BANK OF GHANA ACT - 2002 (ACT 612)

    Section - 51 - Power to borrow and guarantee

    (1) The Bank may,

    (a) without the prior approval of the Minister borrow money from foreign institutions for a period not exceeding ninety days for the day-to-day operations of the Bank;

    (b) in accordance with this Act or any other enactment, borrow money from foreign institutions and pledge assets held by it as security for the repayment of the loan;

    (c) lend money or grant short-term credits to any financial institutions; but the Bank may, without the approval of the Minister, lend to those institutions in the ordinary course of business.

    (2) The Bank may, at the written request of the Minister, guarantee a loan granted to the Government or an agency of Government by a foreign institution.

    (3) The Bank shall put a limit on the aggregate of guarantees issued by it in each year.

    (4) The Bank may request security to cover its exposure for any guarantee it issues.

    (5) The Government may guarantee on behalf of the Republic a loan granted under paragraph (a) and (b) of subsection (1).