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FOREIGN EXCHANGE DECREE, 1972 (NRCD
44)
As amended
ARRANGEMENT OF SECTIONS
Section
1. Wilful misrepresentation of
cost of goods or services.
2. Persons concerned in offence
under Section 1.
2A. Certain export prices deemed
unsatisfactory.
2B. Certain misrepresentations in
export transactions to constitute
offences.
2C. Misrepresentation of
consignee.
2D. Misrepresentation of quality
or quantity of exports.
2E. Export of services.
2F. Definition of world market
price.
3. Ascertainment of amount
transferred by wilful
misrepresentation.
4. Penalty of Ten times the amount
transferred by wilful
misrepresentation.
5. Penalty payable in Foreign
Exchange.
6. Further penalty on failure to
pay Foreign Exchange.
7. Offences by bodies of persons.
8. Jurisdiction of Courts, etc.
9. Foreign exchange to be paid to
consolidated fund.
10. Decree to apply whether money
transferred or not.
IN pursuance of the National
Redemption Council (Establishment)
Proclamation, 1972, this Decree is
hereby made:
Section 1—Wilful Misrepresentation
of Cost of Goods or Services.
Any person who, for the purpose of
obtaining a transfer of foreign
exchange from Ghana to pay for
goods or services provided abroad,
whether on his own behalf or on
behalf of any other person,
wilfully misrepresents the cost of
those goods or services, shall be
guilty of an offence and liable on
conviction to the penalties
provided by this Decree.
Section 2—Persons Concerned in
Offence under Section 1.
Any person who directly or
indirectly assists or permits or
is concerned in the commission of
an offence under section 1 shall
be guilty of an offence and liable
on conviction to the penalties
provided by this Decree.
Section 2A—Certain Export Prices
Deemed Unsatisfactory.
(1) Subsection (1) of section 10
of the Exchange Control Act, 1961
(Act 71) (which among other
things requires that payment for
exports shall represent a return
for the goods which is in all the
circumstances satisfactory in the
interests of Ghana) shall be
deemed not to have been complied
with where the price paid or to be
paid for any exports is less than
the minimum world market price for
such exports as on the date of the
contract to which the export
relates, unless the Bank of Ghana
otherwise directs.
(2) Every exporter of such goods
as the Bank of Ghana may by notice
published in the Commercial and
Industrial Bulletin of the Ghana
Gazette prescribe, shall declare
to any public authority
controlling the export of the said
goods the world market price
obtaining at the time of the
contract for the export and it
shall be the duty of the said
public authority to decide whether
the price to be paid for the goods
is satisfactory in the interests
of Ghana or not, taking into
consideration the world market
price declared by the exporter as
well as any other information in
the possession of the authority:
Provided that where in the case of
any goods prescribed by the Bank
under this subsection there is no
public authority controlling their
export, the reference in this
subsection to a public authority
in relation thereto shall be
deemed to be a reference to the
Bank of Ghana.
(3) Any person who makes a false
declaration under this section
shall be guilty of an offence and
shall, on summary conviction be
liable to a fine of not less than
¢10,000.00 or to imprisonment for
a term of not less than five
years, but not exceeding fifteen
years or to both such fine and
imprisonment.[As inserted by
Foreign Exchange (Amendment)
Decree 1973 (NRCD 162) s. 1]
Section 2B—Certain
Misrepresentations in Export
Transactions to Constitute
Offences.
Any exporter who misrepresents in
any manner specified in sections
2C, 2D and 2E of this Decree
either the consignee or the
quality or quantity of any goods
in any document relating to the
export of the goods shall be
guilty of an offence and liable on
conviction to the penalties
provided in relation thereto in
the said sections.[As inserted by
Foreign Exchange (Amendment)
Decree 1973 (NRCD 162) s. 1]
Section 2C—Misrepresentation of
Consignee.
(1) An exporter shall be guilty of
misrepresenting the consignee of
goods—
(a) if knowing that the goods
exported shall be resold to
another person in substantially
the same form and quantity as when
exported from Ghana he names to be
a consignee in any document
relating to the export a person
other than the person to whom the
goods are resold or to be resold
and the price paid or payable by
the person so named is lower than
the world market price, or
(b) if the exporter and the
consignee named in any document
relating to the export have a
common financial interest as
defined in subsection (2) of this
section and the price paid or
payable by such consignee is lower
than the world market price as on
the date of naming the consignee.
(2) An exporter and a consignee
shall, for the purposes of
subsection (1)(b) of this section
be deemed to have a common
financial interest if the
consignee is a person who wholly
or partly owns the share capital
of the exporter or a person whose
share capital is wholly or partly
owned by the exporter or if the
consignee and the exporter are
persons whose share capital is
wholly or partly owned by the same
person.
(3) Where a person is convicted
for misrepresenting the consignee
the court shall order the offender
to pay to the Bank of Ghana within
thirty days in such foreign
exchange as the court may
determine a sum equal to ten times
the difference between the world
market price and the price paid or
payable by the misrepresented
consignee.[As inserted by Foreign
Exchange (Amendment) Decree 1973 (NRCD
162) s. 1]
Section 2D—Misrepresentation of
Quality or Quantity of Exports.
(1) An exporter shall be guilty of
misrepresenting the quality or
quantity of exports if in any
document relating to the export he
states a quality or quantity in
respect of the goods which is
intended to secure or which
secures a price lower than the
price which would have been
secured if he had stated the true
quality or quantity of the goods.
(2) Where a person is convicted
under this section for
misrepresenting the quality or
quantity of exports he shall be
liable to pay to the Bank of
Ghana, within thirty days in such
foreign exchange as the court
shall determine, a sum equal to
ten times the amount representing
the difference between the price
which would have been secured if
the exporter had stated the true
quality or quantity of the goods
and the price which was intended
to be secured or which was secured
on the misrepresentation.[As
inserted by Foreign Exchange
(Amendment) Decree 1973 (NRCD 162)
s. 1]
Section 2E—Export of Services.
The provisions of sections 2A to
2D shall apply with the necessary
modifications to the export of
services from Ghana.[As inserted
by Foreign Exchange (Amendment)
Decree 1973 (NRCD 162) s. 1]
Section 2F—Definition of World
Market Price.
(1) For the purposes of sections
2A, 2B, 2C and 2E of this Decree
the expression "world market
price" means the price current or
prevailing in the country
designated in any document
relating to the export as the
country of consignment or, where
appropriate, the price fixed under
any international agreement for
the time being in force.
(2) Where there is any doubt as to
the world market price in respect
of any goods a statement by the
Bank of Ghana as to such price
shall be conclusive. [As inserted
by Foreign Exchange (Amendment)
Decree 1973 (NRCD 162) s. 1]
Section 3—Ascertainment of Amount
Transferred by Wilful
Misrepresentation.
(1) For the purpose of
ascertaining whether a person has
wilfully misrepresented the cost
of goods or services provided
abroad, the Court shall determine—
(a) the normal commercial cost of
the goods or services provided in
their country of origin and in the
case of the goods taking into
account the fact that they are
intended for export;
(b) the amount of foreign exchange
transferred in payment for those
goods or services.
(2) The amount by which the
foreign exchange transferred in
payment for the goods or services
in question exceeds their normal
commercial cost shall be deemed to
be an amount transferred by wilful
misrepresentation.
Section 4—Penalty of Ten Times the
Amount Transferred by Wilful
Misrepresentation.
Where a person is convicted of any
offence under sections 1, 2 and 3
of this Decree the court shall
order the offender to pay to the
Bank of Ghana within thirty days a
sum not less than ten times the
amount found in accordance with
section 3 to have been transferred
by wilful misrepresentation. [As
substituted by Foreign Exchange
(Amendment) Decree 1973 (NRCD 162)
s. 2]
Section 5—Penalty Payable in
Foreign Exchange.
The amount payable to the Bank of
Ghana under section 4 shall be
paid in such form of foreign
exchange as shall be determined by
the court.
Section 6—Further Penalty on
Failure to Pay Foreign Exchange.
Where a person having been
convicted of any offence under
sections 1, 2 and 3 of this
Decree, fails within thirty days
to pay the aforesaid foreign
exchange to the Bank of Ghana, the
court shall in lieu of such
penalty impose on the offender a
fine not less than ¢10,000 or a
sentence of imprisonment not less
than five years but not exceeding
fifteen years, or both such fine
and imprisonment. [As substituted
by Foreign Exchange (Amendment)
Decree 1973 (NRCD 162) s. 3]
Section 7—Offences by Bodies of
Persons.
In the case of an offence
committed under this Decree by a
body of persons—
(a) where the body of persons is a
body corporate, other than a
partnership, every director and
officer of that body corporate
shall be deemed also to be guilty
of that offence; and
(b) where the body is a
partnership every partner shall be
deemed also to be guilty of that
offence:
Provided that no such person shall
be deemed to be guilty of an
offence under this Decree if he
proves that the offence was
committed without his knowledge or
that he exercised all due
diligence to prevent the
commission of the offence.
Section 8—Jurisdiction of Courts,
Etc.
Any person may be prosecuted and
convicted or otherwise proceeded
against for any offence under this
Decree, whether or not the act
constituting the offence was
committed in or outside Ghana or
before or after the commencement
of this Decree.[As substituted by
Foreign Exchange (Amendment)
Decree, 1972 (NRCD 69) s.3]
Section 9—Foreign Exchange to be
Paid to Consolidated Fund.
Where foreign exchange is paid to
the Bank of Ghana in accordance
with this Decree, the Bank of
Ghana shall pay that foreign
exchange into the Consolidated
Fund.
Section 10—Decree to apply whether
Money Transferred or Not.
For the removal of doubts it is
hereby declared that a person may
be proceeded against and convicted
in respect of an offence under
this Decree whether or not any
foreign exchange has in fact been
transferred and accordingly any
reference in this Decree to
foreign exchange transferred shall
be deemed to include a reference
to the foreign exchange that could
have been transferred on the basis
of the misrepresentation.[As
inserted by Foreign Exchange
(Amendment) (No. 2) Decree, 1972 (NRCD
79) s.1]
Made this 14th day of March, 1972.
COLONEL I. K. ACHEAMPONG
Chairman of the National
Redemption Council
Date of Gazette Notification: 17th
March, 1972.
amended by
FOREIGN EXCHANGE (AMENDMENT)
DECREE, 1972 (NRCD 69) 1
FOREIGN EXCHANGE (AMENDMENT) (No.
2) DECREE, 1972 (NRCD 79)2
FOREIGN EXCHANGE (AMENDMENT)
DECREE, 1973 (NRCD 162)3
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