BANK OF GHANA ACT - 2002 (ACT 612)

    Section - 69 - Interpretation

    In this Act, unless the context otherwise requires,

    "Auditor-General" includes an auditor appointed by the Auditor-General;

    "Bank" means the Bank of Ghana continued in existence by section 1;

    "Board" means the Board of Directors specified under section 8;

    "financial institution" means an entity which may be either a depository financial institution such as a commercial bank, savings and loans company, mutual savings company, credit union or a non-depository financial institution such as a brokerage firm, insurance company, pension fund, investment company, which carries on the business of or part of whose business is any of the following activities:

    (a) taking of deposits of money from the public repayable on demand and withdrawable by cheques, drafts, orders or by other means;

    (b) financing of any activity by way of creating financial assets such as loans and advances, securities, bank deposits or otherwise, other than its own;

    (c) companies dealing in shares, stocks, bonds or other securities;

    (d) leasing, letting or delivering goods to a hirer under a hire purchase agreement;

    (e) carrying on by insurance companies of any business other than insurance;

    (f) collecting of money or accepting employer contributions and paying it out for legitimate claims or for retirement benefits;

    "financial system" means a network of deposit-taking and non-deposit taking financial institutions and entities providing financial services to the public.

    "foreign exchange" means

    (a) currency notes, bank notes or coins other than the currency of Ghana which are legal tender in any other country and are convertible into currency which is legal tender in any other country;

    (b) bills of exchange, travellers cheques, convertible currency, foreign government treasury bills, securities and bonds, promissory notes and balance in a bank payable otherwise than in the currency of Ghana;

    "foreign institutions" means banking or financial institutions of foreign governments and agencies or institutions acting on behalf of foreign governments, banking or financial institution;

    "Government" means the Government of Ghana;

    "liquid assets" means the cash in till, balances deposited with the Bank of Ghana and such other assets as the Bank of Ghana may determine.

    "member" means a Director of the Board;

    "Minister" means the Minister responsible for Finance;

    "prescribed" means prescribed by Regulations made under section 66.

    "settlement system" means an arrangement by which action is taken to discharge any obligation in respect of funds or security transfers between two or more parties.