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IN exercise of the powers
conferred on the Secretary by
section 38 of the Exchange Control
Act, 1961 (Act 71), and for the
purpose of giving effect to the
provisions of Article 33 of the
Master Agreement, the following
regulations providing for certain
exemptions and consents are made
this 1st day of February, 1985.
Regulation 1
Nothing in sections 1, 3 and 6 of
the Act shall apply to prohibit
Valco and the Trustee of the Valco
Current Accounts Trust from
receiving and holding foreign
currency in accounts outside
Ghana, and making payments from
such accounts, as permitted by the
Valco Current Accounts Trust, for
the following purposes:
(a) meeting Valco's obligations
under the Exim-Valco Loan
Agreement and the Additional Valco
Financial Arrangements to pay
principal, interest and fees and
other charges; and
(b) paying fees, expenses and
reimbursable costs to the Trustee
of the Valco Current Accounts
Trust; and
(c) meeting Valco's reasonable
obligations to its suppliers for
materials supplied; paying
reasonable fees for licences
required by Valco; paying
reasonable royalties for patents
made use of by it; paying salaries
in such amounts as Valco may
reasonably have to pay outside
Ghana; making payments under the
Power Contract, the Smelter Site
Lease, the Water Agreement and the
Port Agreement, the Management and
Technical Assistance Agreement;
making repayments of Minimum
Quarterly Payments under the
Long-Term Tolling Contracts;
paying dividends declared by Valco,
which declarations shall include
in each event a determination that
after payment of the dividend
there will remain to Valco
sufficient funds, including funds
that may be provided as Minimum
Quarterly Payments under the
Long-Term Tolling Contracts, to
enable Valco to meet Valco's
obligations in Ghana including
without limitation its obligations
in respect of taxation, salaries
and wages; and paying reasonable
incidental expenses.
These exemptions from exchange
control obligations and
prohibitions shall extend to (1)
allowing Valco to make in its
books such credits and set-offs by
Valco as between any person's
liability and expected liability
(including any liability acquired
by transfer) to pay tolling
charges and other payments to
Valco and that person's right and
expected rights to receive
directly or indirectly, dividends
and other payments, as may be
reasonable in accordance with good
accounting practice and (2) the
promissory notes furnished to the
Valco Current Accounts Trustee in
respect of Credit Extensions under
the Long-Term Tolling Contracts or
to the trustee of any trust with
respect to the additional Valco
Financial Arrangements:
Provided, however, that the
exemptions hereby prescribed shall
be limited during each semi-annual
period to such amounts as may be
shown by the certificate of the
Financial Manager of Valco (or
such other person as the Secretary
may approve) to the Secretary
within sixty days after the end of
each semi-annual period ending
June 30th and December 31st in
each year, to have been authorised
by or required for the purposes
set forth in sub-paragraphs (a),
(b) and (c) of this paragraph.
Regulation 2
Valco shall submit a report to the
Secretary annually on or before
the first day of March setting
forth in reasonable detail the
amounts of foreign currency
received, held or paid by Valco
and the said Trustee during the
preceding calender year under the
exemptions granted in paragraph 1
hereof and the purposes to which
such amounts have been applied,
accompanied by such documents and
other information as the Secretary
may reasonably require.
Regulation 3
Nothing in section 10 of the Act
shall have any application to
goods exported from Ghana being
goods in respect of which a
tolling charge has been or will be
paid under and in accordance with
the long-term tolling contracts.
Regulation 4
Subject to the conditions
hereinafter stated in
sub-paragraphs (a) and (b) such
consents and exemptions as may be
required under the Act are hereby
given to the entering into and the
carrying out of the contracts and
agreements listed in Article 33
(D) of the Master Agreement:
Provided that—
(a) such consents or exemptions
shall not affect or derogate from—
(i)
the exemptions herein granted and
any limitations therein specified;
(ii) any consents or exemptions
which may be granted in future;
and
(iii) the provisions of Article 33
of the Master Agreement and the
rights and obligations of the
parties thereunder and
(b) if in the view of the
Secretary specific exemptions or
consents are required in the
interest of orderly administration
of the Act and Regulations, Valco
and the Trustee of the Valco
Current Accounts Trust may be
required to make specific
application provided that due and
timely notice shall be given to
the parties concerned and no
penalties shall be imposed or
other enforcement action taken
until the party concerned shall,
in accordance with the provisions
of Article 33 of the Master
Agreement, have had reasonable
opportunity to comply, or justify
non-compliance with such notice
whether by reason of the
requirements of the various
contracts and agreements, or
otherwise.
Regulation 5—Interpretation.
In this Instrument:
"Act" means the Exchange Control
Act, 1961 (Act 71).
"Effective Date" means the date on
which the Fourth Closing
Agreement, among the Government of
Ghana, the Volta River Authority
and Volta Aluminium Company
Limited, specified that these
Regulations shall be effective.
"The Master Agreement" means the
agreement so designated, dated
February 8, 1962, and made between
the Government of Ghana and the
Volta Aluminium Company Limited,
as the same has been amended from
time to time.
"Secretary" means the Secretary
responsible for Finance.
Regulation 6—Revocation
The Exchange Control (Exemption)
Regulations, 1962 (LI 168) are
hereby revoked.
Regulation 7—Enactment
These Regulations shall be
effective as of the Effective
Date.
P. V. OBENG
P.N.D.C. Co-ordinating Secretary
Date of Gazette Notification: 22nd
February, 1985.
1984
CUSTOMS AND EXCISE TARIFF
(AMENDMENT) REGULATIONS, 1984
(LI 1309).
IN exercise of the powers
conferred on the Secretary
responsible for Finance by section
270 (1) of the Customs and Excise
Decree, 1972 (N.R.C.D.114) these
Regulations are made this 28th day
of December, 1984.
Regulation 1— L.I. 838 Amended.
The Customs and Excise
Regulations; 1973 (L.I. 838) as
amended are hereby further amended
as follows:
(a) by the substitution for the
rates of duty of “¢385.00” and
¢450.00 “respectively specified in
the fourth column of the
particulars relating to Tariff
Numbers 22.08 and 22.09 of Part A
of the First Schedule thereto as
amended by the Customs and Excise
Tariff (Amendment) Regulations,
1983 (L.I. 1286) in respect of
item “A(2): other” and item “B
(2): other” respectively of the
new rate of duty of “¢705.00”;
(b) by the substitution for the
footnotes relating to item A and
item B of Tariff Numbers 22.08
and 22.09 respectively of Part A
of the First Schedule thereto of
the following footnote—
“Spirits of heading 22.08 (A)
imported in containers other than
quart and litre bottles put up for
retail sale are subject to the
payment of additional ¢15.00 the
gallon for every one per centum of
pure alcohol by volume in excess
of 43 per centum”.
(c) by the insertion immediately
after Tariff Number F.77 of Part
5B of the Second Schedule thereto
as amended by the Customs and
Excise Tariff (Amendment)
Regulations, 1983 (L.I. 1286) of
following new particulars—
“Tariff No.
Tariff Description
F.78
Literary matter:
Literary matter, fully printed or
produced by any duplicating
process including atlases, books,
charts, maps, music, newspapers,
and periodicals, plans and
drawings, scientific and technical
works, but excluding trade
catalogues, price lists, greeting
cards, almanacs, calendars and
stationery.”
(d) by the substitution for the
Third Schedule thereto of the
Schedule to these Regulations.
Regulation 2—Commencement.
These Regulations shall be deemed
to have come into force on the
27th day of March, 1984.
SCHEDULE
THIRD SCHEDULE—EXPORT DUTIES
PART A—DOMESTIC GOODS (i.e. goods
grown, produced or manufactured in
Ghana)
Tariff No. Tariff
Description Rate of Duty
Statistical No.
Statistical Des. Unit of
Quantity
3.1 Cocoa
Beans. The difference
between Established f.o.b. value
per metric ton and a figure to be
determined by the Secretary for
Finance and Economic Planning From
time to Time.
072-100
ton
3.2 Diamonds (rough and
uncut which have been won from the
earth in Ghana 6% of gross
value 275-100
667-200 Industrial ..
Other .. .. Carats
Carats
3.3 Kola-nuts ¢0.25
the kilo.
292-410
cwt.
3.4 Timber
A. All curls 6% of gross
Value.
242-311
242-312 Idigbo, Emeri
.. .. H.cub. ft.
242-313 Kokrodua ..
H.cub. ft.
242-314 Kokrodua ..
H.cub. ft.
242-315 Mahogany ..
H.cub. ft.
242-316 Mahogany ..
H.cub. ft.
242-317 Makore, Djava,
Baku .. ..
H.cub. ft.
B. Logs in the round
or squared. 6% of gross
value. 242-318 Makore,
Djava,
Baku .. ..
H.cub. ft.
242-319 Obeche, Wawa
H.cub.ft.
242-320 Sapele .. ..
H.cub.ft.
242-321 Sapele .. ..
H.cub.ft.
242-322 Utile ..
.. H.cub.ft.
242-323 Utile ..
.. H.cub.ft.
242-324 Abura, Subaha
H.cub.ft.
242-325 Afara, Ofrah
H.cub.ft.
242-326 Afzelia, Apa,
papao .. .. H.cub.ft.
242-327 Antiaris, Chenchen
..
H.cub.ft.
242-328 Avodire.. ..
H.cub.ft.
242-329 Ayan, Bonsamdua
H.cub.ft.
242-330 Canarium ..
H.cub.ft.
242-331 Danta .. ..
H.cub.ft.
242-332 Okan, Denya
H.cub.ft.
242-333 Ebony .. ..
H.cub.ft.
242-334 Ekhimi, Dahoma
H.cub.ft.
242-335 Ekki, Kaku..
.. H.cub.ft.
242-336 Gedunohor Edinam
.. .. .. H.cub.ft.
242-337 Guarea, Scented
Guarea .. .. ..
H.cub.ft.
B. Logs in the round
or squared —contd. 6% of gross
value. 242-338 Iroko,
Odum H.cub.ft.
242-339 Kokoti .. ..
.. H.cub.ft.
242-340 Mansonia ..
.. H.cub.ft.
242-341 Nyankom/
Niangon
H.cub.ft.
242-342 Omu .. ..
.. H.cub.ft.
242-343 Onyina/Cotton
wood, African
H.cub.ft.
242-344 Opare, Kusia
.. H.cub.ft.
242-345 Osu .. ..
.. H.cub.ft.
242-346 Otie .. ..
.. H.cub.ft.
242-347 Walnut, African
H.cub.ft.
242-348 Walnut,
African H.cub.ft.
242-349 Okuro .. ..
.. H.cub.ft.
242-350
Wonton .. ..
H.cub.ft.
242-399 Other sawlogs
and veneer
logs—non-
conifer .. .. ..
H.cub.ft.
243-100 Rail sleepers
.. cub.ft.
243-311 Idigbo, Emeri ..
cub.ft.
243-312 Kokrodua ..
.. cub.ft.
243-313 Mahogany African
.. .. ..
cub.ft.
243-314 Mokore, Djava,
Baku
cub.ft
24-315
Obeche, Wawa
cub.ft.
243-316 Sapele .. ..
.. cub.ft.
243-317 Utile ..
.. .. cub.ft.
C. Lumber 6% of
gross
value.
243-318
Flooring Strips cub.ft.
243-319 Abura Subaha
cub.ft.
243-321 Afara, Ofram
cub.ft.
243-322 Afzelia, Apa,
Papao .. .. ..
cub.ft.
243-323 Antiaris, Chenchen
.. ..
cub.ft.
243-324 Avodire .. ..
cub.ft.
243-325 Ayan, Bonsamdua
.. ..
cub.ft.
243-326 Canarium ..
.. cub.ft.
243-327 Danta .. ..
.. cub.ft.
243-328 Okan, Denya
.. cub.ft.
243-329 Ebony .. ..
.. cub.ft.
243-331 Ekhimi, Dahoma
.. ..
cub.ft
243-332 Ekki, Kaku ..
.. cub.ft.
243-333 Gedunohor,
Edinam .. ..
cub.ft.
243-334 Guarea, Scented
Guarea .. ..
cub.ft.
243-335 Iroko, Odum
.. cub.ft.
243-336 Kokoti .. ..
.. cub.ft.
243-337 Mansonia ..
.. cub.ft.
243-338 Nyankom/
Niangon .. ..
cub.ft.
C. Lumber—
contd. 6% of gross value
243-339 Omu .. ..
.. cub.ft.
243-341 Onyina/Cotton wood
.. .. .. cub.ft.
243-342 Opepe, Kusia
.. cub.ft.
243-343 Osu .. ..
.. cub.ft.
243-344 Otie .. ..
.. cub.ft.
243-345 Walnut,
African cub.ft.
243-346 Okuro.. ..
.. cub.ft.
243-347 Wonton ..
.. cub.ft.
243-348 Other lumber, sawn
planed, grooved, tongued, etc.—
non-conifer ..
cub.ft.
D. Other articles of
wood. 6% of gross
value.
3.5 Bauxite (aluminium ore)
and aluminium concentrates. 6%
of gross value. 283-310
283-320 Bauxite .. ..
ton
3.6 Manganese ore and
concentrates. 6% of gross
value. 283-710
283-720
283-730
283-790 Battery grade
containing more than 30% of
manganese, n.e.s. containing not
more than 30% of manganese
centrates of manganese ..
ton
3.7 Gold .. 6% of gross
value. 991-100
991-300
991-400
681-000 Bullion ..
..
Other .. ..
Rolled gold ..
Other .. .. f.o.t.
f.o.t.
f.o.t.
f.o.t.
051-310 Bananas,
fresh.. cwt.
051-320 Plantains, fresh
cwt.
053-510 Lime juice..
.. cwt.
053-590 Other fruit
juices.. .. .. cwt.
054-811 Yams and cocoyams..
.. cwt.
071-110 Coffee, not
roasted .. .. cwt.
071-120 Coffee, roasted or
ground .. .. cwt.
072-310 Cocoa
paste.. cwt.
072-320 Cocoa Butter
cwt.
221-300 Palm nuts and
palm-kernels cwt.
3.8. All other goods grown or
produced or manufactured in Ghana.
Free 221-810 Sheanuts..
.. cwt.
221-090 Other oil seeds &
oil nuts, n.e.s. cwt.
221-900 Flour and meal of
oil seeds and oil nuts ..
.. cwt.
242-800 Poles, piling,
posts and other wood in the
round ton
Classified according to the First
Schedule, Part
A.
DR. KWESI BOTCHWEY
Secretary responsible for Finance
and Economic Planning
Date of Gazette Notification: 28th
December, 1984.
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