BANK OF GHANA ACT - 2002 (ACT 612)

    Section - 49 - Business the Bank may not engage in

    (1) Except as authorised by the Board, and for the purposes of supporting the Banks core functions, the Bank shall not

    (a) engage in a trade or have a direct interest in any commercial, agricultural, industrial or any other undertaking except an interest that the Bank may acquire in the course of the satisfaction of debts due to it;

    (b) purchase the shares of a company except shares of a financial institution or grant loans upon the security of shares;

    (c) advance money on mortgage or otherwise on the security of immovable property or the title deeds relating to that property;

    (d) become the owner of an immovable property except in so far as it is necessary for its own business premises and residence of its staff and employees;

    (e) draw or accept bills payable otherwise than on demand;

    (f) pay interest on deposits; or

    (g) accept for discount or as guarantee for an advance made by the Bank, bills or notes signed by members of the Board or by the Bank's officials or other employees.

    (2) Notwithstanding paragraph (c) of subsection (1), the Bank may for the purpose of acquisition of houses by its staff, advance money on mortgage to a member of staff on terms and conditions as determined by the Board.