disqualified or suspended from \r\n                                              practising his or her profession \r\n                                              by the order of a competent \r\n                                              authority, made in respect of that \r\n                                              member or ceases to be a member of \r\n                                              the profession otherwise than at \r\n                                              the request of that member.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 13&#8212;Vacancy on the Board</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Where a member dies, resigns or \r\n                                              otherwise vacates office before \r\n                                              the completion of the term of \r\n                                              office, another person shall be \r\n                                              appointed</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) in the case of the Governor or \r\n                                              a Deputy Governor, for a period of \r\n                                              four years;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in the case of any other \r\n                                              member for the unexpired period of \r\n                                              that member.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 14&#8212;Meetings of the Board</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Governor shall summon \r\n                                              meetings of the Board as often as \r\n                                              may be required but not less \r\n                                              frequently than once in each \r\n                                              month.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Governor shall preside at \r\n                                              the meetings of the Board and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) in the absence of the \r\n                                              Governor, the First Deputy \r\n                                              Governor shall preside, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in the absence of the Governor \r\n                                              and the First Deputy Governor, the \r\n                                              Second Deputy Governor shall \r\n                                              preside.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The quorum for a meeting of \r\n                                              the Board shall be six members \r\n                                              including the Governor or a Deputy \r\n                                              Governor.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A member who has an interest, \r\n                                              whether direct or indirect, in a \r\n                                              matter that is being considered or \r\n                                              dealt with by the Board shall \r\n                                              disclose in writing to the Board \r\n                                              the nature of that interest and \r\n                                              shall not participate in a \r\n                                              discussion or decision of the \r\n                                              Board on that matter.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) Where a member fails or \r\n                                              refuses to disclose his or her \r\n                                              interest under sub-section (4), \r\n                                              the member shall cease to be a \r\n                                              member.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) Decisions of the Board shall \r\n                                              be determined by a simple majority \r\n                                              of the members present and voting \r\n                                              except that where there is an \r\n                                              equality of votes on an issue \r\n                                              before the Board, the person \r\n                                              presiding shall have a casting \r\n                                              vote.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (7) The Board may, where it \r\n                                              considers it fit, invite a person \r\n                                              to assist at its meeting but a \r\n                                              person so invited is not entitled \r\n                                              to vote at that meeting on a \r\n                                              matter for decision by the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (8) The validity of the \r\n                                              proceedings of the Board shall not \r\n                                              be affected by a vacancy among its \r\n                                              membership or by a defect in the \r\n                                              appointment or qualification of \r\n                                              any of the members.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (9) An act done by a member acting \r\n                                              in good faith as a member is \r\n                                              valid, notwithstanding a defect in \r\n                                              the appointment or qualification \r\n                                              of that member.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (10) Except as otherwise provided \r\n                                              in this section, the Board shall \r\n                                              determine the procedure for its \r\n                                              meetings.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 15&#8212;Committees of the Board</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Board may appoint a number of \r\n                                              committees that are necessary for \r\n                                              the purpose of advising the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 16&#8212;Audit Committee</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) There shall be appointed by \r\n                                              the Board an Audit Committee whose \r\n                                              chairperson shall be appointed by \r\n                                              the members from among their \r\n                                              number.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Audit Committee shall \r\n                                              consist of three members and its \r\n                                              responsibilities shall be to:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) establish appropriate \r\n                                              accounting procedures and \r\n                                              accounting controls for the Bank \r\n                                              and supervise compliance with \r\n                                              these procedures;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) monitor compliance with \r\n                                              enactments applicable to the Bank \r\n                                              and report to the Board thereon;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) deliver opinions on any \r\n                                              matters submitted to it by the \r\n                                              Board or management;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) receive and examine the \r\n                                              external auditor''s report and \r\n                                              recommend to the Board any \r\n                                              appropriate action to be taken; \r\n                                              and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) review the work of the Chief \r\n                                              Internal Auditor.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Audit Committee shall meet \r\n                                              ordinarily once every quarter and \r\n                                              extraordinarily when convened by \r\n                                              the Board or management.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 17&#8212;Appointment of Governor \r\n                                              and Deputy Governors</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Governor and the two \r\n                                              Deputy Governors shall be</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) persons of recognised \r\n                                              financial or banking experience; \r\n                                              and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) appointed by the President \r\n                                              acting in consultation with the \r\n                                              Council of State.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Governor and the Deputy \r\n                                              Governors shall each be appointed \r\n                                              for a term of four years each and \r\n                                              each one is eligible for \r\n                                              re-appointment.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Unless otherwise permitted by \r\n                                              the Board in writing, the Governor \r\n                                              and the Deputy Governors shall \r\n                                              not, while holding office under \r\n                                              this Act, occupy any other office \r\n                                              or employment whether there is \r\n                                              remuneration attached to it or \r\n                                              not.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) Notwithstanding subsection \r\n                                              (3), the Governor or a Deputy \r\n                                              Governor may, with the approval of \r\n                                              the Board,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) act as a member of a \r\n                                              commission appointed by the \r\n                                              Government to enquire into a \r\n                                              matter affecting currency or \r\n                                              banking;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) act as a member of the board \r\n                                              of an international bank or an \r\n                                              international monetary authority \r\n                                              or any other institution to which \r\n                                              the Government gives support.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) Subject to the Constitution \r\n                                              and this section, the Governor and \r\n                                              the two Deputy Governors shall be \r\n                                              appointed on terms and conditions \r\n                                              determined by the Government.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) The two Deputy Governors shall \r\n                                              be designated as First Deputy and \r\n                                              Second Deputy Governor \r\n                                              respectively.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 18&#8212;Functions of the \r\n                                              Governor</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Governor shall, subject to \r\n                                              the directions given by the Board \r\n                                              on matters of policy and subject \r\n                                              as expressly provided in this Act, \r\n                                              be entrusted with the day-to-day \r\n                                              business and administration of the \r\n                                              Bank, and may make decisions and \r\n                                              exercise all powers and perform \r\n                                              the functions which may be \r\n                                              exercised and performed by the \r\n                                              Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Without prejudice to \r\n                                              sub-section (1), the Governor \r\n                                              shall</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) execute the policies of the \r\n                                              Board;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) make regular reports to the \r\n                                              Board on the management and \r\n                                              operations of the Bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) provide the data, statistics \r\n                                              and advice necessary for the \r\n                                              attainment of the objects of the \r\n                                              Bank; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) perform any other functions \r\n                                              directed by the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Governor shall be \r\n                                              answerable to the Board for the \r\n                                              acts and decisions of the \r\n                                              Governor.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 19&#8212;Emergency Powers of the \r\n                                              Governor</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where there is an internal \r\n                                              disorder, external exigencies, \r\n                                              national disaster or critical \r\n                                              financial or economic crisis or \r\n                                              other exigencies requiring \r\n                                              immediate action and there is \r\n                                              insufficient time to call a \r\n                                              meeting of the Board, the Governor \r\n                                              may, after giving notice to the \r\n                                              Minister, exercise the powers of \r\n                                              the Board and take necessary \r\n                                              action.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Governor shall, within \r\n                                              seven working days after having \r\n                                              taken action by virtue of \r\n                                              subsection (1), call a meeting of \r\n                                              the Board and report the action \r\n                                              taken for ratification or review \r\n                                              by the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 20&#8212;Functions of the Deputy \r\n                                              Governors</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Deputy Governors shall \r\n                                              assist the Governor in the \r\n                                              performance of the functions of \r\n                                              the Governor under this Act in the \r\n                                              area that the Governor may in \r\n                                              consultation with the Board, \r\n                                              determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) In the absence of the \r\n                                              Governor, the First Deputy \r\n                                              Governor shall have authority to \r\n                                              perform the functions of the \r\n                                              Governor under this Act and in the \r\n                                              absence of both the Governor and \r\n                                              the First Deputy Governor the \r\n                                              Second Deputy Governor shall have \r\n                                              authority to perform the functions \r\n                                              of the Governor.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 21&#8212;The Secretary</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall have an officer \r\n                                              designated the Secretary who shall \r\n                                              be appointed by the Board to \r\n                                              perform the functions of \r\n                                              maintaining a secretariat for the \r\n                                              Board and ensuring accurate \r\n                                              recording of proceedings and \r\n                                              decisions of the Board and to \r\n                                              perform such other functions as \r\n                                              the Governor or the Board may \r\n                                              direct.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 22&#8212;Chief Internal Auditor</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank shall have a Chief \r\n                                              Internal Auditor who shall be \r\n                                              appointed by the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Subject to this Act, the Chief \r\n                                              Internal Auditor is responsible to \r\n                                              the Governor in the performance of \r\n                                              functions of office as Chief \r\n                                              Internal Auditor.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Chief Internal Auditor \r\n                                              shall, as part of the functions of \r\n                                              office, at intervals of three \r\n                                              months, prepare a report on the \r\n                                              internal audit work carried out by \r\n                                              the Chief Internal Auditor during \r\n                                              the period of three months \r\n                                              immediately preceding the \r\n                                              preparation of the report, and \r\n                                              submit the report to the Governor \r\n                                              who shall place the report before \r\n                                              the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 23&#8212;Other Officers and \r\n                                              Employees of the Bank</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Board shall appoint such \r\n                                              other officers and employees as \r\n                                              the Board considers necessary for \r\n                                              the effective implementation of \r\n                                              the functions of the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Subject to this Act, the \r\n                                              officers and employees of the Bank \r\n                                              shall hold office or appointment \r\n                                              on the terms and conditions \r\n                                              specified in their letters of \r\n                                              appointment.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The salaries, benefits, wages \r\n                                              or other remuneration or \r\n                                              allowances paid by the Bank shall \r\n                                              not be computed by reference to \r\n                                              the net or other profits of the \r\n                                              Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 24&#8212;Signing of Documents</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Board may empower the \r\n                                              Governor, a Deputy Governor or an \r\n                                              employee of the Bank in writing \r\n                                              generally or in respect of a \r\n                                              particular document or class of \r\n                                              documents to sign for and on \r\n                                              behalf of the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Governor and the employees \r\n                                              of the Bank empowered under \r\n                                              subsection (1), are hereby \r\n                                              severally empowered for and on \r\n                                              behalf of the Bank to endorse and \r\n                                              transfer promissory notes, \r\n                                              stock-receipt, debenture stock, \r\n                                              shares, securities and documents \r\n                                              of title to goods standing in the \r\n                                              name of, or held by, the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 25&#8212;Declaration of Secrecy</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The employees of the Bank of \r\n                                              all classes of designation shall \r\n                                              be bound by a declaration of \r\n                                              secrecy unless they are otherwise \r\n                                              called upon to give evidence in a \r\n                                              court or to fulfil an obligation \r\n                                              imposed by law.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) For the purposes of this \r\n                                              section a former employee of the \r\n                                              Bank is similarly bound and shall \r\n                                              not disclose any information \r\n                                              whether documentary or otherwise \r\n                                              relating to the affairs of the \r\n                                              Bank except by order of a court or \r\n                                              to fulfil an obligation imposed by \r\n                                              law.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person who contravenes a \r\n                                              provision of this section commits \r\n                                              an offence and is liable on \r\n                                              summary conviction to a fine not \r\n                                              exceeding 500 penalty units or to \r\n                                              imprisonment for a term not \r\n                                              exceeding 2 years or to both.\r\n                                              </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 26&#8212;Liability for Loss</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              An employee of the Bank is liable \r\n                                              for loss or damage suffered by the \r\n                                              Bank as a result of any wilful \r\n                                              default or negligence of that \r\n                                              employee.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 27&#8212;Monetary Policy \r\n                                              Committee</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) There is hereby established a \r\n                                              committee of the Bank to be known \r\n                                              as the Monetary Policy Committee \r\n                                              of the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Monetary policy Committee \r\n                                              shall be responsible for</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) initiating proposals for the \r\n                                              formulation of the monetary \r\n                                              policies of the bank; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) providing the statistical data \r\n                                              and advice necessary for the \r\n                                              formulation of monetary policies.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The members of the Monetary \r\n                                              Policy Committee shall be</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the Governor;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the First and Second Deputy \r\n                                              Governors;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the head of monetary policy \r\n                                              analysis of the Bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) the head of banking operations \r\n                                              of the Bank; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) two other persons appointed by \r\n                                              the Minister being persons with \r\n                                              knowledge or experience relevant \r\n                                              to the functions of the Monetary \r\n                                              Policy Committee.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The members of the Monetary \r\n                                              Policy Committee other than the \r\n                                              full-time members shall be paid \r\n                                              such allowances as the Board shall \r\n                                              determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART III&#8212;THE BANK AS BANKER AND \r\n                                              FISCAL AGENT OF GOVERNMENT AND \r\n                                              STATE INSTITUTIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 28&#8212;Custodian of State \r\n                                              Funds</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall be the sole \r\n                                              custodian of the state funds both \r\n                                              in and outside Ghana, and may by \r\n                                              notice published in the Gazette \r\n                                              authorise any other person or \r\n                                              institution to act as custodian of \r\n                                              any such funds as may be specified \r\n                                              in the notice.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 29&#8212;The Banker for \r\n                                              Government</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank shall receive, \r\n                                              collect, pay and remit money, \r\n                                              bullion and securities on behalf \r\n                                              of the Government.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank shall accept custody \r\n                                              of all securities, documents and \r\n                                              other valuable objects belonging \r\n                                              to the Government.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Bank may act as banker to \r\n                                              any government institution or \r\n                                              agency.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) In a place where the Bank does \r\n                                              not have a branch, the Bank may \r\n                                              appoint a banking institution to \r\n                                              act as its agent for the \r\n                                              collection and payment of \r\n                                              Government moneys.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) An agent which collects money \r\n                                              for and on behalf of the Bank \r\n                                              under subsection (4) shall, as may \r\n                                              be specified, remit the money to \r\n                                              the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) Interest shall not be paid by \r\n                                              the Bank on amounts deposited in a \r\n                                              government account.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (7) Except as otherwise determined \r\n                                              by agreement with the Minister, \r\n                                              the Bank shall not receive from \r\n                                              the Government remuneration for \r\n                                              its services under this section.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (8) Subject to this section, the \r\n                                              Bank may undertake and transact a \r\n                                              business which the Government may \r\n                                              entrust to the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 30&#8212;Temporary Advances</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank may</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) make advances and loans to the \r\n                                              Government on overdraft or in any \r\n                                              other form that the Board may \r\n                                              determine;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) make direct purchase from the \r\n                                              Government of treasury bills or \r\n                                              securities representing \r\n                                              obligations of the Government.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The total of the loans, \r\n                                              advances, purchase of treasury \r\n                                              bills and securities together with \r\n                                              money borrowed by the Government \r\n                                              from other banking institutions \r\n                                              and the public at the close of a \r\n                                              financial year under subsection \r\n                                              (1) shall not exceed 10 percent of \r\n                                              the total revenue of the fiscal \r\n                                              year in which the advances were \r\n                                              made.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) An advance made under \r\n                                              subsection (1) shall be repaid \r\n                                              within three months after the \r\n                                              grant of the advance, and where \r\n                                              that advance remains unpaid after \r\n                                              the due date, the power of the \r\n                                              Bank to make further advances in a \r\n                                              subsequent financial year shall \r\n                                              not be exercised unless the \r\n                                              amounts due in respect of \r\n                                              outstanding advances have been \r\n                                              repaid.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) Where repayment of the \r\n                                              advances and overdrafts is unduly \r\n                                              delayed, the Bank may transfer the \r\n                                              debt to the public through the \r\n                                              sale of treasury bills.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) The Bank shall charge interest \r\n                                              on advances granted under this \r\n                                              section at the rate that the Board \r\n                                              in consultation with the Minister \r\n                                              shall determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) In the event of any emergency, \r\n                                              the Governor, the Minister and the \r\n                                              Controller and Accountant-General \r\n                                              shall meet to decide the limit of \r\n                                              borrowing that should be made by \r\n                                              Government and the Minister shall \r\n                                              submit a report on the issue to \r\n                                              Parliament within seven sitting \r\n                                              days.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 31&#8212;Management of the \r\n                                              Public Debt</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall be entrusted with \r\n                                              the issue and management of \r\n                                              government loans publicly issued \r\n                                              upon the terms and conditions that \r\n                                              are agreed between the Government \r\n                                              and the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 32&#8212;Adviser to Government \r\n                                              on Fiscal Matters</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall advise Government \r\n                                              on</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the monetary transactions of \r\n                                              the Government and government \r\n                                              agencies; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the international and local \r\n                                              contracts to which the Government \r\n                                              is a party and which relate to the \r\n                                              object and functions of the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART IV&#8212;CREDIT CONTROL</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 33&#8212;Report on Unusual \r\n                                              Movement in Supply of Money</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where the Board considers that \r\n                                              there are unusual movements in the \r\n                                              money supply and prices, \r\n                                              detrimental to a balanced growth \r\n                                              of the national economy, it shall \r\n                                              subject to this Act, make as soon \r\n                                              as practicable a report of this to \r\n                                              the Minister specifying the causes \r\n                                              which in its opinion led to the \r\n                                              situation.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank, in counteracting \r\n                                              unusual movements in the money \r\n                                              supply and prices in the country \r\n                                              shall, after consultation with the \r\n                                              Minister, use any of the \r\n                                              instruments of control conferred \r\n                                              upon it under this Act or under \r\n                                              any other enactment to maintain \r\n                                              and promote a balanced growth of \r\n                                              the national economy.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 34&#8212;Managing the Monetary \r\n                                              and Banking System</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Without prejudice to subsection \r\n                                              (2) of section 33, the Bank may, \r\n                                              for the purposes of monetary \r\n                                              management,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) alter the minimum ratio of \r\n                                              reserve to deposits or the minimum \r\n                                              capital adequacy ratio which each \r\n                                              banking institution shall \r\n                                              maintain;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) alter the discount and \r\n                                              interest rates of the Bank to be \r\n                                              applied in credit operations with \r\n                                              banking institutions;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) buy or sell in the open market \r\n                                              commercial bills, Government bonds \r\n                                              and securities or bonds and \r\n                                              securities guaranteed by the \r\n                                              Government;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) issue, sell, re-purchase or \r\n                                              redeem Bank of Ghana securities;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) expand or contract credit \r\n                                              facilities to the banks;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) authorise a banking \r\n                                              institution that it considers fit \r\n                                              to accept deposits for the \r\n                                              Government or order the transfer \r\n                                              of government deposits with any \r\n                                              bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) impose special requirements on \r\n                                              deposit with banking institutions \r\n                                              that it may determine; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (h) impose such other measures as \r\n                                              the Board may determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART V&#8212;DOMESTIC OPERATIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 35&#8212;Issue and Redemption of \r\n                                              Notes and Coins</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall have the sole right \r\n                                              to issue and redeem currency notes \r\n                                              and coins in the country.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 36&#8212;Cover for Notes and \r\n                                              Coins</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall hold assets to \r\n                                              cover the currency notes and coins \r\n                                              issued by the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 37&#8212;Unit and Denomination \r\n                                              and Form of Currency</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The unit of currency shall be \r\n                                              the Cedi which shall be divided \r\n                                              into one hundred pesewas, one \r\n                                              pesewa being one hundredth part of \r\n                                              a cedi.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank shall issue currency \r\n                                              notes and coins of the \r\n                                              denominations that are approved by \r\n                                              the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Currency notes and coins \r\n                                              issued by the Bank shall be of the \r\n                                              forms and designs that are \r\n                                              approved by the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The standard weight and \r\n                                              composition of coins issued by the \r\n                                              Bank and the amount of remedy and \r\n                                              variation shall be determined by \r\n                                              the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) The currency issued by the \r\n                                              Bank shall be printed or minted by \r\n                                              the Bank or under the authority of \r\n                                              the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 38&#8212;Appointment of Other \r\n                                              Banks as Currency Agents</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank may appoint a banking \r\n                                              institution to act as agent for \r\n                                              the issue, re-issue, exchange and \r\n                                              withdrawal of currency notes and \r\n                                              coins on the terms and conditions \r\n                                              that are agreed between the Bank \r\n                                              and that banking institution.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 39&#8212;Currency Cover Assets \r\n                                              of the Bank</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The currency cover assets of \r\n                                              the Bank may include</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) gold, gold coin and bullion;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) convertible currency notes and \r\n                                              coins and bank balances in \r\n                                              convertible currency with a bank \r\n                                              outside Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) treasury bills of the \r\n                                              Government of a country whose \r\n                                              currency is convertible;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) bills of exchange bearing at \r\n                                              least two good signatures drawn on \r\n                                              a place outside Ghana, payable in \r\n                                              convertible currency and having a \r\n                                              maturity not exceeding three \r\n                                              months exclusive of days of grace;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) securities of Government other \r\n                                              than the Government of Ghana \r\n                                              expressed in convertible currency;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) special drawing rights;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) securities or bonds in \r\n                                              convertible currency issued by any \r\n                                              international financial \r\n                                              institution or bank; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (h) subject to subsection (2),</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              treasury bills of the Government \r\n                                              denominated in cedis and maturing \r\n                                              within ninety-one days;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) other securities of the \r\n                                              Government denominated in cedis \r\n                                              and maturing in not more than \r\n                                              twenty years which have been \r\n                                              publicly issued or form part of an \r\n                                              issue which is being made to the \r\n                                              public at the time of acquisition.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The aggregate holding of \r\n                                              treasury bills and of securities \r\n                                              under paragraph (h) of subsection \r\n                                              (1) shall not at any time exceed \r\n                                              sixty per cent of the currency in \r\n                                              circulation.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 40&#8212;Liabilities for Issue</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The currency cover assets of \r\n                                              the Bank shall be available to \r\n                                              meet only the liabilities of the \r\n                                              Bank as represented by the total \r\n                                              of the amount of currency notes \r\n                                              and coins issued by the Bank and \r\n                                              are in circulation.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where at any time the assets \r\n                                              of the Bank including funds in the \r\n                                              General Reserve Fund and the \r\n                                              Revaluation Account are \r\n                                              insufficient to meet demands for \r\n                                              the redemption of notes and coins, \r\n                                              that deficiency shall be a charge \r\n                                              on the Consolidated Fund.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 41&#8212;Legal Tender</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Currency notes issued by the \r\n                                              Bank shall be legal tender at \r\n                                              their face value.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Coins issued by the Bank \r\n                                              shall, if those coins have not \r\n                                              been tampered with, be legal \r\n                                              tender for payments up to an \r\n                                              amount not exceeding</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) five thousand cedis in the \r\n                                              case of coins of denominations of \r\n                                              one hundred, two hundred and five \r\n                                              hundred cedis;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) one thousand cedis in the case \r\n                                              of denominations of not less than \r\n                                              twenty cedis; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) one hundred cedis in the case \r\n                                              of coins of denominations of less \r\n                                              than twenty cedis.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) For the purposes of this Act, \r\n                                              a coin shall be deemed to have \r\n                                              been tampered with if the coin has \r\n                                              been</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) impaired, diminished or \r\n                                              lightened otherwise than by fair \r\n                                              wear and tear; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) defaced by stamping, engraving \r\n                                              or piercing whether the coin has \r\n                                              been thereby diminished, \r\n                                              lightened, or not.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The Bank may, on giving not \r\n                                              less than three months notice in \r\n                                              the Gazette, call in any of its \r\n                                              currency notes and coins on \r\n                                              payment of the face value; and the \r\n                                              notes or coins with respect to \r\n                                              which a notice has been given \r\n                                              under this subsection shall, on \r\n                                              the expiration of the notice, \r\n                                              cease to be legal tender.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 42&#8212;Refund of Lost or \r\n                                              Imperfect Currency Notes or Coins</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A person is not entitled to \r\n                                              recover from the Bank the value of \r\n                                              any mutilated or imperfect \r\n                                              currency note or a coin tampered \r\n                                              with.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Notwithstanding subsection \r\n                                              (1), the Governor may permit the \r\n                                              exchange of the amount of any \r\n                                              mutilated or imperfect currency \r\n                                              notes or coins as determined by \r\n                                              the Governor.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 43&#8212;Evidence of Imitation \r\n                                              of a Currency Note</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Where in proceedings in a court it \r\n                                              has to be determined whether a \r\n                                              document purporting to be a \r\n                                              currency note is an imitation of a \r\n                                              currency note, a certificate in \r\n                                              the form set out in the Schedule \r\n                                              to this Act under the hand of the \r\n                                              Governor or the First or Second \r\n                                              Deputy Governor shall be received \r\n                                              in evidence without further proof \r\n                                              as conclusive evidence of the fact \r\n                                              that the document is an imitation \r\n                                              of a currency note.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 44&#8212;Exemption from Stamp \r\n                                              Duty on Currency Notes</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank is not liable for the \r\n                                              payment of a stamp duty under any \r\n                                              enactment in respect of currency \r\n                                              notes issued by it.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 45&#8212;Exchange of Currency</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A person who delivers to the \r\n                                              Bank an amount of currency is \r\n                                              entitled to receive from the Bank \r\n                                              in exchange, without charge, \r\n                                              currency notes or coins of the \r\n                                              same amount and of the \r\n                                              denomination as that person may \r\n                                              require.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where the Bank is unable to \r\n                                              give currency notes or coins of \r\n                                              the denomination required under \r\n                                              subsection (1), it shall give that \r\n                                              person currency notes or coins of \r\n                                              the nearest denomination.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 46&#8212;Business Transaction</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank may, subject to this Act \r\n                                              and the policies of the Bank, \r\n                                              undertake or transact any or all \r\n                                              of the following:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) accept deposits from and make \r\n                                              payments to Government and other \r\n                                              public bodies, agencies or \r\n                                              international organisations, \r\n                                              embassies and bodies or persons \r\n                                              specified in notices issued by the \r\n                                              Board;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) issue demand drafts and other \r\n                                              forms of remittances made payable \r\n                                              at its own offices or the offices \r\n                                              of agencies or correspondents;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) purchase and sell secured \r\n                                              export bills;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) purchase, sell, discount and \r\n                                              rediscount bills of exchange and \r\n                                              promissory notes arising out of \r\n                                              bona fide commercial transactions \r\n                                              bearing two or more authorised \r\n                                              signatures and maturing within \r\n                                              ninety days, exclusive of days of \r\n                                              grace from the date of \r\n                                              acquisition;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) purchase, sell, discount and \r\n                                              rediscount bills of exchange and \r\n                                              promissory notes bearing two or \r\n                                              more authorised signatures drawn \r\n                                              or issued for the purpose of \r\n                                              financing seasonal agricultural \r\n                                              operations or the marketing of \r\n                                              crops and maturing within one \r\n                                              hundred and eighty days, exclusive \r\n                                              of days of grace from the date of \r\n                                              acquisition;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) purchase, sell, discount and \r\n                                              rediscount treasury bills of the \r\n                                              Government publicly issued;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) purchase and sell for the \r\n                                              Bank''s account, Government \r\n                                              securities and guaranteed \r\n                                              securities of other public \r\n                                              corporations;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (h) grant, on the conditions \r\n                                              determined by the Board, advances \r\n                                              to financial institutions for \r\n                                              fixed periods not exceeding three \r\n                                              months against publicly issued \r\n                                              treasury bills of the Government \r\n                                              maturing within ninety-one days of \r\n                                              the issue;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              grant advances for a fixed period \r\n                                              not exceeding three months at the \r\n                                              interest rate determined by the \r\n                                              Board against promissory notes \r\n                                              secured by the pledge with the \r\n                                              Bank of</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i)&nbsp;&nbsp; \r\n                                              gold, gold coin or bullion;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) securities of the Government \r\n                                              which have been publicly offered \r\n                                              for sale and are to mature within \r\n                                              a period of twenty years;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iii) warehouse warrants or their \r\n                                              equivalent (securing possession of \r\n                                              goods) in respect of staple \r\n                                              commodities or other goods duly \r\n                                              insured with a letter of \r\n                                              hypothecation from the owner;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (j) accept from customers for safe \r\n                                              custody moneys, securities and \r\n                                              other articles of value; and \r\n                                              collect proceeds whether \r\n                                              principal, interest or dividend on \r\n                                              the moneys, securities or articles \r\n                                              of value; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (k) generally conduct the business \r\n                                              of banking for its specified \r\n                                              customer base.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 47&#8212;Transactions in \r\n                                              Securities</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank may issue securities of \r\n                                              its own, specify the conditions \r\n                                              for the securities and sell or \r\n                                              purchase them.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 48&#8212;Clearing Houses</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall facilitate the \r\n                                              clearing of cheques and other \r\n                                              credit instruments for banking \r\n                                              institutions.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 49&#8212;Business the Bank may \r\n                                              not Engage in</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Except as authorised by the \r\n                                              Board, and for the purposes of \r\n                                              supporting the Banks core \r\n                                              functions, the Bank shall not</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) engage in a trade or have a \r\n                                              direct interest in any commercial, \r\n                                              agricultural, industrial or any \r\n                                              other undertaking except an \r\n                                              interest that the Bank may acquire \r\n                                              in the course of the satisfaction \r\n                                              of debts due to it;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) purchase the shares of a \r\n                                              company except shares of a \r\n                                              financial institution or grant \r\n                                              loans upon the security of shares;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) advance money on mortgage or \r\n                                              otherwise on the security of \r\n                                              immovable property or the title \r\n                                              deeds relating to that property;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) become the owner of an \r\n                                              immovable property except in so \r\n                                              far as it is necessary for its own \r\n                                              business premises and residence of \r\n                                              its staff and employees;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) draw or accept bills payable \r\n                                              otherwise than on demand;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) pay interest on deposits; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) accept for discount or as \r\n                                              guarantee for an advance made by \r\n                                              the Bank, bills or notes signed by \r\n                                              members of the Board or by the \r\n                                              Bank''s officials or other \r\n                                              employees.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Notwithstanding paragraph (c) \r\n                                              of subsection (1), the Bank may \r\n                                              for the purpose of acquisition of \r\n                                              houses by its staff, advance money \r\n                                              on mortgage to a member of staff \r\n                                              on terms and conditions as \r\n                                              determined by the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VI&#8212;FOREIGN OPERATIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 50&#8212;Transactions in Assets \r\n                                              of International Value</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank may</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) purchase and sell external \r\n                                              convertible currencies;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) discount and re-discount \r\n                                              treasury bills drawn in \r\n                                              convertible currencies;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) purchase and sell bills of \r\n                                              exchange drawn in convertible \r\n                                              currencies;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) import, export, refine, hold, \r\n                                              sell, transfer or otherwise deal \r\n                                              in gold, gold coins and bullion, \r\n                                              silver, platinum and any other \r\n                                              precious metals as determined by \r\n                                              the Board;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) accept deposits from foreign \r\n                                              banking institutions, \r\n                                              international financial \r\n                                              institutions, foreign governments \r\n                                              and their agencies or the organs \r\n                                              of the United Nations;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) acquire, hold and transfer \r\n                                              foreign exchange and foreign \r\n                                              government securities;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) maintain accounts with central \r\n                                              banks and reputable international \r\n                                              financial institutions;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (h) act as correspondent bank or \r\n                                              agent for an international banking \r\n                                              institution or a monetary \r\n                                              authority; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              effect foreign exchange \r\n                                              transactions of any kind.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank shall not acquire, \r\n                                              hold or transfer any foreign \r\n                                              government securities unless those \r\n                                              securities are denominated in \r\n                                              convertible currency.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 51&#8212;Power to Borrow and \r\n                                              Guarantee</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank may,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) without the prior approval of \r\n                                              the Minister borrow money from \r\n                                              foreign institutions for a period \r\n                                              not exceeding ninety days for the \r\n                                              day-to-day operations of the Bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in accordance with this Act or \r\n                                              any other enactment, borrow money \r\n                                              from foreign institutions and \r\n                                              pledge assets held by it as \r\n                                              security for the repayment of the \r\n                                              loan;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) lend money or grant short-term \r\n                                              credits to any financial \r\n                                              institutions; but the Bank may, \r\n                                              without the approval of the \r\n                                              Minister, lend to those \r\n                                              institutions in the ordinary \r\n                                              course of business.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank may, at the written \r\n                                              request of the Minister, guarantee \r\n                                              a loan granted to the Government \r\n                                              or an agency of Government by a \r\n                                              foreign institution.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Bank shall put a limit on \r\n                                              the aggregate of guarantees issued \r\n                                              by it in each year.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The Bank may request security \r\n                                              to cover its exposure for any \r\n                                              guarantee it issues.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) The Government may guarantee \r\n                                              on behalf of the Republic a loan \r\n                                              granted under paragraph (a) and \r\n                                              (b) of subsection (1).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 52&#8212;Exchange Rate of the \r\n                                              Cedi</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Board may, in consultation \r\n                                              with the Minister, formulate \r\n                                              exchange rate policy.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 53&#8212;Holding of State \r\n                                              Foreign Exchange</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall hold all foreign \r\n                                              exchange of the State and be \r\n                                              responsible to Parliament in the \r\n                                              performance of its function in \r\n                                              relation to the foreign exchange.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VII&#8212;BANKING SUPERVISION AND \r\n                                              RESEARCH</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 54&#8212;Head of Banking \r\n                                              Supervision and Supervision of \r\n                                              Financial Institutions</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank shall have an officer \r\n                                              designated as the Head of the \r\n                                              Banking Supervision Department of \r\n                                              the Bank who shall be appointed by \r\n                                              the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Head of the Banking \r\n                                              Supervision Department shall be \r\n                                              responsible for the supervision \r\n                                              and examination of all banking \r\n                                              institutions in the country and \r\n                                              perform functions specified under \r\n                                              any enactment to be performed by \r\n                                              the Head of the Banking \r\n                                              Supervision Department.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 55&#8212;Statistical Data and \r\n                                              Publication of Bulletins and \r\n                                              Reports</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              For the purpose of providing the \r\n                                              Board with information necessary \r\n                                              for the proper formulation of \r\n                                              monetary and credit policies, the \r\n                                              Bank shall</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) collect and prepare statistics \r\n                                              on money and banking, public \r\n                                              finance, prices, wages, \r\n                                              production, the balance of payment \r\n                                              and any other statistical data \r\n                                              that the Board may direct;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) publish a monthly and \r\n                                              quarterly bulletin on economic and \r\n                                              financial indicators;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) prepare and publish the annual \r\n                                              report of the Bank which shall \r\n                                              include statements about monetary \r\n                                              policies pursued in the year under \r\n                                              review; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) perform any other duties that \r\n                                              the Board may direct.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 56&#8212;Request for Research \r\n                                              Information</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) For the effective conduct of \r\n                                              research, the Bank may request \r\n                                              from an institution or a person \r\n                                              information relating to money or \r\n                                              banking, balance of payments and \r\n                                              any other subjects that the Board \r\n                                              may direct.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Information received under \r\n                                              subsection (1) shall be treated \r\n                                              with the utmost confidence.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A publication for statistical \r\n                                              purpose or information obtained \r\n                                              under subsection (1) shall not \r\n                                              include personal data.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A person who fails to supply \r\n                                              information requested under \r\n                                              subsection (1) commits an offence \r\n                                              and is liable on summary \r\n                                              conviction to a fine not exceeding \r\n                                              500 penalty units or to \r\n                                              imprisonment for a term not \r\n                                              exceeding 2 years or both and \r\n                                              where the offence is continued \r\n                                              after conviction, to a further \r\n                                              fine not exceeding 50 penalty \r\n                                              units for every day on which the \r\n                                              offence is continued.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VIII&#8212;ACCOUNTS AND AUDIT</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 57&#8212;Accounts and Audit</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank shall keep proper \r\n                                              books of accounts and records in \r\n                                              relation to them.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The books of accounts of the \r\n                                              Bank shall be audited by the \r\n                                              Auditor-General or any other \r\n                                              auditor appointed by the \r\n                                              Auditor-General.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 58&#8212;General Returns</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank shall, within three \r\n                                              months after the end of each \r\n                                              financial year,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) transmit a copy of the annual \r\n                                              accounts certified by the \r\n                                              Auditor-General to the Minister \r\n                                              who shall, not later than one \r\n                                              month after receipt of the annual \r\n                                              accounts, cause the annual \r\n                                              accounts to be published in the \r\n                                              Gazette; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) submit to the Minister an \r\n                                              annual report of the Board on its \r\n                                              working during the financial year \r\n                                              in question which shall be \r\n                                              published by the Bank within six \r\n                                              months from the end of the \r\n                                              financial year to which it \r\n                                              relates.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Minister shall, not later \r\n                                              than one month after receiving the \r\n                                              annual report, submit the annual \r\n                                              report with the Minister&#8217;s \r\n                                              comments on it to Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Bank shall, after the \r\n                                              fifteenth day and the last day of \r\n                                              each month, prepare and publish \r\n                                              returns of its assets and \r\n                                              liabilities as at the close of \r\n                                              business on those days; or if \r\n                                              either of those days is a holiday, \r\n                                              then at the close of business on \r\n                                              the last preceding business day; \r\n                                              and a copy of the returns, shall \r\n                                              be transmitted to the Minister and \r\n                                              shall be published in the Gazette \r\n                                              by the Bank within one month after \r\n                                              receipt of the returns by the \r\n                                              Minister.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 59&#8212;Returns Relating to \r\n                                              Foreign Exchange</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank shall, not later than \r\n                                              three months</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) after the end of the first six \r\n                                              months of its financial year, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) after the end of its financial \r\n                                              year,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              submit to the Auditor-General for \r\n                                              audit a statement of its foreign \r\n                                              exchange receipts and payments or \r\n                                              transfers in and outside Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Auditor-General shall, not \r\n                                              later than three months after the \r\n                                              submission of the statement \r\n                                              referred to in subsection (1), \r\n                                              submit the report on that \r\n                                              statement to Parliament.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 60&#8212;Financial Year of the \r\n                                              Bank</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The financial year of the Bank \r\n                                              shall be the same as the financial \r\n                                              year of the Government.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 61&#8212;Application of Part V \r\n                                              of the Banking Law</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The following provisions of the \r\n                                              Banking Law, 1989 (PNDCL 225) or \r\n                                              any statutory&nbsp; re-enactment or \r\n                                              modification of the Law shall with \r\n                                              the modifications that are \r\n                                              necessary apply to accounting and \r\n                                              auditing under this Part:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) section 31 (which relates to \r\n                                              the matter of keeping a bank''s \r\n                                              account);</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b)&nbsp; section 34(3) (which relates \r\n                                              to the qualifications of the \r\n                                              auditors of banks);</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c)&nbsp; section 37 (which relates to \r\n                                              the remuneration of a bank''s \r\n                                              auditors); and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) section 38 (which relates to \r\n                                              the auditors'' right of access to \r\n                                              and demand for information).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART IX&#8212;GENERAL AND SUPPLEMENTARY \r\n                                              PROVISIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 62&#8212;Training of Employees \r\n                                              of the Bank and Bankers</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank may, in co-operation \r\n                                              with banking institutions in the \r\n                                              country or with any other bodies \r\n                                              determined by the Board establish \r\n                                              educational institutions and \r\n                                              facilities for the training of \r\n                                              employees for the Bank and for the \r\n                                              banking institutions in the \r\n                                              country.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Subsection (1) shall be \r\n                                              without prejudice to any other \r\n                                              banking training facilities that \r\n                                              an institution or individual bank \r\n                                              may have or provide.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 63&#8212;Exemption from Income \r\n                                              Tax</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank is exempted from the \r\n                                              payment of income tax in respect \r\n                                              of its functions under this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 64&#8212;Liquidation</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank shall not be placed in \r\n                                              liquidation except in accordance \r\n                                              with legislation passed for that \r\n                                              purpose.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 65&#8212;Bye-Laws by the Board</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Board may make bye-laws \r\n                                              and issue notices not inconsistent \r\n                                              with this Act, for the purposes of \r\n                                              regulating the administration of \r\n                                              the Bank and for the performance \r\n                                              of its functions.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Bye-laws and notices issued \r\n                                              under subsection (1) shall be \r\n                                              signified under the hand of the \r\n                                              Secretary to the Board.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 66&#8212;Regulations</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Minister may, after \r\n                                              consultations with the Board by \r\n                                              legislative instrument, make \r\n                                              Regulations that are necessary to \r\n                                              give effect to this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 67&#8212;Offences and Penalties</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Except as otherwise provided in \r\n                                              this Act, a person who</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) contravenes a provision of \r\n                                              this Act or Regulations made under \r\n                                              this Act, or anything prescribed \r\n                                              or direction made or given under \r\n                                              this Act and published in the \r\n                                              Gazette; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) knowingly makes an incorrect \r\n                                              statement in a document submitted \r\n                                              by that person or an incorrect \r\n                                              reply to a question asked of that \r\n                                              person for the purposes of this \r\n                                              Act,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              commits an offence and is liable \r\n                                              on summary conviction to a fine \r\n                                              not exceeding 500 penalty units or \r\n                                              to imprisonment for a period not \r\n                                              exceeding 2 years or to both.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 68&#8212;Offences by Bodies of \r\n                                              Persons</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where an offence is committed \r\n                                              under this Act or under \r\n                                              Regulations made under this Act by \r\n                                              a body of persons,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) in the case of a body \r\n                                              corporate, other than a \r\n                                              partnership, every director or an \r\n                                              officer of that body shall be \r\n                                              deemed to have committed that \r\n                                              offence; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in the case of a partnership, \r\n                                              every partner or officer of that \r\n                                              body shall be deemed to have \r\n                                              committed that offence.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A person shall not be \r\n                                              convicted of an offence by virtue \r\n                                              of subsection (1), if that person \r\n                                              proves that the offence was \r\n                                              committed without the knowledge or \r\n                                              connivance of that person, and \r\n                                              that that person exercised all due \r\n                                              care and diligence to prevent the \r\n                                              commission of the offence having \r\n                                              regard to all the circumstances.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 69&#8212;Interpretation</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              In this Act, unless the context \r\n                                              otherwise requires,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Auditor-General&quot; includes an \r\n                                              auditor appointed by the \r\n                                              Auditor-General;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Bank&quot; means the Bank of Ghana \r\n                                              continued in existence by section \r\n                                              1;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Board&quot; means the Board of \r\n                                              Directors specified under section \r\n                                              8;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;financial institution&quot; means an \r\n                                              entity which may be either a \r\n                                              depository financial institution \r\n                                              such as a commercial bank, savings \r\n                                              and loans company, mutual savings \r\n                                              company, credit union or a \r\n                                              non-depository financial \r\n                                              institution such as a brokerage \r\n                                              firm, insurance company, pension \r\n                                              fund, investment company, which \r\n                                              carries on the business of or part \r\n                                              of whose business is any of the \r\n                                              following activities:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) taking of deposits of money \r\n                                              from the public repayable on \r\n                                              demand and withdrawable by \r\n                                              cheques, drafts, orders or by \r\n                                              other means;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) financing of any activity by \r\n                                              way of creating financial assets \r\n                                              such as loans and advances, \r\n                                              securities, bank deposits or \r\n                                              otherwise, other than its own;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c)&nbsp; companies dealing in shares, \r\n                                              stocks, bonds or other securities;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d)&nbsp; leasing, letting or \r\n                                              delivering goods to a hirer under \r\n                                              a hire purchase agreement;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) carrying on by insurance \r\n                                              companies of any business other \r\n                                              than insurance;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) collecting of money or \r\n                                              accepting employer contributions \r\n                                              and paying it out for legitimate \r\n                                              claims or for retirement benefits;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;financial system&quot; means a network \r\n                                              of deposit-taking and non-deposit \r\n                                              taking financial institutions and \r\n                                              entities providing financial \r\n                                              services to the public.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;foreign exchange&quot; means</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a)&nbsp; currency notes, bank notes or \r\n                                              coins other than the currency of \r\n                                              Ghana which are legal tender in \r\n                                              any other country and are \r\n                                              convertible into currency which is \r\n                                              legal tender in any other country;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) bills of exchange, travellers \r\n                                              cheques, convertible currency, \r\n                                              foreign government treasury bills, \r\n                                              securities and bonds, promissory \r\n                                              notes and balance in a bank \r\n                                              payable otherwise than in the \r\n                                              currency of Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;foreign institutions&quot; means \r\n                                              banking or financial institutions \r\n                                              of foreign governments and \r\n                                              agencies or institutions acting on \r\n                                              behalf of foreign governments, \r\n                                              banking or financial institution;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Government&quot; means the Government \r\n                                              of Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;liquid assets&quot; means the cash in \r\n                                              till, balances deposited with the \r\n                                              Bank of Ghana and such other \r\n                                              assets as the Bank of Ghana may \r\n                                              determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;member&quot; means a Director of the \r\n                                              Board;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Minister&quot; means the Minister \r\n                                              responsible for Finance;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;prescribed&quot; means prescribed by \r\n                                              Regulations made under section 66.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;settlement system&quot; means an \r\n                                              arrangement by which action is \r\n                                              taken to discharge any obligation \r\n                                              in respect of funds or security \r\n                                              transfers between two or more \r\n                                              parties.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 70&#8212;Repeals and Savings</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana Law 1992 (PNDCL \r\n                                              291) is hereby repealed.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Notwithstanding the repeal of \r\n                                              the enactment specified in \r\n                                              subsection (1) any Regulations, \r\n                                              bye-laws, notices, orders, \r\n                                              directions, appointments, other \r\n                                              act lawfully made or done under \r\n                                              the repealed enactment and in \r\n                                              force immediately before the \r\n                                              commencement of this Act shall be \r\n                                              deemed to have been made or done \r\n                                              under this Act and shall until \r\n                                              revoked, cancelled, withdrawn, or \r\n                                              terminated continue to have \r\n                                              effect.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Every contract in respect of \r\n                                              any matter subsisting between the \r\n                                              Bank and any other person and in \r\n                                              force immediately before the \r\n                                              commencement of this Act, shall be \r\n                                              deemed to subsist between the Bank \r\n                                              and that other person.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The assets and liabilities of, \r\n                                              and property vested in the Bank \r\n                                              immediately before the coming into \r\n                                              force of this Act shall, without \r\n                                              further authority than this \r\n                                              subsection vest in the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              SCHEDULE</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (Section 43)</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">I \r\n                                              ................................................................ \r\n                                              Governor/Deputy Governor of the \r\n                                              Bank of Ghana for the time being \r\n                                              acting as the chief executive \r\n                                              officer of the Bank, do hereby \r\n                                              certify that I have examined the \r\n                                              document marked \r\n                                              &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;which purports to \r\n                                              be a bank note of the denomination \r\n                                              &#8230;&#8230;&#8230;&#8230;&#8230;....................&#8230;&#8230;&#8230;&#8230; \r\n                                              bearing the number &#8230;&#8230;&#8230;.......... \r\n                                              and dated \r\n                                              .....................................&#8230;&#8230;. \r\n                                              and that the document is an \r\n                                              imitation of a bank note and is \r\n                                              not a bank note issued or deemed \r\n                                              to be issued by the Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Date of Gazette Notification: 25th \r\n                                              January, 2002.</span></td>\r\n                </tr>\r\n              </tbody>\r\n            </table>\r\n          </td>\r\n        </tr>\r\n<tr>\r\n  <td width="76" height="50" bgcolor="#003366"></table></td>\r\n        </tr>\r\n', 'Fourth', 'Yes', 'ACT 612');
