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INTERNATIONAL BANK, FUND AND
FINANCE CORPORATION ACT, 1957
(NO. 17 OF 1957 )
As amended
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.
As amended by
THE INTERNATIONAL BANK, FUND AND
FINANCE CORPORATION (AMENDMENT)
ACT, 1960 (ACT 12)1.
THE INTERNATIONAL BANK, FUND AND
FINANCE (CORPORATION) (AMENDMNET)
ACT, 1965 (ACT 285)2.
THE INTERNATIONAL BANK, FUND AND
FINANCE CORPORATION (AMENDMENT)
DECREE, 1969 (NLCD 359)3.
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