GHANA INVESTMENT FUND ACT - 2002 (ACT 616)
(1) The object of the Fund is to provide financial resources for the grant of medium and long term credit facilities to investors through designated financial institutions.
(2) For the purpose of achieving the object of the Fund, monies from the Fund shall be applied for such relevant investment activities as the Board of the Fund may determine including in particular the following:
(b) medical technology;
(d) computer technology;
(e) software development;
(f) plant assembly;
(g) real estate development;
(h) environmental technology;
(i) tourism, including eco-tourism;
(j) agro-processing; and
(k) the development of small, medium and large scale enterprises.
(3) Without prejudice to subsection (2) monies from the Fund may be applied to fund viable enterprises at advanced stages and to a limited extent at primary stages.
Any person or enterprise may apply to a designated financial institution or other institution for a credit facility if that person or enterprise
(a) has a business to expand or start;
(b) is registered in Ghana under the Companies Code, 1963 (Act 179), the Incorporated Private Partnerships Act, 1962 (Act 179), the Incorporated Private Partnerships Act, 1962 (Act 152) or any other enactment for the registration of business; and
(c) is wholly owned by a Ghanaian or partly owned by a Ghanaian with majority Ghanaian shareholding.
(1) An application for a credit facility shall be made to a designated financial institution or any such approved institution by the applicant in such a form and accompanied with such information and fee as the Board established under section 10 shall determine.
(2) On receipt of an application, made under subsection (1), the institution shall
(a) respond to the application within seven days from the date of receipt; and
(b) appraise and evaluate the application; and inform the applicant within a period not exceeding thirty days of its approval or otherwise of the application.
(1) There is established by this Act a Board for the Fund which shall consist of
(a) a Chairperson;
(b) one representative of the Ministry of Trade and Industry;
(c) one representative of the Bank of Ghana;
(d) one representative of the Association of Ghana Industries;
(e) one representative of the Ghana Chamber of Commence;
(f) one representative of the Ministry of Finance;
(g) one representative of the Ghana Investment Promotion Centre;
(h) the Chief Executive of the Fund;
(i) the Controller and Accountant-General or a representative of the Controller and Accountant General; and
(j) four other persons representing the private sector.
(2) The members of the Board shall be appointed by the President acting in consultation with the Council of State.
(3) The President shall in appointing the chairperson and the other members of the Board have regard to the integrity, knowledge, expertise and experience of the persons and in particular their knowledge in matters relevant to the functions of the Board.
(1) The Board shall manage and administer the Fund.
(2) For the purposes of subsection (1) the Board shall
(a) pursue polices to ensure the achievement of the object of the Fund;
(b) collect or arrange for the collection of monies assigned to the Fund;
(c) account for money in the Fund by defining appropriate procedures for the management of the Fund;
(d) in consultation with the Minister formulate policies to determine among others;
(i) the level of interest rate chargeable on any credit facility granted under this Act; and
(ii) the maximum credit facility that may be granted to an applicant;
(e) appoint designated financial and other institutions which shall grant credit facilities;
(f) receive and examine reports from designated financial institutions and other institutions in respect of credit facilities granted by them;
(g) with the approval of the Minister prepare and publish criteria for the disbursement of moneys from the Fund to designated financial institutions and other institutions;
(h) monitor the progress of successful applicants granted credit facilities under this Act, through agents assigned for the purpose; and
(i) perform any other functions conferred on it under this Act or incidental to the achievement of the object of the Fund.
(1) The chairperson and any other member of the Board other than an ex officio member shall hold office for a period not exceeding four years and are on the expiration of that period eligible for re-appointment for another term only.
(2) A member of the Board other than an ex-officio member may at any time by letter addressed to the President through the Minister resign from office.
(3) A member who is absent from four consecutive meetings of the Board without sufficient cause ceases to be a member of the Board.
(4) The chairperson or any other member of the Board may be removed from office by the President for inability to perform the functions of the office, for stated misbehaviour or for any other just cause.
(5) The chairperson of the Board shall notify the Minister of vacancies that occur in the membership of the Board within one month of the occurrence of the vacancy.
(6) A person appointed to fill a vacancy shall hold office for the remainder of the term of the previous member and shall subject to the provisions of this Act be eligible for re-appointment.
(1) The Board shall meet for the despatch of business at times and in places that the Board may determine but shall meet at least once every two months.
(2) The Chairperson shall upon the request of not less than one third of the membership of the Board convene a special meeting of the Board.
(3) The quorum at a meeting of the Board shall be six members.
(4) The chairperson shall preside at every meeting at which the chairperson is present and in the absence of the chairperson a member of the Board elected by the members present from among their number shall preside.
(5) Questions before the Board shall be decided by a majority of the members present and voting.
(6) The chairperson or the person presiding at a meeting of the Board shall in the event of equality of votes have a second or casting vote.
(7) The Board may co-opt any person to act as an adviser at its meetings but no co-opted person is entitled to vote at the meeting.
(8) The validity of the proceedings of the Board shall not be affected by a vacancy among its members or by a defect in the appointment or qualification of a member.
(9) Except as otherwise provided under this section, the Board shall determine and regulate the procedure for its meetings.
In this Act, unless the context otherwise requires.
"applicant" means a person who applies to a designated financial institution or any such approved institution for a credit facility;
"Board" means the Board established for the Fund under section 10;
"Credit facility" means any facility designated by the Board to serve as means of financial assistance or relief for an applicant under this Act;
"enterprise" means an industry, project, undertaking or economic activity to which this Act applies or an expansion of that industry, undertaking project or economic activity;
"financial institution" means an institution incorporated under the laws of Ghana and recognised by the Bank of Ghana as carrying on the business of banking or providing credit and approved and designated by the Board to transact business for purposes of this Act;
"Fund" means the Ghana Investment Fund established under section 1;
"institution" means a body corporate that is approved and designated by the Board to transact business for the purposes of this Act;
"Minister" means the Minister responsible for Trade and Industry;
"Ministry" means the Ministry of Trade and Industry.