ACTS OF GHANA

EXCHANGE CONTROL ACT, 1961 (ACT 71)

As amended by

ARRANGEMENT OF SECTIONS

Section

PART I—GOLD AND EXTERNAL CURRENCY

1.  Dealings in gold and external currency.

1A.  Unauthorised Payments in External Currency.

2.  Duty to encash traveller's cheques, etc.

3.  Surrender and custody of gold and external currency.

4.  Duties of bailees of gold and external currency.

PART II—PAYMENTS

 5.  Payments in Ghana.

 6.  Payments outside Ghana.

 7.  Compensation  deals.

PART III—IMPORT AND EXPORT

 8.  Import restrictions.

 9.  General restrictions on exports.

10.  Payments for exports.

PART IV—SECURITIES

11.  Authorised depositaries.

12.  Issue of securities.

13.  Transfer of securities and coupons.

14.  Issue of bearer certificates and coupons.

15.  Substitution of securities and certificates outside Ghana.

16.  Payment of capital moneys outside Ghana.

17.  Duties of persons keeping registers.

18.  Additional provisions as to nominee holdings.

19.  Deposit of certificates of title.

20.  Additional provisions as to deposited certificates.

21.  Validation of certain transfers.

22.  Application to secondary securities.

23.  Interpretation of Part IV.

PART V—MISCELLANEOUS

24. Duty to collect certain debts.

25. Duty not to delay sale or importation of goods.

26. Property obtained by infringement of Act.

27. Provisions supplemental to preceding provisions of Part V.

28. Transfer of annuities, policies, etc.

29. Settlements.

30. Companies.

31. Special power to safeguard economy of Ghana.

PART VI—SUPPLEMENTAL

32. Persons leaving Ghana.

33. Evidence.

34. Residence.

35. Contracts, legal proceedings, etc.

36. Enforcement and administration.

37. Interpretation.

38. Power to make regulations.

39. Repeal.

40. Act binds Republic.

41. Commencement.

SCHEDULES

First Schedule—External Companies.

Second Schedule—Blocked Accounts.

Third Schedule—Legal proceedings, etc.

Fourth Schedule—Enforcement.

SEVENTY-FIRST

ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED

THE EXCHANGE CONTROL ACT, 1961

An ACT to confer powers, and impose duties and restrictions, in relation to gold, currency, payments, securities and debts, and the import, export, transfer and settlement of property.

DATE OF ASSENT: 1st August, 1961

BE IT ENACTED by the President and the National Assembly in this present Parliament assembled as follows:—

PART I—GOLD AND EXTERNAL CURRENCY

Section 1—Dealings in Gold and External Currency.

(1) The Minister responsible for Finance (in this Act referred to as "the Minister") shall prescribe such banks or other bodies or persons as he thinks fit to be authorised dealers in gold and external currency for the purposes of this Act.

(2) Except in such circumstances as may be prescribed, no Ghana resident other than an authorised dealer shall buy or borrow any gold or external currency from, or sell or lend any gold or external currency to, any person other than an authorised dealer.

(3) Where a Ghana resident buys or borrows gold or external currency he shall comply with such requirements as to the use to which it may be put or the period for which it may be retained as may be notified to him by the Bank of Ghana before or at the time of the purchase or borrowing or at any subsequent time while he retains the gold or currency.

(4) For the purposes of this section a person issuing an external currency draft, and the person to whom it is issued, shall be deemed respectively to sell and buy external currency, and, where external currency is obtained by means of the draft, respectively to sell and buy that external currency.

In this Act "external currency draft" means any document (whether expressed in terms of external currency or Ghana currency) of a kind intended  to enable the person to whom the document is issued to obtain external currency from some other person on the credit of the person issuing it, and in particular means a traveller's cheque or other draft or letter of credit so intended.

Section 1A—Unauthorised Payments in External Currencies.

For the avoidance of doubt, it is hereby declared that unless otherwise authorised by the Secretary responsible for Finance no Ghana resident shall receive in Ghana any external currency as payment for services rendered or for the sale of goods or property by him or as rent in respect of any property owned by him. [As inserted by Exchange Control (Amendment) Law 1986, PNDCL 149 s 1(a)].

Section 1B—Unauthorised Dealing in Foreign Currency.

(1) For the avoidance of doubts, it is hereby declared that section 1(2) of the Exchange Control Act, 1961 (Act 71) prohibits any person resident in Ghana (other than an authorised dealer) from buying foreign currency from any visitor to Ghana.

(2) The penalties for a contravention of section 1(2) of the Exchange Control Act, 1961 (Act 71) are as specified in Part II of the Fourth Schedule to that Act. [Inserted and to be cited as Exchange Control (Amendment) Decree, 1973 (NRCD 220), s. 1].

Section 2—Duty to Encash Traveller's Cheques, Etc.

Except in such circumstances as may be prescribed, every Ghana resident, not being the Bank of Ghana or an authorised dealer, who holds or to whose order there is held an external currency draft expressed in terms of Ghana currency shall be under a duty to encash it, or cause it to be encashed, in Ghana with the person who issued it or with a banker.

Section 3—Surrender and Custody of Gold and External Currency.

(1) Except in such circumstances as may be prescribed, every Ghana resident, not being the Bank of Ghana or an authorised dealer, who  (apart from restrictions imposed by or under this Act) is entitled to sell, or to procure the sale of, any gold or any external currency shall be under a duty to offer the gold or currency, or cause it to be offered, for sale to an authorised dealer.

(2) Where a person has become bound under this section to offer or cause to be offered any gold or currency for sale to an authorised dealer, he shall not be deemed to comply with that obligation by any offer made or caused to be made by him, if the offer is an offer to sell at a price exceeding that authorised by the Bank of Ghana, or without payment of any usual and proper charges of the authorised dealer, or otherwise on any unusual terms.

(3) Where a person has become bound under this section to offer or cause to be offered any gold or currency for sale to an authorised dealer and has not complied with that obligation, the Minister may direct that that gold or currency shall vest in the Minister, and it shall vest accordingly free from any mortgage, pledge or charge, but the Minister shall pay to the person who would but for the direction be entitled to the gold or currency such sum as he would have received therefor if he had sold it to an authorised dealer in pursuance of an offer made under this section at the time when the vesting occurred.

(4) An external currency draft shall be treated for the purposes of this Act as itself being external currency.

(5) In any proceedings in respect of a failure to comply with the provisions of this section, it shall be presumed, until the contrary is shown, that the gold or currency in question has not been offered for sale to an authorised dealer.

(6) The Bank of Ghana may direct a person such as is mentioned in subsection (1) of this section (whether or not he is subject to the duty thereby imposed) to cause the gold or currency in question, being gold held in Ghana or currency in the form of notes or an external currency draft held in Ghana, to be kept in the custody of such banker as is specified in the direction.

Section 4—Duties of Bailees of Gold and External Currency.

(1) Except in such circumstances as may be prescribed, every Ghana resident by whom or to whose order (whether directly or indirectly) and gold or any external currency in the form of notes or an external currency draft is held in Ghana, but who is not (even apart from restrictions imposed by or under this Act) entitled to sell it or procure its sale, shall be under a duty to notify the Bank of Ghana in writing that he so holds it.

(2) The Bank of Ghana may direct a person such as is mentioned in the preceding subsection (whether or not he is subject to the duty thereby imposed) to cause the gold or currency  in question to be kept in the custody of such banker as is specified in the direction.

PART II—PAYMENTS

Section 5—Payments in External Currencies.

(1) Except in such circumstances as may be prescribed, no person or individual shall do any of the following in Ghana—

(a) make a payment to, or for the credit of, an external resident;

(b) make a payment to, or for the credit of, a Ghana resident where the payment is by order or on behalf of an external resident;

(c) place any sum to the credit of an external resident:

Provided that where an external resident has paid a sum in or towards the satisfaction of a debt due from  him, paragraph (c) of this subsection shall not prevent the acknowledgement or recording of the payment.

(2) Except in circumstances as may be prescribed, no person or individual shall make a payment in external currency to or for the credit of a Ghana resident for services rendered by him or for the purchase of or in exchange for goods or property, or for the settlement of rent in respect of any property, owned by such Ghana resident. [As Substituted by Exchange Control (Amendment) Law, 1986, PNDCL 149 s 1(b)].

Except in such circumstances as may be prescribed, no person shall do any of the following in Ghana—

(a) make a payment to, or for the credit of, an external resident;

(b) make a payment to, or for the credit of, a Ghana resident where the payment is by order or on behalf of an external resident;

(c) place any sum to the credit of an external resident:

Provided that where an external resident has paid a sum in or towards the satisfaction of a debt due from him, paragraph (c) of this section shall not prevent the acknowledgement or recording of the payment.

Section 6—Payments Outside Ghana.

Except in such circumstances as may be prescribed, no Ghana resident shall make any payment outside Ghana to or for the credit of an external resident.

Section 7—Compensation Deals.

Except in such circumstances as may be prescribed, no person shall in Ghana, and no Ghana resident shall outside Ghana, make any payment to or for the credit of a Ghana resident as consideration for or in association with—

(a) the receipt by any person of a payment made outside Ghana, or the acquisition by any person of property which is outside Ghana, or

(b) the transfer to any person, or the creation in favour of any person, of a right (whether present or future, and whether vested or contingent) to receive a payment outside Ghana or to acquire property which is outside Ghana.

PART III—IMPORT AND EXPORT

Section 8—Import Restrictions.

(1) Except in such circumstances as may be prescribed, no person shall import any of the following—

(a) gold;

(b) a certificate of title to a security, including any such certificate which has been cancelled;

(c) a document certifying the destruction, loss or cancellation of a certificate of title to a security.

(2) Regulations may prohibit or restrict the import of currency notes of such description as is specified in the regulations.

Section 9—General Restrictions on Exports.

(1) Except in such circumstances as may be prescribed, no person shall export any of the following—

(a) currency notes;

(b) postal orders;

(c) gold;

(d) a document of any of the following descriptions, including any such document which has been cancelled and any document certifying the destruction, loss or cancellation of any such document—

(2) Regulations may prohibit or restrict the export of further articles if carried on the person of a traveller or in his baggage.

Section 10—Payments for Exports.

(1) Except in such circumstances as may be prescribed, no person shall export goods of any description unless—

(a) payment for the goods has been made in the prescribed manner to a Ghana resident, or is to be so made not later than six months after the date of exportation; and

(b) the amount of the payment that has been made or is to be made is such as to represent a return for the goods which is in all the circumstances satisfactory in the interest of Ghana:

Provided that the Minister may direct that, in cases to which the direction applies, paragraph (a) of this subsection shall have effect as if for the reference to six months there were substituted a reference to such shorter period as may be specified in the direction, or as if the words "or is to be so made not later than six months after the date of exportation" were omitted.

(2) Where the preceding subsection applies, the Comptroller of Customs may require the person making entry of any goods for export to deliver to the collector or other proper officer together with the entry such declarations as to the matters specified in that subsection as the Comptroller may require, and where any such declaration has been so required the goods shall not be exported until it has been delivered as aforesaid.

(3) Where the Comptroller of Customs is not satisfied in the case of any goods as to the matters specified in paragraph (b) of subsection (1) of this section, he shall give his reasons to the person making entry of the goods for export and shall take into consideration any representations made by him.

PART IV—SECURITIES

Section 11—Authorised Depositaries.

The Minister shall prescribe such banks or other bodies or persons as he thinks fit to be authorised depositaries of securities for the purposes of this Act.

Section 12—Issue of Securities.

(1) Except with the consent of the Minister, no person shall in Ghana issue any security or, whether in Ghana or elsewhere, issue any security which is registered or to be registered in Ghana, unless that person is satisfied by means of a declaration in writing signed by or on behalf of the person to whom the security is to be issued that the latter person is not an external resident and is not acquiring the security as the nominee of an external resident.

(2) The subscription by, or by a nominee for, an external resident of the memorandum of association of a company to be formed under the Companies Ordinance (Cap. 193) shall, unless he subscribes the memorandum with the permission of the Bank of Ghana, be invalid in so far as it would on registration of the memorandum have the effect of making him a member of or shareholder in the company:

Provided that this provision shall not render invalid the incorporation of the company, but if by virtue of this subsection the number of the subscribers of the memorandum who on its registration become members of the company is less than the minimum number required to subscribe the memorandum, the provisions of the said Ordinance relating to the carrying on of business of a company the number of whose members is reduced below the legal minimum shall nevertheless apply.

Section 13—Transfer of Securities and Coupons.

(1) Except with the consent of the Bank of Ghana, a security registered in Ghana shall not be transferred, and a security not so registered shall not be transferred in Ghana, if either the transferor or the transferee, or any person for whom either of them is or is to be a nominee, is an external resident:

Provided that no person shall be deemed to have committed an offence by reason only that the requirements of this subsection were not fulfilled unless he knew or had reason to believe that those requirements were not fulfilled.

(2) Except with the consent of the Bank of Ghana, a security not registered in Ghana shall not be transferred outside Ghana if the transferor or the transferee, or any person for whom either of them is or is to be a nominee, is a Ghana resident.

(3) Except with the consent of the Bank of Ghana, no coupon shall be transferred—

(a) in Ghana, if the transferee or the person, if any, for whom he is to be a nominee is an external resident;

(b) outside Ghana, if the transferor or the transferee, or any person for whom either of them is or is to be a nominee, is a Ghana resident.

Section 14—Issue of Bearer Certificates and Coupons.

Except with the consent of the Bank of Ghana, no person shall, in Ghana, and no Ghana resident shall, outside Ghana, issue any bearer certificate or coupon or so alter any document that it becomes a bearer certificate or coupon.

Section 15—Substitution of Securities and Certificates Outside Ghana.

Except with the consent of the Bank of Ghana, no person shall, in Ghana, and no Ghana resident shall, outside Ghana, do any act with intent to secure—

(a) that a security which is—

(i) registered in Ghana; or

(ii) transferable by means of a bearer certificate in Ghana,

becomes, or is replaced by, a security registered outside Ghana or a security transferable by means of a bearer certificate outside Ghana; or

(b) that a certificate of title to any other security is issued  outside Ghana in substitution for or in addition to a certificate of title thereto which is in, or is or has been lost or destroyed in, Ghana.

Section 16—Payment of Capital Moneys Outside Ghana.

Except with the consent of the Bank of Ghana, no Ghana resident shall do any act with intent to secure that capital moneys payable on a security registered in Ghana are paid outside Ghana, or that, where the certificate of title to a security is in Ghana, capital moneys payable on the security are paid outside Ghana without production of the certificate to the person making the payment.

Section 17—Duties of Persons Keeping Registers.

(1) Except with the consent of the Bank of Ghana, no person concerned with the keeping of any register in Ghana shall—

(a) enter in the register the name of any person in relation to any security unless there has been produced to him evidence in accordance with the following subsection that the entry does not form part of a transaction which involves the doing of anything prohibited by this Act; or

(b) enter in the register, in respect of any security, an address outside Ghana, except for the purpose of any transaction for which the consent of the Bank of Ghana has been granted with the knowledge that it involved the entry of that address; or

(c) do any act in relation to the register which recognises or gives effect to any act appearing to him to have been done with such intent as is mentioned in the two last preceding sections, whether done by a person in or resident in Ghana or not.

(2) The evidence required for the purposes of paragraph (a) of the preceding subsection—

(a) in the case of the issue of securities, is a declaration in writing, signed by or on behalf of the person to whom the security is to be issued, that the person to whom the security is to be issued is not an external resident and is not acquiring the security as the nominee of an external resident;

(b) in the case of the transfer of securities, is a  declaration in writing, signed by an authorised depositary, that the holder of the security is not an external resident and is not holding the security as the nominee of an external resident, together with a declaration in writing, signed by an authorised depositary, that the transferee is not an external resident and is not acquiring the security as the nominee of an external resident;

(c) in the case of the registration of securities transferable by means of bearer certificates, is a declaration in writing, signed by an authorised depositary, that the person to whom the security is to be issued is not an external resident and is not acquiring the security as the nominee of an external resident.

Section 18—Additional Provisions as to Nominee Holdings.

(1) Where—

(a) the holder of a security is a nominee and the person for whom he is a nominee is an external resident; or

(b) the holder of a security is not a nominee but is an external resident,

then, except with the consent of the Bank of Ghana, no Ghana resident shall do any act whereby the holder becomes his nominee in respect of the security.

(2) Except with the consent of the Bank of Ghana, a Ghana resident for whom the holder of a security is a nominee shall not do any act whereby—

(a) the holder, being an external resident, holds the security otherwise than as his nominee; or

(b) the holder, not being an external resident, holds the security as nominee for an external resident.

(3) Where the holder of a security is a nominee, then, except with the consent of the Bank of Ghana, neither he, if he is a Ghana resident, nor any Ghana resident through whose agency the exercise of all or any of the holder's rights in respect of the security are controlled, shall—

(a) do any act whereby he recognises or gives effect to the substitution of another person as the person from whom he directly receives his instructions unless both the person previously instructing him and the person substituted for that person were, immediately before the substitution, resident in Ghana and not elsewhere; or

(b) do any act whereby he ceases to be a person bound to give effect to the instructions of another person in relation to the security, unless the person who theretofore instructed him is resident in Ghana and not elsewhere.

(4) Where the holder of a security is not a nominee and is a Ghana resident, then, except with the consent of the Bank of Ghana, he shall not do any act whereby he becomes the nominee of another person in respect of the security, unless that other person is resident in Ghana and not elsewhere.

Section 19—Deposit of Certificates of Title.

(1) This and the next following section apply to any security except—

(a) a security which is registered in Ghana otherwise than in a subsidiary register, and on which none of the dividends or interest is payable on presentment of a coupon; and

(b) any such other security as may be prescribed,

and in the following provisions of this section and in the next following section the expressions "security", "certificate of title" and "coupon" mean respectively a security to which the said sections apply, a certificate of title to such a security, and a coupon representing dividends or interest on such a security.

(2) It shall be the duty of every person by whom or to whose order (whether directly or indirectly) a certificate of title is held in Ghana, and of every Ghana resident by whom or to whose order (whether directly or indirectly) a certificate of title is held outside Ghana, to cause the certificate of title to be kept at all times, except with the consent of the Bank of Ghana, in the custody of an authorised depositary, and nothing in this Part of this Act shall prohibit the doing of anything for the purpose of complying with the requirements of this subsection.

(3) Except with the consent of the Bank of Ghana, an authorised depositary shall not part with any certificate of title or coupon required under this section to be in the custody of an authorised depositary:

Provided that this subsection shall not prohibit an authorised depositary—

(a) from parting with a certificate of title or coupon to or to the order of another authorised depositary, where the person from whom the other authorised depositary is to receive instructions in relation thereto is to be the same as the person from whom he receives instructions;

(b) from parting with a certificate of title, for the purpose of obtaining payment of capital moneys payable on the security, to the person entrusted with payment thereof;

(c) from parting with a coupon in the ordinary course for collection.

(4) Except with the consent of the Bank of Ghana, no capital moneys, interest or dividends shall be paid in Ghana on any security except to or to the order of an authorised depositary having the custody of the certificate of title to that security, so, however, that this subsection shall not be taken as restricting the manner in which any sums lawfully paid on account of the capital moneys, interest or dividends may be dealt with by the person receiving them.

(5) Except with the consent of the Bank of Ghana, an authorised depositary shall not do any act whereby he recognises or gives effect to the substitution of one person for another as the person from whom he receives instructions in relation to a certificate of title or coupon, unless he is satisfied that neither person is, or is the nominee of, an external resident.

(6) Where a certificate of title which under this section should for the time being be in the custody of an authorised depositary is not in the custody of an authorised depositary, then, except with the consent of the Bank of Ghana, no person shall in Ghana, and no Ghana resident shall outside Ghana, buy, sell, transfer, or do anything which affects his rights or powers in relation to, the security.

(7) Except with the consent of the Bank of Ghana, no person shall in Ghana, and no Ghana resident shall outside Ghana, detach any coupons from a certificate of title with coupons (whether attached or on separate coupon sheets), otherwise than in the ordinary course for collection.

Section 20—Additional Provisions as to Deposited Certificates.

(1) Where a certificate of title to a security is by the preceding section required to be and is in the custody of an authorised depositary, the provisions of this section shall, except so far as the Bank of Ghana otherwise directs, have effect in relation thereto unless—

(a) the authorised depositary is satisfied that the security is owned by a Ghana resident; and

(b) in the case of a certificate of title which—

(i) would ordinarily be accompanied by coupons (whether attached or on separate coupon sheets); but

(ii) when it comes into the custody of the authorised depositary wants, in order to render it complete, any coupons which would not in the ordinary course have been detached for collection,

there have also been deposited with him the coupons so wanting at the time when the certificate of title comes into his custody.

(2) Except with the consent of the Bank of Ghana, the authorised depositary shall not part with or destroy the certificate of title or any coupons belonging thereto, otherwise than as mentioned in paragraphs (b) and (c) of the proviso to subsection (3) of section 19 of this Act, or do any act whereby he recognises or gives effect to the substitution of one person for another as the person from whom he receives instructions in relation thereto:

Provided that, where the person from whom an authorised depositary receives instructions in relation to any certificate of title dies or becomes subject to the Ghana law of insolvency, this subsection shall not prohibit the authorised depositary from recognising the person charged with administering his assets as the person entitled to give instructions in relation to the certificate of title.

(3) The authorised depositary shall place any capital moneys, dividends or interest on the security received by him to the credit of the person by virtue of whose authority he received them, but shall not permit any part of the sums received to be dealt with except with the consent of the Bank of Ghana.

Section 21—Validation of Certain Transfers.

(1) The title of any person to a security for which he has given value on a transfer thereof, and the title of all persons claiming through or under him, shall, notwithstanding that the transfer, or any previous transfer, or the issue of the security, was by reason of the residence of any person concerned other than the first-mentioned person prohibited by the provisions of this Act relating to the transfer or issue of securities, be valid unless the first-mentioned person had notice of the facts by reason of which it was prohibited.

(2) Without prejudice to the provisions of subsection (1) of this section, the Bank of Ghana may issue a certificate declaring, in relation to a security, that any acts done before the issue of the certificate purporting to effect the issue or transfer of the security, being acts which were prohibited by this Act, are to be, and are always to have been, as valid as if they had been done with the consent of the competent authority, and the said acts shall have effect accordingly.

(3) Nothing in this section shall affect the liability of any person to prosecution for any offence against this Act.

Section 22—Application to Secondary Securities.

(1) This Part of this Act shall apply, with such modifications (if any) as may be prescribed, in relation to any such document as is mentioned in the following subsection, as if the document created, and were the certificate of title to, a security (hereafter in this Act referred to as a "secondary security").

(2) The documents referred to in the preceding subsection are any letter of allotment which may be renounced, any letter of rights, any warrant conferring an option to acquire a security, any deposit certificate in respect of securities (but not including a receipt by an authorised depositary for any certificate of title deposited in pursuance of this Part of this Act), and such other documents conferring, or containing evidence of, rights as may be prescribed.

Section 23—Interpretation of Part IV.

(1) In this Part of this Act—

"register" includes any book, file or index in which securities are registered;

"registered" includes inscribed;

"registered in Ghana" and "registered outside Ghana" mean respectively, registered in a register in, and registered in a register outside, Ghana;

"security which is registered in Ghana otherwise than in a subsidiary register" means a security which either—

(a) is registered in Ghana and is not, and cannot without the necessity for an entry in the register in Ghana become, registered outside, or

(b)  is registered both in Ghana and outside but on a transfer cannot, without the necessity for an entry in the register in Ghana, become registered outside in the name of the transferee.

(2) For the purposes of any provision of this Part of this Act prohibiting the transfer of securities, a person shall be deemed to transfer a security if he executes any instrument of transfer thereof, whether effective or not, and shall be deemed to transfer it at the place where he executes the instrument.

(3) References in this Part of this Act to the person holding a certificate of title or coupon shall be construed as references to the person having physical custody of the certificate of title or coupon:

Provided that where the certificate of title or coupon is deposited with any person in a locked or sealed receptacle from which he is not entitled to remove it without the authority of some other person, that other person shall be deemed for the purposes of this provision to have the physical custody thereof.

(4) In this Part of this Act, "holder"—

(a) in relation to a security transferable by means of a bearer certificate or to a coupon, includes the person holding the certificate or coupon; and   

(b) in relation to a security which is registered in the name of a deceased person, or of any person who, by reason of insolvency, unsoundness of mind or any other disability is incapable of transferring the security, means the personal representative or other person entitled to transfer the security.

(5) The holder of a security or coupon shall be deemed for the purposes of this Part of this Act to be a nominee in respect thereof if, as respects the exercise of any rights in respect thereof, he is not entitled to exercise those rights except in accordance with instructions given by some other person, and references in this Part of this Act to the person for whom the holder of a security or coupon is a nominee shall be construed as references to the person who is entitled to give instructions, either directly or through the agency of one or more persons, as to the exercise of any rights in respect of the security or coupon and is not in so doing himself under a duty to comply with instructions given by some other person:

Provided that—

(a) a person shall not by reason only that he has a controlling interest in a body corporate be deemed for the purposes of this subsection to be entitled to give instructions to that body corporate as to the exercise of rights in respect of any security or coupon of which it is the holder; and

(b) a person shall not be deemed to hold a security or coupon as a nominee by reason only that he holds it as trustee if he is entitled to transfer the security or coupon without permission from any other person.

(6) A certificate of title shall not for the purposes of this Part of this Act be treated as in the custody of an authorised depositary if either—

(a) the depositary has no notice of the nature of the certificate; or

(b) the certificate is deposited with him in a locked or sealed receptacle from which he is not entitled to remove it without the authority of some other person.

(7) Where a certificate of title outside Ghana is by this Part of this Act required to be kept in the custody of an authorised depositary, it shall be deemed to be in the custody of an authorised depositary if—

(a) by his direction or with his assent it is in the custody of some other person who holds it on behalf of and to the order of the authorised depositary; and

(b) the certificate is not deposited with that other person in a locked or sealed receptacle from which he is not entitled to remove it without the authority of a person other than himself;

and where a certificate of title is by virtue of this subsection deemed to be in the custody of an authorised depositary, references in this Part of this Act to the depositary parting with the certificate or a coupon belonging thereto shall be construed as references to his permitting the person having the actual custody thereof to part with it otherwise than to the depositary, and references to his destroying the certificate or such a coupon shall be construed as references to his permitting it to be destroyed.

PART V—MISCELLANEOUS

Section 24—Duty to Collect Certain Debts.

(1) Except with the consent of the Bank of Ghana, no Ghana resident who has a right (whether present or future and whether vested or contingent) to receive any external currency, or to receive from an external resident a payment in Ghana currency, shall do any act with intent to secure—

(a) that the receipt by him of the whole or part of that currency is delayed; or

(b) that the currency ceases, in whole or in part, to be receivable by him:

Provided that nothing in this subsection—

(i) shall, unless the Bank of Ghana otherwise directs, impose on any person an obligation, in relation to a debt arising in the carrying on of any trade or business, to procure the payment thereof at an earlier time than is customary in the course of that trade or business; or

(ii) shall, unless the Bank of Ghana otherwise directs, prohibit any transfer to a person resident in Ghana and not elsewhere of any right to receive external or Ghana currency.

(2) Where a person has contravened the provisions of subsection (1) of this section in relation to any currency, the Minister may give to him or to any other person who appears to the Minister to be in a position to give effect thereto (being a person in or resident in Ghana) such directions as appear to the Minister to be expedient for the purpose of obtaining or expediting the receipt of the currency in question, and, without prejudice to the generality of the preceding provisions of this subsection, may direct that there shall be assigned to the Minister, or to such person as may be specified in the directions, the right to receive the currency or enforce any security for the receipt thereof.

Section 25—Duty not to Delay Sale or Importation of Goods.

(1) Where—

(a) any consent has been granted under this Act subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be sold outside Ghana; or

(b) any statement or declaration has been made under this Act that any goods are to be sold outside Ghana; or

(c) any currency has been obtained in Ghana, or by any Ghana resident, on the faith of an application stating an intention that any goods should be sold outside Ghana,

then, except with the consent of the Bank of Ghana, no Ghana resident who is entitled to sell or procure the sale of the said goods shall do any act with intent to secure—

(i) that the said sale is delayed to an extent which is unreasonable having regard to the ordinary course of trade; or

(ii) that, on the said sale, any payment made for the goods is not made in the manner indicated by the condition, statement, or declaration, as the case may be.

(2) Where—

(a) any consent has been granted under this Act, subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be imported; or

(b) any currency has been obtained in Ghana, or by any Ghana resident, on the faith of an application stating an intention that any goods should be imported,

then, except with the consent of the Bank of Ghana, no Ghana resident who is entitled to procure the importation of the said goods shall do any act with intent to secure that the importation thereof is delayed to an extent which is unreasonable having regard to the ordinary course of trade.

(3) Where in any such case as is specified in paragraph (a), (b) or (c) of subsection (1), or paragraph (a) or (b) of subsection (2), of this section—

(a) the goods have not been sold or imported as indicated by the condition, statement or declaration within the time thereby indicated or, if no time is thereby indicated, a reasonable time, or (in either case) within such further time as may be allowed by the Minister; or

(b) it appears to the Minister that the goods cannot be sold or imported as indicated by the condition, statement or declaration,

the Minister may give to any Ghana resident who appears to the Minister to be in a position to give effect thereto such directions as appear to the Minister to be expedient as to the manner in which the goods are to be dealt with.

(4) Without prejudice to the generality of the provisions of the last preceding subsection, the power conferred thereby on the Minister to give directions shall extend to the giving of directions that the goods shall be assigned to the Minister or to a person specified in the directions.

(5) The powers conferred by the two last preceding subsections in relation to any goods shall extend to the giving of directions with respect to any goods produced or manufactured therefrom, and, where goods to be sold outside Ghana or to be imported were to be produced or manufactured from other goods, to the giving of directions with respect to those other goods and any goods produced or manufactured from those other goods.

Section 26—Property Obtained by Infringement of Act.

(1) Where a person—

(a) has made any payment which is prohibited by this Act; or

(b) being bound under this Act to offer or cause to be offered any gold or currency to an authorised dealer, has otherwise disposed of that gold or currency,

the Minister may direct him to sell or procure the sale of any property which he is entitled to sell or of which he is entitled to procure the sale, being property which represents, whether directly or indirectly, that payment or that gold or currency, as the case may be, and may by the same or a subsequent direction specify the manner in which, the persons to whom and the terms on which the property is to be sold.

(2) Without prejudice to the generality of subsection (1) of this section, the power conferred thereby to give directions shall extend to the giving of directions that the property shall be assigned to the Minister or to a person specified in the directions.

Section 27—Provisions Supplemental to Preceding Provisions of Part V.

(1) Where, under the preceding provisions of this Part of this Act, the Minister has power to give directions that any right to receive any currency or to enforce any security for the receipt thereof, any goods, or any other property shall be assigned to the Minister, the Minister shall also have power to direct that the right, goods or property shall vest in the Minister, and it or they shall vest accordingly free from any mortgage, pledge or charge, and the Minister may deal with it or them as he thinks fit.

(2) Where, in pursuance of directions under the said provisions, any right, goods or property is or are assigned to the Minister or to a person specified in the directions, or any right, goods or property vests or vest in the Minister in pursuance of directions given under subsection (1) of this section, the Minister shall pay the net sum recovered by him in respect of the right, goods or property to the person making the assignment or, in the case of any right, goods or property vested in the Minister under subsection (1) of this section, to the person who, but for the directions, would be entitled to the right, goods or property.

Section 28—Transfer of Annuities, Policies, Etc.

(1) Except with the consent of the Bank of Ghana, no Ghana resident shall transfer to an external resident or a person who is to be a nominee for an external resident, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in Ghana and not elsewhere, or makes, with the permission of the Bank, any payment thereof to any other person,—

(a) he shall not be bound to inquire as to the residence of any person other than the person to whom, and (if it is not the same person) the person to whose order, the payment is made; and

(b) the payment shall, to the extent of the sums paid, discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was not entitled thereto otherwise than by virtue of a transfer prohibited by this subsection.

(2) Subsections (2) and (3) of section 21 of this Act shall apply in relation to any transfer prohibited by this section as they apply in relation to a transfer prohibited by this Act of a security.

(3) In this section "nominee" has, in relation to any policy, annuity or assurance, the same meaning as it has in Part IV of this Act in relation to a security.

Section 29—Settlements.

(1) Except with the consent of the Bank of Ghana, no Ghana resident shall settle any property, otherwise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is an external resident, or shall exercise, otherwise than by will, any power of appointment, whether created by will or otherwise, in favour of a person who, at the time of the exercise of the power, is an external resident.

(2) A settlement or exercise of a power of appointment shall not be invalid by reason that it is prohibited by this section, except so far as it purports to confer any interest on any person who, at the time of the settlement or the exercise of the power, is an external resident.

(3) Subsections (2) and (3) of section 21 of this Act shall apply in relation to a settlement or the exercise of a power of appointment prohibited by this section as they apply in relation to a transfer prohibited by this Act of a security.

(4) For the purposes of this section—

(a) any reference to settling property includes a reference to the making of any disposition, covenant, agreement or arrangement whereby the property becomes subject to a trust, or (in the case of resettlement) to a different trust; and

(b) a person shall be deemed to have an interest in property if he has any beneficial interest therein, whether present or future, and whether vested or contingent, or falls within a limited class of persons in whose favour a discretion or power in respect of the property is exercisable.

Section 30—Companies.

(1) Where there is served on any Ghana resident a notice in writing that the Bank of Ghana wishes any such requirements as are hereinafter mentioned to be complied with by any such body corporate as is specified in the First Schedule to this Act (hereafter in this section referred to as "an external company") and that person can by doing any act,—

(a) cause the external company to comply with any of the requirements; or

(b) remove any obstacle to the company complying with any of the requirements; or

(c) render it in any respect more probable that the company will comply with any of the requirements,

then, except so far as consent to the contrary may be given by the Bank of Ghana, that person shall do that act.

The requirements with respect to which such a notice may be given are as follows, that is to say, that the external company shall—

(i) furnish to the Bank of Ghana such particulars as to its assets and business as may be mentioned in the notice;

(ii) sell or procure the sale to an authorised dealer of any gold or external currency mentioned in the notice, being gold or external currency which it is entitled to sell or of which it is entitled to procure the sale;

(iii) declare and pay such dividend as may be mentioned in the notice;

(iv) realise any of its assets mentioned in the notice in such manner as may be so mentioned;

(v) refrain from selling, transferring, or doing anything which affects its rights or powers in relation to, any such securities as may be mentioned in the notice.

(2) Where any sum falls to be paid by an authorised dealer on the sale of gold or currency in pursuance of a requirement notified under the preceding subsection, the Bank of Ghana may direct the authorised dealer to pay the sum to a blocked account only, and where such a direction is given the Second Schedule to this Act shall have effect in relation to the payment of the sum.

(3) Except with the consent of the Bank of Ghana, no Ghana resident shall do any act whereby a body corporate which is by any means controlled (whether directly or indirectly) by Ghana residents ceases to be controlled by Ghana residents:

Provided that this subsection shall not prohibit any person from selling securities authorised to be dealt in on any recognised stock exchange in Ghana if the sale takes place in pursuance of an agreement entered into in the ordinary course of business on that exchange.

(4) Except in such circumstances as may be prescribed, no Ghana resident shall lend money in any form or any securities to a body corporate resident in Ghana which is by any means controlled (whether directly or indirectly) by external residents:

Provided that this subsection shall not apply where the lender after making such inquiries as are reasonable in the circumstances of the case does not know and has no reason to suspect that the body corporate is controlled as aforesaid.

(5) For the purposes of this section and of the First Schedule to this Act, persons shall be deemed to control a body corporate notwithstanding that other persons are associated with them in the control thereof if they can together override those other persons.

(6) In this section "security" includes a secondary security.

Section 31—Special Power to Safeguard Economy of Ghana.

Where the Minister is satisfied that, owing to a change in the external or internal position of any country, action is being or is likely to be taken to the detriment of the economic position of Ghana, he may give general or special directions prohibiting, either absolutely or to such extent as may be specified in the directions, the carrying out, except with permission granted by or on behalf of the Minister, of any order given by or on behalf of—

(a) the country, or the Sovereign thereof, or any person resident therein, or

(b) any body or corporation which is incorporated under the law of the country or is under the control of the country, or the Sovereign thereof, or any person resident therein,

in so far as the order—

(i) requires the person to whom the order is given to make any payment or to part with any gold or securities, or

(ii) requires any change to be made in the person to whose credit any sum of money is to stand or to whose order any gold or securities are to be held.

PART VI—SUPPLEMENTAL

Section 32—Persons Leaving Ghana.

Where a Ghana resident leaves Ghana, the Bank of Ghana may, before, at or after the time he leaves Ghana, direct that, for such period as may be specified in the direction, payments by him or on his behalf and to him or to his credit, and transactions in or in relation to Ghana Treasury bills, or securities or secondary securities, in which he is in any way concerned shall, whether or not he continues to be resident in Ghana, be subject to such restrictions as may be specified in the direction.

Section 33—Evidence.

A document stating that any consent or direction is given under this Act, and purporting to be signed by or on behalf of the person giving the consent or direction, shall be evidence of the facts stated in the document.

Section 34—Residence.

(1) The Bank of Ghana may give directions declaring that for all or any of the purposes of this Act a person is to be treated as resident or not resident in such territories as may be specified in the directions.

(2) Except where the Bank of Ghana otherwise directs

(a) a person carrying on in Ghana a branch of any business shall, as respects such business as he is carrying on by that branch, be treated for the purposes of this Act as a Ghana resident;

(b) a transaction with or by a branch of any business, whether carried on by a body corporate or otherwise, shall be treated for the purposes of this Act as if the branch were a body corporate resident where the branch is situated.

In this subsection "branch" includes the head office of a business; and this subsection shall apply in relation to a body of persons (whether corporate or unincorporate) who carry on any activity, whether for the purpose of profit or not, as it applies in relation to a business.

(3) For the purposes of this Act a personal representative of a deceased person shall, unless the Bank of Ghana otherwise directs, be treated as resident in the territory where the deceased was resident for the purposes in question at the time of his death and as not resident elsewhere, so far as relates to any matters in which the personal representative is concerned solely in his capacity as such.

Section 35—Contracts, Legal Proceedings, Etc.

(1) It shall be an implied condition in any contract that, where, by virtue of this Act any consent is at the time of the contract required for the performance of any term thereof, that term shall not be performed except in so far as the consent is given or is subsequently not required:

Provided that this subsection shall not apply in so far as it is shown to be inconsistent with the intention of the parties that it should apply, whether by reason of their having contemplated the performance of that term inspite of the provisions of this Act or for any other reason.

(2) Notwithstanding anything in the Bills of Exchange Act, 1961 (Act 55) neither the provisions of this Act, nor any condition, whether express or to be implied having regard to those provisions, that any payment shall not be made without consent under this Act, shall be deemed to prevent any instrument being a bill of exchange or promissory note.

(3) The provisions of the Third Schedule to this Act shall have effect with respect to legal proceedings, arbitrations, insolvency proceedings, the administration of the estates of deceased persons, the winding up of companies, and proceedings under deeds of arrangement or trust deeds for behoof of creditors.

Section 36—Enforcement and Administration.

(1) The provisions of the Fourth Schedule to this Act shall have effect for the purpose of the enforcement of this Act.

(2) In the exercise of its functions under this Act, the Bank of Ghana shall comply with any directions given to it by the Minister.

(3) Persons belonging to the following classes, that is to say—

(a) bankers, authorised dealers and authorised depositaries;

(b) persons who with the consent of any person are in possession of documents which would, but for the consent, have to be in the custody of an authorised depositary;

(c) persons concerned with the keeping of any register in Ghana; and

(d) persons entrusted with the payment of capital moneys, dividends or interest in Ghana,

shall comply with such directions as may be given to them respectively by or on behalf of the Minister, being—

(i) in the case of any such persons, directions as respects the exercise of any functions exercisable by them by virtue of, or by virtue of anything done under, any provision of this Act; or

(ii) in the case of authorised dealers, such  directions as aforesaid or directions as to the terms on which they are to accept gold or external currency or directions requiring them to offer their gold or external currency for sale to the Bank of Ghana on such terms as may be specified in any such directions.

Section 37—Interpretation.

(1) In this Act, unless the context otherwise requires—

"authorised dealer" means a person prescribed in that behalf under section 1(1) of this Act;

"authorised depositary" means a person prescribed in that behalf under section 11 of this Act;

"bearer certificate" means a certificate of title to securities by the delivery of which (with or without endorsement) the title to the securities is transferable;

"certificate of title to securities" means any document of title whereby a person recognises the title of another to securities issued or to be issued by the first-mentioned person, and in the case of any such document with coupons (whether attached or on separate coupon sheets) includes any coupons which have not been detached;

"coupon" means a coupon representing dividends or interest on a security;

"currency note" means a note which is or has at any time been legal tender, whether the note is whole or mutilated;

"external currency" means the currency of any country other than Ghana, and any reference to external currency includes a reference to external currency notes, external currency drafts and any right to receive external currency in respect of a credit or balance at a bank;

"external currency draft" has the meaning assigned to it by section 1(4) of this Act;

"external resident" means a person resident outside Ghana;

"Ghana resident" means a person resident in Ghana;

"gold" means gold coin or gold bullion;

"Minister" means the Minister responsible for Finance;

"policy of assurance" means any policy securing the payment of a capital sum or annuity on the occurrence of a specified event which is certain to happen and includes—

(a) any policy by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life; and

(b) any policy securing the payment of an immediate annuity;

and the reference in this definition to the occurrence of a specified event which is certain to happen shall include the occurrence, which is certain to happen, of one of specified events none of which by itself is certain to happen;

"prescribed" means prescribed by regulations made under section 38 of this Act;

"secondary securities" has the meaning ascribed to it by section 22 of this Act;

"securities" means shares, stock, bonds, notes (other than promissory notes), debentures, debenture stock, units under a unit trust scheme and shares in an oil royalty;

"unit trust scheme" means any arrangements made for the purpose, or having the effect, of providing for persons having funds available for investment, facilities for the participation by them, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of any property whatsoever;

(2) Any provision of this Act (however worded) the effect of which is to prohibit the doing of any act where a person to or by whom the act is to be done or who stands in a specified relation to any property possesses any specified attribute as to residence or otherwise shall, where the act is done to or by two or more persons or, as the case may be, where two or more persons stand jointly in that relation to the property, operate to prohibit the doing of that act if any of those persons possess that attribute; and any provision of this Act imposing an obligation on any person to do an act if he possesses any specified attribute as to residence or otherwise shall, in relation to any act which can only be done by two or more persons jointly—

(a) where all those persons possess that attribute, operate to impose a joint obligation on all of them to do the act; and

(b) where some only of them possess that attribute, operate to impose a separate obligation on each one of them who possesses that attribute to do all he can to secure the doing of the act.

(3) Nothing in this Act shall be construed as requiring the Minister to pay any sum otherwise than in Ghana currency or otherwise than in Ghana, and any provision of this Act requiring the Minister to pay any sum to any person shall, where that sum is in an external currency, be construed as a provision that the Minister shall pay to that person the amount in Ghana currency which he would have received for the external currency if he had sold it to an authorised dealer in pursuance of an offer made under section 3 of this Act at the time when the said sum is paid.

(4) The obligations and prohibitions imposed by this Act shall, subject to the express limitations contained therein, apply to all persons, notwithstanding that they are not in Ghana and are not citizens of Ghana.

Section 38—Power to Make Regulations.

The Minister may by legislative instrument make regulations prescribing anything that is to be prescribed under this Act or otherwise making provision for the purposes of this Act.

Section 39—Repeal.

(1) The following enactments are hereby repealed—

The Exchange Control Ordinance (Cap. 206);

The Exchange Control (Amendment) Ordinance, 1952 (No. 21);

Section 55 (4) of the Bank of Ghana Ordinance, 1957 (No. 34).

(2) Without prejudice to the general effect of the Interpretation Act, 1960 (CA 4) as to repeals, any direction, permission or consent given under the Exchange Control Ordinance (Cap. 206) shall operate as nearly as may be as if it had been given under this Act.

Section 40—Act binds Republic.

This Act binds the Republic, but (without prejudice to any express terms) no term shall be implied in any contract entered into by or on behalf of the Republic that the Government will ensure that a consent required by or under this Act is given or that any other function conferred by or under this Act is exercised in a particular way.

Section 41—Commencement.

This Act shall be deemed to have come into operation on 5th July, 1961.

SCHEDULES

FIRST SCHEDULE

EXTERNAL COMPANIES

1. The bodies corporate in question are bodies corporate not incorporated under the law of Ghana in the case of which any of the following conditions is fulfilled—

(a) that the body corporate is by any means controlled (whether directly or indirectly) by Ghana residents;

(b) that more than one-half of the sums which, on a liquidation thereof, would be receivable by holders of share or loan capital would be receivable directly or indirectly by or for the benefit of Ghana residents;

(c) that more than one-half of the assets which, on a liquidation thereof, would be available for distribution after the payment of creditors would be receivable directly or indirectly by or for the benefit of Ghana residents; or

(d) that more than one-half—

(i) of the interest payable on its loans and loan capital, if any; or

(ii) of the dividends payable on its preference share capital, if any; or

(iii) of the dividends payable on its share capital, if any, not being preference share capital, is receivable, directly or indirectly, by or for the benefit of Ghana residents.

2. Where the identity of the persons by whom or for whose benefit any sum, assets, interest or dividends are directly or indirectly receivable depends on the exercise by a Ghana resident of a power of appointment or similar power, the sum, assets, interest or dividends shall, for the purposes of this Schedule, be deemed to be receivable directly or indirectly by or for the benefit of Ghana residents.

SECOND SCHEDULE

BLOCKED ACCOUNTS

1. In this Schedule, the expression "a blocked account" means an account opened as a blocked account at an office or branch in Ghana in favour of any person by a banker authorised by the Bank of Ghana to open blocked accounts, and the expression "the banker" means, in relation to any person, a banker who opens a blocked account in favour of that person.

2. Where a direction is given that a payment is to be made to a blocked account only, then, subject to the next following paragraph—

(a) the manner in which the payment may be made shall be either—

(i) to the banker, with a direction that it is to be credited to a blocked account of that person (which direction may, in the case of a payment by means of a cheque or warrant, be made by marking the cheque or warrant with the words "blocked account of" [naming the person in question] or words to the same effect); or

(ii) by a crossed cheque or warrant drawn in favour of that person, marked with the words "payable only to blocked account of payee" or words to the same effect; and

(b) the sum collected shall be credited by the banker to a blocked account of that person.

3. Where a direction is given that a sum is to be paid or credited to a blocked account only, then, notwithstanding the direction, the sum may, with the consent of the person to whom it is to be paid or credited, and subject to the requirements of Part IV of this Act, be invested instead in the purchase for that person of any such investments as may be prescribed for the purposes of paragraph (a) of the proviso to the next following paragraph.

4. Any sum standing to the credit of a blocked account shall not be dealt with except with the consent of the Bank of Ghana:

Provided that, subject to compliance with the requirements of Part IV of this Act—

(a) the whole or any part of any such sum may, at the request of the person in whose name the account stands, be invested through the banker in such investments as may be prescribed; and

(b) nothing in this Schedule shall be construed as restricting the manner in which the investments acquired may be dealt with.

5. Where a person in whose name a blocked account is standing dies or becomes subject to the Ghana law of insolvency, the banker may, notwithstanding anything in paragraph 4 of this Schedule, transfer the account to the name of the person charged with administering his assets, but, save as aforesaid, no change shall, except with the consent of the Bank of Ghana, be made in the name in which the account stands; and where any such change is made (whether or not the consent of the Bank of Ghana is necessary therefor) the account shall remain a blocked account notwithstanding the change, and the provisions of this Schedule shall apply accordingly.

6. Where—

(a) a sum is due from any person to any other person but the Bank of Ghana directs that it shall be paid or credited to a blocked account only; and

(b) the person to whom the sum is due nominates such an account to the person from whom the sum is due,

the last mentioned person is under a duty to the person to whom the sum is due to cause the sum to be paid or credited to that blocked account, and the crediting of any sum to a blocked account in pursuance of a direction of the Bank of Ghana shall, to the extent of the sum credited, be a good discharge to the person from whom the sum is due:

Provided that in the case of a sum due under a contract  this paragraph shall not apply in so far as it is shown to be inconsistent with the intention of the parties that it should apply.

THIRD SCHEDULE

LEGAL PROCEEDINGS, ETC.

1. The provisions of Part II of this Act shall apply to sums required to be paid by any judgment or order of any court or by any award as they apply in relation to other sums, and it shall be implied in any judgment or order of any court in Ghana, and in any award given under the law of Ghana, that any sum required to be paid by the judgment, order or award (whether as a debt, as damages or otherwise) to which the said provisions apply shall not be paid except with the consent of the Bank of Ghana.

2. Nothing in this Act shall be construed as preventing the payment by any person of any sum into any court in Ghana but the provisions of Part II of this Act shall apply to the payment of any sum out of court, whether under an order of the court or otherwise, to or for the credit of any external resident.

3. Without prejudice to any enactment relating to the making of rules of court, rules of court may be made—

(a) enabling any person who is required by any judgment, order or award to pay any sum, if he apprehends that the payment of that sum is unlawful under this Act except with consent, to pay that sum into court; and    

(b) declaring that payment of a sum into court by virtue of the preceding sub-paragraph, together with the delivery to the other party concerned of such evidence of the payment as may be prescribed by the rules, shall, to the extent of the payment, be a good discharge to the person making the payment; and

(c) so regulating the process of execution which may issue in respect of any sum required to be paid by any judgment, order or award as to secure that, unless it is shown, in such manner as may be prescribed by the rules, that consent for the payment of the sum is not required or has been given without conditions, the proceeds of the execution will be paid into court, and, so far as is necessary for that purpose, varying the form of any writ of execution or other similar document or the duties of the sheriff or other officer to whom any such writ or other similar document is directed.

4. (1) In any proceedings in a prescribed court and in any arbitration proceedings, a claim for the recovery of any debt shall not be defeated by reason only of the debt not being payable without consent and of consent not having been given or having been revoked.

(2) No court shall be prescribed for the purpose of this paragraph unless the Minister is satisfied that adequate provision has been made therefor by rules of court for the purposes specified under the last preceding paragraph.

5. (1) In any insolvency proceedings, in the winding up of any company or in the administration of the estate of any deceased person (being proceedings, a winding up or any administration carried on under the law of Ghana), a claim for a sum not payable without consent shall, notwithstanding that consent has not been given or has been revoked, be admitted to proof as if it had been given and had not been revoked:

Provided that nothing in this sub-paragraph shall be construed as affecting the application of the provisions of Part II of this Act to payments by any trustee, liquidator, personal representative or other person in any such proceedings, winding up or administration.

(2) The provisions of this Act restricting the making of settlements shall not apply to any deed of arrangement made for the benefit of creditors generally, and the provisions of sub-paragraph (1) of this paragraph shall apply in relation to proceedings under any deed of arrangement as they apply in relation to insolvency proceedings.

6. In paragraphs 3 to 5 of this Schedule "consent" means consent required by or under this Act.

FOURTH SCHEDULE

ENFORCEMENT

PART I— GENERAL PROVISIONS AS TO EVIDENCE AND INFORMATION

1. (1) Without prejudice to any other provisions of this Act, the Minister may give to any person in or resident in Ghana directions requiring him within such time and in such manner as may be specified in the directions, to furnish to the Minister, or to any person designated in the directions as a person authorised to require it, any information in his possession or control which the Minister or the person so authorised, as the case may be, may require for the purpose of securing compliance with or detecting evasion of this Act.

(2) A person required by any such directions as aforesaid to furnish information shall also produce such books, accounts or other documents (hereafter in this Part of this Schedule referred to as "documents") in his possession or control as may be required for the said purpose by the Minister or by the person authorised to require the information, as the case may be.

(3) Nothing in the preceding provisions of this paragraph shall be taken to require any person who has acted as counsel or solicitor for any person to disclose any privileged communication made to him in that capacity.

(4) Where a person is convicted on indictment for failing to give information or produce documents when required so to do under this paragraph, the court may make an order requiring the offender, within such period as may be specified in the order, to comply with the requirement to give the information or produce the documents.

2. (1) If a district magistrate is satisfied by information on oath given by a person authorised by the Minister to act for the purposes of this paragraph either—

(a) that there is reasonable ground for suspecting that an offence against this Act has been or is being committed and that evidence of the commission of the offence is to be found at any premises specified in the information, or in any vehicle, vessel or aircraft so specified; or

(b) that any documents which ought to have been produced under the preceding paragraph and have not been produced are to be found at any such premises or in any such vehicle, vessel or aircraft,

he may grant a search warrant authorising any police officer, together with any other persons named in the warrant and any other police officers, to enter the premises specified in the information or, as the case may be, any premises upon which the vehicle, vessel or aircraft so specified may be, at any time within one month from the date of the warrant, and to search the premises, or, as the case may be, the vehicle, vessel or aircraft.

(2) A person authorised by any such warrant as aforesaid to search any premises or any vehicle, vessel or aircraft, may search every person who is found in, or whom he has reasonable ground to believe to have recently left or to be about to enter, those premises or that vehicle, vessel or aircraft, as the case may be, and may seize any article found in the premises or in the vehicle, vessel or aircraft which he has reasonable ground for believing to be evidence of the commission of any offence against this Act, or any documents which he has reasonable ground for believing ought to have been produced under the preceding paragraph:

Provided that no female shall, in pursuance of any warrant issued under this paragraph, be searched except by a female.

(3) Where, by virtue of this paragraph, a person has any power to enter any premises he may use such force as is reasonably necessary for the purpose of exercising that power.

3. (1) Any article coming into the possession of an executive authority (whether in consequence of the seizure of the article under or by virtue of this Act or otherwise) which the authority has reasonable ground for believing to be evidence of the commission of an offence against this Act may be retained for a period of three months or, if within that period there are commenced proceedings in respect of such an offence in which the article is, or can properly be, adduced in evidence, until the final determination of those proceedings.

(2) For the purposes of this paragraph, any person to whom any powers under this Act are delegated or on whom any functions are conferred by or by virtue of this Act, including any police officer, shall be deemed to be an executive authority.

(3) For the purposes of this paragraph, any proceedings shall be deemed not to have been finally determined so long as there is pending any appeal in the matter of the proceedings, and an appeal in that matter shall be deemed to be pending during the ordinary time within which such an appeal may be lodged, and, if such appeal is duly lodged, the appeal shall be deemed to be pending until it is decided or withdrawn.

(4) The powers conferred by this paragraph in relation to any article shall be in addition to, and not in derogation of, any powers otherwise exercisable in relation thereto.

4. No person in or resident in Ghana shall—

(a) with intent to evade the provisions of this Act, destroy, mutilate, deface, secrete or remove any documents;

(b) in furnishing any information for any of the purposes of this Act, make any statement which he knows to be false in a material particular, or recklessly make any statement which is false in a material particular;

(c) obstruct any person in the exercise of any powers conferred on him by virtue of this Part of this Schedule.

PART II—GENERAL PROVISIONS AS TO OFFENCES

5. (1) Any person in or resident in Ghana who contravenes any restriction or requirement imposed by or under this Act, and any such person who conspires or attempts, or aids, abets, counsels or procures any other person, to contravene any such restriction or requirement as aforesaid, shall be guilty of an offence punishable under this Part of this Schedule:

Provided that—

(a) a person shall not by virtue of any direction given under this Act be convicted of an offence against this Act if he proves that he did not know, and did not avoid getting to know, of the direction;

(b) an offence punishable by virtue of Part III of this Schedule shall not be punishable under this Part of this Schedule.

(2) Where an offence punishable under this Part of this Schedule has been committed by a body corporate, any person who at the time of the commission of the offence was a director, general manager, secretary or other similar officer of the body corporate, or was purporting to act in any such capacity, shall be deemed to be guilty of that offence, unless he proves that the contravention was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised having regard to the nature of his functions in that capacity and to all the circumstances.

(3) Repealed by Exchange Control (Amendment) Decree, 1977 (SMCD 99) s. 2(a)

(4) Where a corporation is charged with an offence under this Schedule the corporation may enter in writing by its representative a plea of guilty or not guilty, and if either the corporation does not appear by representative or, though it does so appear, fails to enter a plea as aforesaid, the Court shall order a plea of not guilty to be entered and the trial shall proceed as though the corporation had duly entered a plea of not guilty. [As Substituted by Exchange Control (Amendment)  Decree, 1977 (SMCD 99) s. 2b].

(5) Any summons and any other document addressed to a corporation may be served upon the corporation by leaving it at, or sending it by post to the registered office of the corporation or, if there is no such office in Ghana, by leaving it at or sending it by post to, the corporation at any place in Ghana at which it trades or carries on business. [As Substituted by Exchange Control (Amendment) Decree, 1977 (SMCD 99) s. 2b].

(6) In this paragraph the expression "representative" in relation to a corporation means a person duly appointed by the corporation to represent it for the purpose of doing any act or thing which the representative of a corporation is by this Part of this Schedule authorised to do, but a person so appointed shall not, by virtue only of being so appointed, be qualified to act on behalf of the corporation before any court for any other purpose.

A representative for the purposes of this Part of this Schedule need not be appointed under the seal of the corporation, and a statement in writing purporting to be signed by a managing director of the corporation or by any person (by whatever name called) having, or being one of the persons having, the management of the affairs of the corporation, to the effect that the person named in the statement has been appointed as the representative of the corporation for the purposes of this Part of this Schedule shall be admissible without further proof as prima facie evidence that that person has been so appointed.

(7) Any person who commits an offence punishable under this Part of this Schedule shall be liable on summary conviction to a term of imprisonment not less than three years and not exceeding seven years without the option of a fine:

Provided that the court convicting a person under this subparagraph may impose a term of imprisonment less than three years or a fine not exceeding ¢20,000.00 or both if satisfied on grounds stated that the offence was trivial or that there are special circumstances relating to the offence or the offender which would render unjust the application of the minimum penalty prescribed by this subparagraph." [As Substituted by Exchange Control (Amendment) Decree, 1973, (NRCD 220) s. 2].

(8) The court may if it thinks fit order any currency, security, gold, goods or other property in respect of which the offence was committed to be forfeited to the Republic, or, where such currency, security, gold, goods or other property is not available to be forfeited, may order the offender to pay a further penalty not exceeding three times the amount or value thereof." [As Substituted by the Exchange Control (Amendment) Decree, 1973, NRCD 220 s. 2].

6. (1) No proceedings for an offence punishable under this Part of this Schedule shall be instituted, except by or with the consent of the Attorney-General:

Provided that this sub-paragraph shall not prevent the issue or execution of a warrant for the arrest of any person in respect of such an offence, or the remanding in custody or on bail of any person charged with such an offence.

(2) Proceedings against any person in respect of an offence punishable under this Part of this Schedule may be taken before the appropriate court having jurisdiction in the place where that person is for the time being.

(3) Any proceedings under a law establishing summary jurisdiction which may be taken against any person in respect of any offence punishable under this Part of this Schedule may, notwithstanding anything to the contrary in that law, be taken at any time within twelve months from the date of the commission of the offence or within three months from the date on which evidence sufficient in the opinion of the Minister to justify the proceedings comes to the knowledge of the Minister, whichever period last expires, or, where the person in question was outside Ghana at the date last mentioned, within twelve months from the date on which he first arrives in Ghana thereafter.

(4) For the purposes of this paragraph a certificate of the Minister as to the date on which such evidence as aforesaid came to the knowledge of the Minister shall be conclusive evidence thereof.

7. The maximum period of imprisonment that may be imposed by a court of summary jurisdiction—

(a) in respect of the non-payment of a sum adjudged to be paid by a conviction for an offence punishable under this Part of this Schedule; or

(b) in respect of the default of a sufficient distress to satisfy any such sum,

shall, in cases where the sum exceeds £G20, be increased in accordance with the following scale, that is to say,—

Where the amount of the sum adjudged to

 be paid by the conviction,                                      The said period

as ascertained by the conviction,—                                  shall not exceed—

Exceeds £G20 but does not exceed £G100                     Four months.

Exceeds £G100      ..          ..        ..                          Six months.

PART III—IMPORT AND EXPORT

8. The enactments relating to customs shall, subject to such modifications, if any, as may be prescribed to adapt them to this Act, apply in relation to anything prohibited to be imported or exported by any of the provisions of Part III of this Act as they apply in relation to goods prohibited to be imported or exported by or under any of the said enactments, and any reference in the said enactments to goods shall be construed as including a reference to anything prohibited to be imported or exported by any of the provisions of the said Part III.

9. Any declaration required to be given under Part III of this Act shall, for the purposes of the Customs Ordinance (Cap. 167), be deemed to be a declaration in a matter relating to customs.

10. Without prejudice to any of the preceding provisions of this Part of this Schedule, any person who, on any occasion, is about to leave Ghana or arrives in Ghana (which person is hereafter in this paragraph referred to as "the traveller") shall, if on that occasion he is required so to do by an Officer of Customs and Excise or an immigration Officer—

(a) declare whether or not he has with him anything prohibited to be imported or exported by any of the provisions of the said Part III, and

(b) produce any such thing as aforesaid which he has with him,

and the officer may examine or search any article which the traveller has with him for the purpose of ascertaining whether he is conveying or has in his possession any such thing, and, if the officer has reasonable grounds for suspecting that the traveller has about his person any such thing, search him and may seize anything produced as aforesaid or found upon such examination or search as aforesaid as to which the officer has reasonable ground for suspecting that it is prohibited to be imported or exported by any of the provisions of the said Part III:

Provided that no female shall be searched in pursuance of this paragraph except by a female.

11. Sub-paragraph (2) of paragraph 5 of this Schedule shall apply also to offences punishable by virtue of this Part of this Schedule.

amended by

EXCHANGE CONTROL (AMENDMENT) DECREE, 1973 (NRCD 220).1

EXCHANGE CONTROL (AMENDMENT) DECREE, 1977 (SMCD 99).2

EXCHANGE CONTROL (AMENDMENT) LAW, 1986 (PNDCL 149).3