INTERNATIONAL BANK, FUND AND FINANCE CORPORATION ACT - 1957 (NO. 17 OF 1957 )
(1) In this Act, unless the context otherwise requires:-
"the Bank" means the International Bank for Reconstruction and Development;
"the Bank Agreement" means the Articles of Agreement hereinbefore referred to for the establishment and operation of the Bank;
"the Finance Corporation" means the International Finance Corporation;
"the Finance Corporation Agreement" means the Articles of Agreement hereinbefore referred to for the establishment and operation of the Finance Corporation;
" the Fund" means the International Monetary Fund;
"the Fund Agreement" means the Articles of Agreement hereinbefore referred to for the establishment and operation of the Fund;
"the Minister" means the Minister responsible for Finance.
(2) The Interpretation Ordinance shall apply for the interpretation of this Act as it applies to the interpretation of an Ordinance.
The Minister is hereby authorised on behalf of the Government of Ghana to sign the Fund Agreement, the Bank Agreement and the Finance Corporation Agreement; and to deposit, in the cases of the Fund Agreement and the Bank Agreement with the Government of the United States, and in the case of the Finance Corporation Agreement with the Bank, instruments of acceptance of those Agreements and of the terms and conditions respectively prescribed thereunder relating to the admission of the Government of Ghana to membership; or by instruments under his hand to empower such person as may be named in those instruments to sign the said Agreements and to deposit the said instruments of acceptance as above set out.
(1) The Commissioner responsible for Finance is hereby authorised on behalf of the Government of Ghana to accept the amendments proposed to the Fund Agreement by the Executive Directors of the Fund on the 16th day of April, 1968 and approved by the Board of Governors of the Fund on the 31st day of May, 1968.
(2) The said Commissioner is hereby also authorised on behalf of the Government of Ghana to accept participation in the Special Drawing Account of the Fund proposed to be instituted by the amendments referred to in subsection (1) of this section and to deposit with the Fund the instrument prescribed by section 1 of Article XXIII of the Fund Agreement (as proposed in the said amendments) and to undertake on behalf of the Government of Ghana all the obligations of a participant in the Special Drawing Account.
(3) The said Commissioner may if he thinks fit, by instrument under his hand authorise any person to accept the said amendments and to deposit the said instrument on behalf of the Government of Ghana and to do any other thing which the Commissioner is authorised to do under subsections (1) and (2) of this section; and any thing done by a person so authorised shall for the purposes of this Act, be deemed to be as effective as if it had been done by the said Commissioner personally.
(4) Any reference in this Act to the Fund Agreement shall, unless the contrary intention appears be deemed to include a reference to the amendments referred to in subsection (1) of this section.
(5) Without prejudice to the general effect of subsection (3) of this section the following provisions shall have effect:-
(a) all sums falling to be paid at any time by the Government of Ghana under any provision of the Fund Agreement as a result of the said amendments or as a result of the operations of the Special Drawing Account shall be deemed to be charged on the Consolidated Fund,
(b) the provisions of subsection (1) of section 4 of this Act relating to the raising of loans in respect of sums required to be paid out of the Consolidated Fund under that subsection shall apply in relation to the sums referred to in paragraph (a) of this subsection as it applies in relation to the sums referred to in the said subsection (1) of section 4 of this Act.
(6) The Issue Department of the Bank of Ghana shall have power to acquire and hold without limitation as part of the assets of that department special drawing rights issued by the Fund and acquired by the Government of Ghana whether directly from the Fund itself or otherwise in pursuance of the Fund Agreement (as modified by the said amendments) and accordingly section 15 of the Bank of Ghana Act, 1963 (Act 182) is hereby amended by the insertion immediately after paragraph (a) of subsection (2) of that section of the following new paragraph:- [As Inserted by the Internationl Bank, Fund and Finance Corporation (Amendment) 1969 (NLCD 359) s. 1].
(1) The Fund, the Bank and the Finance Corporation shall each be a body corporate with perpetual succession and each may, subject to the provisions of sub-section (2) of this section, sue and be sued in its respective corporate name and may enter into contracts and, for and in connection with the purposes of the Fund Agreement, the Bank Agreement or the Finance Corporation Agreement respectively, may acquire and dispose of real and personal property.
(2) The Governor-General may by Order make such provision as may be reasonably necessary for carrying into effect any of the provisions of the Fund Agreement, the Bank Agreement or the Finance Corporation Agreement relating to the status, immunities and privileges of the Fund, the Bank and the Finance Corporation and their respective governors, executive directors, directors, alternates, officers and employees, or any of the provisions of the Fund Agreement as to the unenforceability of exchange contracts.