BANK OF GHANA ACT - 2002 (ACT 612)

    Section - 7 - Revaluation Account

    (1) Profits or losses arising from a revaluation of the Bank's assets or liabilities in gold, special drawing rights or foreign securities as a result of a change in the par value of the cedi or of any change in the par value of the currency unit of any other country shall be excluded from the computation of the annual profits or losses of the Bank.

    (2) The profits and losses arising under subsection (1) shall be carried to a special account to be known as the 'Revaluation Account'.

    (3) Profits shall not be paid into the General Reserve Fund or the Consolidated Fund under sub-section (2) or (3) of section 6 where the Revaluation Account shows a net loss, and the profits not paid into the General Reserve Fund shall be credited to the Revaluation Account in an amount sufficient to cover the loss.

    (4) Where the profits referred to under subsection (1) are insufficient to cover the losses of the Bank in a financial year, the Government shall cause to be issued to the Bank redeemable negotiable interest bearing securities to the extent of the deficiency.

    (5) A credit balance in the Revaluation Account at the end of a financial year of the Bank shall be applied to redeem the outstanding securities issued under subsection (4).