LOANS ACT - 1970 (ACT 335)

    Section - 1 - Raising of Loans in Ghana.

    (1) The Government may, subject to the provisions of this Act raise within Ghana whether on behalf of itself or any other public institution or authority, loans of such sums of money as may be agreed between the Government and the lender:

    Provided that no such agreement for the raising of any such loan shall be submitted to the Cabinet for its approval except after consultation with the Minister.

    (2) The Minister may, for the purposes of subsection (1) of this section-

    (a) borrow the money by the issue and sale of securities in such form, for such separate sums, at such rates of interest and upon such other terms and conditions as the Minister may approve; and

    (b) enter into such contracts or agreements relating to the borrowing of the money or the issue or sale of securities relating thereto on such terms and conditions as the Minister may approve,

    (3) The Government may borrow under subsections (1) and (2) of this section such sums of money as are required for the payment of any securities issued under subsection (2) of this section and are maturing or have been called for redemption.