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DIVESTITURE OF STATE INTERESTS
(IMPLEMENTATION) LAW, 1993 (PNDCL
326)
ARRANGEMENT OF SECTIONS
Section
1. Divestiture directives
2. Establishment of Divestiture
Implementation Committee
3. Object and functions of the
Committee
4. Recommendations and transfer of
interests
5. Composition of the Committee
6. Meetings of members
7. Sub-committee
8. Tenure of office and allowances
of members
9. Executive Secretary and Staff
of Committee
10. Funds of the Committee
11. Accounts and audit
12. Witnesses
13. Offences
14. Report to PNDC
15. Indemnity against court
proceedings
16. Interpretation
17. Commencement
In pursuance of the Provisional
National Defence Council
(Establishment) Proclamation,
1981, this Law is hereby made:
Section 1—Divestiture Directives.
The divestiture by the State of
any of its interests in any
statutory corporation or any
corporate body incorporated under
the Companies Code, 1963 (Act 179)
or under the Incorporated Private
Partnerships Act, 1962 (Act 152)
shall be in accordance with such
policy directives as the
Provisional National Defence
Council may from time to time
determine.
Section 2—Establishment of
Divestiture Implementation
Committee.
There is hereby established a
Divestiture Implementation
Committee, referred to in this Law
as "the Committee" which shall be
the agency of the Government for
the implementation of all
Government policies in respect of
divestiture programmes under this
Law.
Section 3—Object and functions of
the Committee.
(1) The object of the Committee is
to implement and execute all
Government policies in respect of
divestiture programmes.
(2) For the purpose of achieving
its object under this section the
Committee shall have the following
functions—
(a) plan, monitor, co-ordinate and
evaluate all divestitures under
this Law;
(b) arrange for the effective
communication to the public of
Government's policies and
objectives for any divestiture;
(c) develop criteria for the
selection of enterprises to be
divested and assume such
responsibility as the Committee
may deem fit over bodies earmarked
for divestiture in order to
prepare such enterprises for
divestiture;
(d) make appropriate consultations
for successful processing of all
divestiture programmes under this
Law;
(e) ensure consistency in
procedures for divestiture, in
particular with regard to
valuation, invitation for bids,
negotiation of sales and
settlement of account;
(f) perform any other duties
assigned to it by the PNDC; and
(g) do all such other things that
are incidental to its functions.
Section 4—Recommendations and
Transfer of Interests.
(1) All recommendations of the
Committee in respect of any
divestiture under this Law shall
be submitted to the PNDC for
approval.
(2) Except in the case of
Government interest created by
statute, upon the approval of the
PNDC of any recommendation made
under subsection (1), the Chairman
of the Committee and the Executive
Secretary shall sign on behalf of
the Government instruments of
transfer of the Government
interest.
Section 5—Composition of the
Committee.
(1) The Committee shall consist
of—
(a) a Chairman who shall be a PNDC
member or such other person as the
PNDC may determine;
(b) a representative of the Trades
Union Congress;
(c) a representative of the Ghana
Armed Forces;
(d) a representative of the
Committee for the Defence of the
Revolution;
(e) the Executive Secretary of the
Committee; and
(f) three other persons who by
reason of their ability,
experience or specialised
knowledge would be capable of
making meaningful contribution to
the work of the Committee.
(2) All the members of the
Committee shall be appointed by
the PNDC.
Section 6—Meetings of Members.
(1) The Committee shall meet at
such times and at such places as
the Chairman shall determine.
(2) At every meeting of the
Committee the Chairman shall
preside and in his absence a
member elected by the members
present from among themselves
shall preside.
(3) The quorum of any meeting of
the Committee shall be five.
(4) Decisions at meetings of the
Committee shall be by consensus
and where no consensus can be
arrived at, the decision shall be
taken by a vote of the majority of
the member's present, and in the
event of equality of votes, the
Chairman shall have a casting
vote.
(5) The Committee may at any time
co-opt any person to act as an
adviser but no such co-opted
person shall be entitled to vote
at meetings of the Committee on
any matter for decision by the
Committee.
(6) The validity of any
proceedings of the Committee shall
not be affected by any vacancy
among its members or by any defect
in the appointment of any of the
members.
(7) The Committee shall keep
minutes of all its proceedings.
(8) Except as otherwise provided
in this section the Committee
shall regulate its own procedure
at its meetings.
Section 7—Sub-Committee.
The Committee may on such terms as
it may determine appoint such
sub-committees as it may find
necessary for the effective
performances of its functions
under this Law.
Section 8—Tenure of Office and
Allowances of Members.
(1) Members of the Committee shall
hold office for such periods and
may be paid such allowances as the
PNDC may determine.
(2) The members of any
sub-committee appointed by the
Committee shall be paid such
allowances as the Committee may
determine.
Section 9—Executive Secretary and
Staff of Committee.
(1) The Committee shall have an
officer to be designated as the
Executive Secretary who shall be
appointed by the PNDC on such
terms and conditions as the
Council may determine.
(2) The Executive Secretary shall
subject to such directives as may
be given by the Committee be
responsible for the day-to-day
management and administration of
the affairs of the Committee and
shall be accountable to the
Committee.
(3) The Executive Secretary shall
submit recommendations on
divestiture to the Committee for
consideration.
(4) The Council shall provide the
Committee with such other staff as
the Committee shall require for
the effective implementation of
its functions.
(5) Professional staff of the
Committee shall be persons with
appropriate qualification and
experience in finance, accounting,
economics, law or industrial
relations.
Section 10—Funds of the Committee.
The Committee shall be provided by
the Council with such funds as may
be necessary for the efficient
discharge of its functions.
Section 11—Accounts and Audit.
(1) The Committee shall ensure
that proper books of account are
kept on the financial affairs and
transactions of the Committee.
(2) The accounts of the Committee
shall be audited annually by the
Auditor-General.
Section 12—Witnesses.
(1) The Committee may require any
person—
(a) to attend at such time and
place as may be indicated by the
Committee to give evidence or to
produce any document in his
possession or control which
relates to a matter specified by
the Committee; or
(b) to give to the Committee
information it may require for the
purpose of a matter before it.
(2) A person who appears before
the Committee under sub-section
(1) of this section may be
examined on oath and the Committee
may for that purpose administer
the oath.
Section 13—Offences.
Any person who—
(a) refuses or wilfully neglects
to attend in obedience to a
requirement by the Committee under
subsection (1) (a) of section 12
of this Law, or to give evidence
as required thereunder; or
(b) wilfully alters, suppresses,
conceals, destroys or refuses to
produce any documents under
subsection (1) (a) of section 12
of the Law; or
(c) refuses or wilfully neglects
to furnish any information
required of him under subsection
(1) (b) of section 12 of this Law,
commits an offence and is liable
on conviction to a fine not
exceeding ¢100,000 or to
imprisonment not exceeding six
months or to both.
Section 14—Report to PNDC.
The Committee shall make periodic
reports on its activities to the
PNDC and the Council may at any
time request the Committee to
submit a report on any matter
specified in the request.
Section 15—Indemnity against Court
Proceedings.
No action shall be brought and no
court shall entertain any
proceedings against the State, the
Committee or any member or officer
of the Committee in respect of any
act or omission arising out of a
disposal of any interest made or
under consideration under this
Law.
Section 16—Interpretation.
In this Law unless the context
otherwise requires—
"Council" means the Provisional
National Defence Council;
"divestiture programme" means a
programme for the disposal by the
Government of any interests held
by the State in any statutory
corporation, company or
partnership;
"interests" includes ownership of
shares, debentures, securities and
any other property;
"PNDC"
means the Provisional National
Defence Council.
Section 17—Commencement.
This Law shall be deemed to have
come into force on the 1st day of
January, 1988.
Made this 5th day of January,
1993.
JERRY JOHN RAWLINGS
Chairman of the Provisional
National Defence Council
Date of Gazette Notification: 11th
May, 1993.
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