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INTERNATIONAL
BANK, FUND AND FINANCE
CORPORATION ACT, 1957 (NO. 17 OF
1957 )
ARRANGEMENT OF
SECTIONS
Section
1.
Short Title.
2.
Interpretation.
3.
Authorization for signature of the
Agreements.
4. Financial
provisions.
4A. Special
Drawing Account of the Fund.
5. Status and
immunities of the Fund, the Bank
and the Finance Corporation.
GHANA
1957 No. 17.
Assented to in
Her Majesty's Name and on Her
Majesty’s behalf this 3rd day of
August, 1957.
K. A. KORSAH
Acting
Governor-General.
AN ACT to
enable Ghana to be a member of the
International Monetary Fund, of
the International Bank for
Reconstruction and Development,
and of the International Finance
Corporation.
Date of
commencement. [7th August, 1957.]
WHEREAS certain
Articles of Agreement were drawn
up at the United Nations Monetary
and Financial Conference held in
the year nineteen hundred and
forty-four at Bretton Woods in New
Hampshire in the United States of
America, that is to say Articles
of Agreement for the establishment
and operation of an international
body to be called the
International Monetary Fund, and
Articles of Agreement for the
establishment and operation of an
international body to be called
the International Bank for
Reconstruction and Development,
and these two bodies were duly set
up in accordance with the said
Articles:
AND WHEREAS in
the year nineteen hundred and
fifty-five Articles of Agreement
were approved by the executive
directors of the International
Bank for Reconstruction and
Development, that is to say
Articles of Agreement for the
establishment and operation of an
international body to be called
the International Finance
Corporation, and this body was
duly set up in accordance with the
said Articles:
AND WHEREAS
copies of the texts of all these
said Agreements have been laid
before Parliament:
AND WHEREAS it
is expedient that the Government
of Ghana should be a member of
each of these said three
international bodies, and adhere
to these said Agreements:
AND WHEREAS in
pursuance of the relevant said
Agreements respectively the
International Monetary Fund and
the International Bank for
Reconstruction and Development
have each prescribed the terms and
conditions on which the Government
of Ghana may become a member
thereof and on which the said
Agreement relating thereto may be
signed on behalf of the
Government, but the International
Finance Corporation has not yet
prescribed any such terms or
conditions:
Now, therefore,
BE IT ENACTED by the Queen's Most
Excellent Majesty, by and with the
advice and consent of the National
Assembly of Ghana in this present
Parliament assembled, and by the
authority of the same, as
follows:—
Section
1—Short Title.
This Act may be
cited as the International Bank,
Fund and Finance Corporation Act,
1957.
Section
2—Interpretation.
(1) In this
Act, unless the context otherwise
requires:—
"the Bank"
means the International Bank for
Reconstruction and Development;
"the Bank
Agreement" means the Articles of
Agreement hereinbefore referred to
for the establishment and
operation of the Bank;
"the Finance
Corporation" means the
International Finance Corporation;
"the Finance
Corporation Agreement" means the
Articles of Agreement hereinbefore
referred to for the establishment
and operation of the Finance
Corporation;
" the Fund"
means the International Monetary
Fund;
"the Fund
Agreement" means the Articles of
Agreement hereinbefore referred to
for the establishment and
operation of the Fund;
"the Minister"
means the Minister responsible for
Finance.
Cap. 1.
(2) The
Interpretation Ordinance shall
apply for the interpretation of
this Act as it applies to the
interpretation of an Ordinance.
Section
3—Authorization for Signature of
the Agreements.
The Minister is
hereby authorised on behalf of the
Government of Ghana to sign the
Fund Agreement, the Bank Agreement
and the Finance Corporation
Agreement; and to deposit, in the
cases of the Fund Agreement and
the Bank Agreement with the
Government of the United States,
and in the case of the Finance
Corporation Agreement with the
Bank, instruments of acceptance of
those Agreements and of the terms
and conditions respectively
prescribed thereunder relating to
the admission of the Government of
Ghana to membership; or by
instruments under his hand to
empower such person as may be
named in those instruments to sign
the said Agreements and to deposit
the said instruments of acceptance
as above set out.
Section
4—Financial Provisions.
(1) There shall
be paid out of the Consolidated
Fund, on the warrant of the
Minister, all sums required for
the purpose of paying—
(a) the
subscription payable to the Fund
under paragraph (a) of section 3
of Article III of the Fund
Agreement;
(aa) any sums
payable to the Fund under section
2 and paragraph (a) of section 4
of Article III of the Fund
Agreement (which relate to
increases in the subscriptions of
members); and [As Inserted by the
International Bank Fund and
Finance Corporatrion (Amendment)
Act, 1960 (Act 12), s. 1 (a)].
(b) any sums
payable to the Fund under
paragraph (b) or paragraph (d) of
sections 8 of Article IV of the
Fund Agreement (which relates to
changes in the par or foreign
exchange value of currencies of
members);
(c) any sums
required for implementing the
guarantee required by section 3 of
Article XIII of the Fund
Agreement, that is to say, a
guarantee of the assets of the
Fund against loss resulting from
failure or default of the
depository designated by the
Government of Ghana under the said
Article
(d) any
compensation required to be paid
to the Fund or to any member
thereof under Schedule D of the
Fund Agreement (which relates to
the withdrawal of members from the
Fund) or under Schedule E thereof
(which relates to the liquidation
of the Fund);
(e) any moneys
to be subscribed for shares in the
Bank under section 3 of Article II
of the Bank Agreement, and any
sums payable to the Bank under
section 9 of that Article (which
section relates to changes in the
par or foreign exchange values of
currencies of members); [As
Substituted by the International
Bank, Fund and Finance Corporation
(Amendment) Act 1965 (Act 285) s.
1].
(f) any amounts
required to be paid to the Bank
under head (iv) of paragraph (c)
of section 4 of Article VI of the
Bank Agreement;
(g) the moneys
to be subscribed for shares in the
Finance Corporation under
paragraph (a) of section 3 of
Article II of the Finance
Corporation Agreement, not
exceeding in aggregate the sum of
sixty thousand pounds;
(h) any amounts
required to be paid to the Finance
Corporation under head (iii) of
paragraph (c) of section 4 of
Article V of the Finance
Corporation Agreement;
(i) any amounts
or charges required to be paid to
the Fund, the Bank or the Finance
Corporation incidentally to the
Government's membership therein
respectively, or operations or
transactions therewith;
Cap. 207. No.
12 of 1953.
and for the
purpose of providing any sums to
be paid out of the Consolidated
Fund as aforesaid money may if
required from time to time be
borrowed in the manner provided in
the Treasury Bills Ordinance or in
the Local Loans Ordinance (but
without prejudice to any other
method of raising the money)
without any authorization of the
National Assembly other than this
section and any moneys so borrowed
shall be paid into the
Consolidated Fund.
Section 4 of
the said Act (as amended by the
Constitution (Consequential
Provisions) Act, 1960 (CA 8) and
by this Act) shall apply to any
sums payable by Ghana under the
provisions of the Fund and Bank
Agreements referred to in
paragraphs (aa) and (ee) of
subsection (1) of that section and
outstanding immediately prior to
the commencement of this Act as it
applies to any such sum incurred
thereafter. [As Inserted by the
International Bank, Fund and
Finance Corporation (Amendment)
Act, 1960 (Act 12) s. 2].
(2) The
Minister may, if he thinks fit so
to do, create and issue to the
Fund or to the Bank, in such form
as he thinks fit, any such
non-interest-bearing and
non-negotiable notes or other
obligations as are provided for by
section 5 of Article III of the
Fund Agreement, or by section 12
of Article V of the Bank Agreement
(both of which sections relate to
the acceptance by the Fund or by
the Bank, as the case may be, of
notes or similar obligations in
place of currency), and the sums
payable under any such notes or
other obligations so created and
issued shall be charged on the
Consolidated Fund.
(3) Any sums
received by the Government of
Ghana from the Fund, the Bank or
the Finance Corporation (other
than sums received by reason of
operations or transactions under
Article V, Article VII or Article
VIII of the Fund Agreement) shall
be paid into the Consolidated
Fund.
Section
4A—Special Drawing Account of the
Fund.
(1) The
Commissioner responsible for
Finance is hereby authorised on
behalf of the Government of Ghana
to accept the amendments proposed
to the Fund Agreement by the
Executive Directors of the Fund on
the 16th day of April, 1968 and
approved by the Board of Governors
of the Fund on the 31st day of
May, 1968.
(2) The said
Commissioner is hereby also
authorised on behalf of the
Government of Ghana to accept
participation in the Special
Drawing Account of the Fund
proposed to be instituted by the
amendments referred to in
subsection (1) of this section and
to deposit with the Fund the
instrument prescribed by section 1
of Article XXIII of the Fund
Agreement (as proposed in the said
amendments) and to undertake on
behalf of the Government of Ghana
all the obligations of a
participant in the Special Drawing
Account.
(3) The said
Commissioner may if he thinks fit,
by instrument under his hand
authorise any person to accept the
said amendments and to deposit the
said instrument on behalf of the
Government of Ghana and to do any
other thing which the Commissioner
is authorised to do under
subsections (1) and (2) of this
section; and any thing done by a
person so authorised shall for the
purposes of this Act, be deemed to
be as effective as if it had been
done by the said Commissioner
personally.
(4) Any
reference in this Act to the Fund
Agreement shall, unless the
contrary intention appears be
deemed to include a reference to
the amendments referred to in
subsection (1) of this section.
(5) Without
prejudice to the general effect of
subsection (3) of this section the
following provisions shall have
effect:—
(a) all sums
falling to be paid at any time by
the Government of Ghana under any
provision of the Fund Agreement as
a result of the said amendments or
as a result of the operations of
the Special Drawing Account shall
be deemed to be charged on the
Consolidated Fund,
(b) the
provisions of subsection (1) of
section 4 of this Act relating to
the raising of loans in respect of
sums required to be paid out of
the Consolidated Fund under that
subsection shall apply in relation
to the sums referred to in
paragraph (a) of this subsection
as it applies in relation to the
sums referred to in the said
subsection (1) of section 4 of
this Act.
(6) The Issue
Department of the Bank of Ghana
shall have power to acquire and
hold without limitation as part of
the assets of that department
special drawing rights issued by
the Fund and acquired by the
Government of Ghana whether
directly from the Fund itself or
otherwise in pursuance of the Fund
Agreement (as modified by the said
amendments) and accordingly
section 15 of the Bank of Ghana
Act, 1963 (Act 182) is hereby
amended by the insertion
immediately after paragraph (a) of
subsection (2) of that section of
the following new paragraph:— [As
Inserted by the Internationl Bank,
Fund and Finance Corporation
(Amendment) 1969 (NLCD 359) s. 1].
Section
5—Status and Immunities of the
Fund, the Bank and the Finance
Corporation.
(1) The Fund,
the Bank and the Finance
Corporation shall each be a body
corporate with perpetual
succession and each may, subject
to the provisions of sub-section
(2) of this section, sue and be
sued in its respective corporate
name and may enter into contracts
and, for and in connection with
the purposes of the Fund
Agreement, the Bank Agreement or
the Finance Corporation Agreement
respectively, may acquire and
dispose of real and personal
property.
(2) The
Governor-General may by Order make
such provision as may be
reasonably necessary for carrying
into effect any of the provisions
of the Fund Agreement, the Bank
Agreement or the Finance
Corporation Agreement relating to
the status, immunities and
privileges of the Fund, the Bank
and the Finance Corporation and
their respective governors,
executive directors, directors,
alternates, officers and
employees, or any of the
provisions of the Fund Agreement
as to the unenforceability of
exchange contracts.
Cap. 268.
(3) Nothing in
this Act shall be construed as
limiting the power of the
Governor-General under section 2
of the Diplomatic Privileges
Ordinance to declare the Fund, the
Bank or the Finance Corporation to
be such an organization as is
mentioned in that section, or any
power of the Governor-General
under that or any other law to
confer any immunities or
privileges on the Fund or the
Bank, or on any other persons
connected with them.
This printed
impression has been carefully
compared by me with the Bill which
has passed the National Assembly,
and found by me to be a true and
correctly printed copy of the said
Bill.
K. B. AYENSU
Clerk of the
National Assembly.
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