BANK OF GHANA ACT - 2002 (ACT 612)

    Section - 46 - Business transaction

    The Bank may, subject to this Act and the policies of the Bank, undertake or transact any or all of the following:

    (a) accept deposits from and make payments to Government and other public bodies, agencies or international organisations, embassies and bodies or persons specified in notices issued by the Board;

    (b) issue demand drafts and other forms of remittances made payable at its own offices or the offices of agencies or correspondents;

    (c) purchase and sell secured export bills;

    (d) purchase, sell, discount and rediscount bills of exchange and promissory notes arising out of bona fide commercial transactions bearing two or more authorised signatures and maturing within ninety days, exclusive of days of grace from the date of acquisition;

    (e) purchase, sell, discount and rediscount bills of exchange and promissory notes bearing two or more authorised signatures drawn or issued for the purpose of financing seasonal agricultural operations or the marketing of crops and maturing within one hundred and eighty days, exclusive of days of grace from the date of acquisition;

    (f) purchase, sell, discount and rediscount treasury bills of the Government publicly issued;

    (g) purchase and sell for the Bank's account, Government securities and guaranteed securities of other public corporations;

    (h) grant, on the conditions determined by the Board, advances to financial institutions for fixed periods not exceeding three months against publicly issued treasury bills of the Government maturing within ninety-one days of the issue;

    (i) grant advances for a fixed period not exceeding three months at the interest rate determined by the Board against promissory notes secured by the pledge with the Bank of

    (i) gold, gold coin or bullion;

    (ii) securities of the Government which have been publicly offered for sale and are to mature within a period of twenty years;

    (iii) warehouse warrants or their equivalent (securing possession of goods) in respect of staple commodities or other goods duly insured with a letter of hypothecation from the owner;

    (j) accept from customers for safe custody moneys, securities and other articles of value; and collect proceeds whether principal, interest or dividend on the moneys, securities or articles of value; and

    (k) generally conduct the business of banking for its specified customer base.