BANK OF GHANA ACT - 2002 (ACT 612)

    Section - 6 - General Reserve Fund, payment into Consolidated Fund

    (1) There shall be a General Reserve Fund of the Bank.

    (2) At the end of each financial year of the Bank, after allowing for the operational expenses out of its income and after provision has been made for bad and doubtful debts, depreciation of assets, replacement of currency, development fund, contributions to staff and superannuation fund and other contingencies, there shall be transferred to the General Reserve Fund,

    (a) one-half of the net profit of the Bank if the amount of money in that Fund is less than the paid-up capital of the Bank; or

    (b) one-quarter of the net profit of the Bank, if the amount of money in that Fund is less than twice the amount of the paid-up capital of the Bank.

    (3) Money that remains after the transfer under subsection (2) shall

    (a) where there is a balance of government indebtedness in the books of the Bank, be used to set off the indebtedness; and

    (b) where there is no balance of government indebtedness in the books of the Bank, be paid into the Consolidated Fund.

    (4) Where at the end of a financial year the amount of money in the General Reserve Fund is more than twice the amount of the paid-up capital, a proportion of the profit, as may be agreed upon between the Bank and the Minister, shall be paid into the Consolidated Fund.