Ghana imposes forex controls. Ghana imposes forex controls in effort to stop currency decline The fuel price index in particular has risen from to since January as 60second-binaryoption.com forex trader; Ghana imposes forex controls;. By all rows he played his desire off in Dubai and was well-liked by the network. Forex wrinkles,.Abbreviations: CFA.

Ghana imposes forex controls

ACCA F9 Foreign Exchange Risk Management

Ghana imposes forex controls. (b) where some only of them possess that attribute, operate to impose a separate obligation on each one of them who possesses that attribute to do all he can to secure the doing of the act. (3) Nothing in this Act shall be construed as requiring the Minister to pay any sum otherwise than in Ghana currency or otherwise than.

Ghana imposes forex controls


For the avoidance of doubt, it is hereby declared that unless otherwise authorised by the Secretary responsible for Finance no Ghana resident shall receive in Ghana any external currency as payment for services rendered or for the sale of goods or property by him or as rent in respect of any property owned by him.

Provided that where an external resident has paid a sum in or towards the satisfaction of a debt due from him, paragraph c of this subsection shall not prevent the acknowledgement or recording of the payment. Except in such circumstances as may be prescribed, no person shall do any of the following in Ghana- a make a payment to, or for the credit of, an external resident; b make a payment to, or for the credit of, a Ghana resident where the payment is by order or on behalf of an external resident; c place any sum to the credit of an external resident: Provided that where an external resident has paid a sum in or towards the satisfaction of a debt due from him, paragraph c of this section shall not prevent the acknowledgement or recording of the payment.

Except in such circumstances as may be prescribed, no Ghana resident shall make any payment outside Ghana to or for the credit of an external resident. Except in such circumstances as may be prescribed, no person shall in Ghana, and no Ghana resident shall outside Ghana, make any payment to or for the credit of a Ghana resident as consideration for or in association with- a the receipt by any person of a payment made outside Ghana, or the acquisition by any person of property which is outside Ghana, or b the transfer to any person, or the creation in favour of any person, of a right whether present or future, and whether vested or contingent to receive a payment outside Ghana or to acquire property which is outside Ghana.

Provided that the Minister may direct that, in cases to which the direction applies, paragraph a of this subsection shall have effect as if for the reference to six months there were substituted a reference to such shorter period as may be specified in the direction, or as if the words "or is to be so made not later than six months after the date of exportation" were omitted.

The Minister shall prescribe such banks or other bodies or persons as he thinks fit to be authorised depositaries of securities for the purposes of this Act. Provided that this provision shall not render invalid the incorporation of the company, but if by virtue of this subsection the number of the subscribers of the memorandum who on its registration become members of the company is less than the minimum number required to subscribe the memorandum, the provisions of the said Ordinance relating to the carrying on of business of a company the number of whose members is reduced below the legal minimum shall nevertheless apply.

Provided that no person shall be deemed to have committed an offence by reason only that the requirements of this subsection were not fulfilled unless he knew or had reason to believe that those requirements were not fulfilled. Except with the consent of the Bank of Ghana, no person shall, in Ghana, and no Ghana resident shall, outside Ghana, issue any bearer certificate or coupon or so alter any document that it becomes a bearer certificate or coupon.

Except with the consent of the Bank of Ghana, no person shall, in Ghana, and no Ghana resident shall, outside Ghana, do any act with intent to secure- a that a security which is- i registered in Ghana; or ii transferable by means of a bearer certificate in Ghana, becomes, or is replaced by, a security registered outside Ghana or a security transferable by means of a bearer certificate outside Ghana; or b that a certificate of title to any other security is issued outside Ghana in substitution for or in addition to a certificate of title thereto which is in, or is or has been lost or destroyed in, Ghana.

Except with the consent of the Bank of Ghana, no Ghana resident shall do any act with intent to secure that capital moneys payable on a security registered in Ghana are paid outside Ghana, or that, where the certificate of title to a security is in Ghana, capital moneys payable on the security are paid outside Ghana without production of the certificate to the person making the payment.

Provided that this subsection shall not prohibit an authorised depositary- a from parting with a certificate of title or coupon to or to the order of another authorised depositary, where the person from whom the other authorised depositary is to receive instructions in relation thereto is to be the same as the person from whom he receives instructions; b from parting with a certificate of title, for the purpose of obtaining payment of capital moneys payable on the security, to the person entrusted with payment thereof; c from parting with a coupon in the ordinary course for collection.

Provided that, where the person from whom an authorised depositary receives instructions in relation to any certificate of title dies or becomes subject to the Ghana law of insolvency, this subsection shall not prohibit the authorised depositary from recognising the person charged with administering his assets as the person entitled to give instructions in relation to the certificate of title. Provided that where the certificate of title or coupon is deposited with any person in a locked or sealed receptacle from which he is not entitled to remove it without the authority of some other person, that other person shall be deemed for the purposes of this provision to have the physical custody thereof.

Provided that- a a person shall not by reason only that he has a controlling interest in a body corporate be deemed for the purposes of this subsection to be entitled to give instructions to that body corporate as to the exercise of rights in respect of any security or coupon of which it is the holder; and b a person shall not be deemed to hold a security or coupon as a nominee by reason only that he holds it as trustee if he is entitled to transfer the security or coupon without permission from any other person.

Provided that nothing in this subsection- i shall, unless the Bank of Ghana otherwise directs, impose on any person an obligation, in relation to a debt arising in the carrying on of any trade or business, to procure the payment thereof at an earlier time than is customary in the course of that trade or business; or ii shall, unless the Bank of Ghana otherwise directs, prohibit any transfer to a person resident in Ghana and not elsewhere of any right to receive external or Ghana currency.

The requirements with respect to which such a notice may be given are as follows, that is to say, that the external company shall- i furnish to the Bank of Ghana such particulars as to its assets and business as may be mentioned in the notice; ii sell or procure the sale to an authorised dealer of any gold or external currency mentioned in the notice, being gold or external currency which it is entitled to sell or of which it is entitled to procure the sale; iii declare and pay such dividend as may be mentioned in the notice; iv realise any of its assets mentioned in the notice in such manner as may be so mentioned; v refrain from selling, transferring, or doing anything which affects its rights or powers in relation to, any such securities as may be mentioned in the notice.

Provided that this subsection shall not prohibit any person from selling securities authorised to be dealt in on any recognised stock exchange in Ghana if the sale takes place in pursuance of an agreement entered into in the ordinary course of business on that exchange. Provided that this subsection shall not apply where the lender after making such inquiries as are reasonable in the circumstances of the case does not know and has no reason to suspect that the body corporate is controlled as aforesaid.

Where the Minister is satisfied that, owing to a change in the external or internal position of any country, action is being or is likely to be taken to the detriment of the economic position of Ghana, he may give general or special directions prohibiting, either absolutely or to such extent as may be specified in the directions, the carrying out, except with permission granted by or on behalf of the Minister, of any order given by or on behalf of- a the country, or the Sovereign thereof, or any person resident therein, or b any body or corporation which is incorporated under the law of the country or is under the control of the country, or the Sovereign thereof, or any person resident therein, in so far as the order- i requires the person to whom the order is given to make any payment or to part with any gold or securities, or ii requires any change to be made in the person to whose credit any sum of money is to stand or to whose order any gold or securities are to be held.

Where a Ghana resident leaves Ghana, the Bank of Ghana may, before, at or after the time he leaves Ghana, direct that, for such period as may be specified in the direction, payments by him or on his behalf and to him or to his credit, and transactions in or in relation to Ghana Treasury bills, or securities or secondary securities, in which he is in any way concerned shall, whether or not he continues to be resident in Ghana, be subject to such restrictions as may be specified in the direction.

A document stating that any consent or direction is given under this Act, and purporting to be signed by or on behalf of the person giving the consent or direction, shall be evidence of the facts stated in the document. In this subsection "branch" includes the head office of a business; and this subsection shall apply in relation to a body of persons whether corporate or unincorporate who carry on any activity, whether for the purpose of profit or not, as it applies in relation to a business.

Provided that this subsection shall not apply in so far as it is shown to be inconsistent with the intention of the parties that it should apply, whether by reason of their having contemplated the performance of that term inspite of the provisions of this Act or for any other reason. The Minister may by legislative instrument make regulations prescribing anything that is to be prescribed under this Act or otherwise making provision for the purposes of this Act.

This Act binds the Republic, but without prejudice to any express terms no term shall be implied in any contract entered into by or on behalf of the Republic that the Government will ensure that a consent required by or under this Act is given or that any other function conferred by or under this Act is exercised in a particular way. Section - 5 - Payments In External Currencies. Section - 6 - Payment Outside Ghana. Section - 7 - Compensation Deals.

Section - 8 - Import Restrictions. Section - 9 - General Restrictions On Exports. Section - 10 - Payments For Exports. Section - 11 - Authorised Depositaries. Section - 12 - Issue Of Securities. Section - 21 - Validation Of Certain Transfers.

Section - 22 - Application To Secondary Securities. Section - 29 - Settlements. Section - 30 - Companies. Section - 32 - Persons Leaving Ghana. Section - 33 - Evidence. Section - 34 - Residence.

Section - 35 - Contracts, Legal Proceedings, Etc. Section - 36 - Enforcement And Administration. Section - 37 - Interpretation. Section - 38 - Power To Make Regulations. Section - 39 - Repeal. Section - 40 - Act Binds Republic. Section - 41 - Commencement. Home Sections Expand All Print. Section - 6 - Payment Outside Ghana Except in such circumstances as may be prescribed, no Ghana resident shall make any payment outside Ghana to or for the credit of an external resident.

Section - 7 - Compensation Deals Except in such circumstances as may be prescribed, no person shall in Ghana, and no Ghana resident shall outside Ghana, make any payment to or for the credit of a Ghana resident as consideration for or in association with- a the receipt by any person of a payment made outside Ghana, or the acquisition by any person of property which is outside Ghana, or b the transfer to any person, or the creation in favour of any person, of a right whether present or future, and whether vested or contingent to receive a payment outside Ghana or to acquire property which is outside Ghana.

Section - 8 - Import Restrictions 1 Except in such circumstances as may be prescribed, no person shall import any of the following- a gold; b a certificate of title to a security, including any such certificate which has been cancelled; c a document certifying the destruction, loss or cancellation of a certificate of title to a security.

Section - 9 - General Restrictions On Exports 1 Except in such circumstances as may be prescribed, no person shall export any of the following- a currency notes; b postal orders; c gold; d a document of any of the following descriptions, including any such document which has been cancelled and any document certifying the destruction, loss or cancellation of any such document- 2 Regulations may prohibit or restrict the export of further articles if carried on the person of a traveller or in his baggage.

Section - 10 - Payments For Exports 1 Except in such circumstances as may be prescribed, no person shall export goods of any description unless- a payment for the goods has been made in the prescribed manner to a Ghana resident, or is to be so made not later than six months after the date of exportation; and b the amount of the payment that has been made or is to be made is such as to represent a return for the goods which is in all the circumstances satisfactory in the interest of Ghana: Section - 11 - Authorised Depositaries The Minister shall prescribe such banks or other bodies or persons as he thinks fit to be authorised depositaries of securities for the purposes of this Act.

Section - 12 - Issue Of Securities 1 Except with the consent of the Minister, no person shall in Ghana issue any security or, whether in Ghana or elsewhere, issue any security which is registered or to be registered in Ghana, unless that person is satisfied by means of a declaration in writing signed by or on behalf of the person to whom the security is to be issued that the latter person is not an external resident and is not acquiring the security as the nominee of an external resident.

Section - 13 - Transfer Of Securities And Coupons 1 Except with the consent of the Bank of Ghana, a security registered in Ghana shall not be transferred, and a security not so registered shall not be transferred in Ghana, if either the transferor or the transferee, or any person for whom either of them is or is to be a nominee, is an external resident: Section - 14 - Issue Of Bearer Certificates And Coupons Except with the consent of the Bank of Ghana, no person shall, in Ghana, and no Ghana resident shall, outside Ghana, issue any bearer certificate or coupon or so alter any document that it becomes a bearer certificate or coupon.

Section - 15 - Substitution Of Securities And Certificates Outside Ghana Except with the consent of the Bank of Ghana, no person shall, in Ghana, and no Ghana resident shall, outside Ghana, do any act with intent to secure- a that a security which is- i registered in Ghana; or ii transferable by means of a bearer certificate in Ghana, becomes, or is replaced by, a security registered outside Ghana or a security transferable by means of a bearer certificate outside Ghana; or b that a certificate of title to any other security is issued outside Ghana in substitution for or in addition to a certificate of title thereto which is in, or is or has been lost or destroyed in, Ghana.

Section - 16 - Payment Of Capital Moneys Outside Ghana Except with the consent of the Bank of Ghana, no Ghana resident shall do any act with intent to secure that capital moneys payable on a security registered in Ghana are paid outside Ghana, or that, where the certificate of title to a security is in Ghana, capital moneys payable on the security are paid outside Ghana without production of the certificate to the person making the payment.

Section - 17 - Duties Of Persons Keeping Registers 1 Except with the consent of the Bank of Ghana, no person concerned with the keeping of any register in Ghana shall- a enter in the register the name of any person in relation to any security unless there has been produced to him evidence in accordance with the following subsection that the entry does not form part of a transaction which involves the doing of anything prohibited by this Act; or b enter in the register, in respect of any security, an address outside Ghana, except for the purpose of any transaction for which the consent of the Bank of Ghana has been granted with the knowledge that it involved the entry of that address; or c do any act in relation to the register which recognises or gives effect to any act appearing to him to have been done with such intent as is mentioned in the two last preceding sections, whether done by a person in or resident in Ghana or not.

Section - 19 - Deposit Of Certificates Of Title 1 This and the next following section apply to any security except- a a security which is registered in Ghana otherwise than in a subsidiary register, and on which none of the dividends or interest is payable on presentment of a coupon; and b any such other security as may be prescribed, and in the following provisions of this section and in the next following section the expressions "security", "certificate of title" and "coupon" mean respectively a security to which the said sections apply, a certificate of title to such a security, and a coupon representing dividends or interest on such a security.

Section - 20 - Additional Provisions As To Deposit Certifficates 1 Where a certificate of title to a security is by the preceding section required to be and is in the custody of an authorised depositary, the provisions of this section shall, except so far as the Bank of Ghana otherwise directs, have effect in relation thereto unless- a the authorised depositary is satisfied that the security is owned by a Ghana resident; and b in the case of a certificate of title which- i would ordinarily be accompanied by coupons whether attached or on separate coupon sheets ; but ii when it comes into the custody of the authorised depositary wants, in order to render it complete, any coupons which would not in the ordinary course have been detached for collection, there have also been deposited with him the coupons so wanting at the time when the certificate of title comes into his custody.

Section - 21 - Validation Of Certain Transfers 1 The title of any person to a security for which he has given value on a transfer thereof, and the title of all persons claiming through or under him, shall, notwithstanding that the transfer, or any previous transfer, or the issue of the security, was by reason of the residence of any person concerned other than the first-mentioned person prohibited by the provisions of this Act relating to the transfer or issue of securities, be valid unless the first-mentioned person had notice of the facts by reason of which it was prohibited.

Section - 22 - Application To Secondary Securities 1 This Part of this Act shall apply, with such modifications if any as may be prescribed, in relation to any such document as is mentioned in the following subsection, as if the document created, and were the certificate of title to, a security hereafter in this Act referred to as a "secondary security".

Section - 23 - Interpretation Of Part IV 1 In this Part of this Act- "register" includes any book, file or index in which securities are registered; "registered" includes inscribed; "registered in Ghana" and "registered outside Ghana" mean respectively, registered in a register in, and registered in a register outside, Ghana; "security which is registered in Ghana otherwise than in a subsidiary register" means a security which either- a is registered in Ghana and is not, and cannot without the necessity for an entry in the register in Ghana become, registered outside, or b is registered both in Ghana and outside but on a transfer cannot, without the necessity for an entry in the register in Ghana, become registered outside in the name of the transferee.

Section - 24 - Duty To Collect Certain Debts 1 Except with the consent of the Bank of Ghana, no Ghana resident who has a right whether present or future and whether vested or contingent to receive any external currency, or to receive from an external resident a payment in Ghana currency, shall do any act with intent to secure- a that the receipt by him of the whole or part of that currency is delayed; or b that the currency ceases, in whole or in part, to be receivable by him: Section - 25 - Duty Not To Delay Sale Or Importation Of Goods 1 Where- a any consent has been granted under this Act subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be sold outside Ghana; or b any statement or declaration has been made under this Act that any goods are to be sold outside Ghana; or c any currency has been obtained in Ghana, or by any Ghana resident, on the faith of an application stating an intention that any goods should be sold outside Ghana, then, except with the consent of the Bank of Ghana, no Ghana resident who is entitled to sell or procure the sale of the said goods shall do any act with intent to secure- i that the said sale is delayed to an extent which is unreasonable having regard to the ordinary course of trade; or ii that, on the said sale, any payment made for the goods is not made in the manner indicated by the condition, statement, or declaration, as the case may be.

Section - 26 - Property Obtained By Infringement Of Act 1 Where a person- a has made any payment which is prohibited by this Act; or b being bound under this Act to offer or cause to be offered any gold or currency to an authorised dealer, has otherwise disposed of that gold or currency, the Minister may direct him to sell or procure the sale of any property which he is entitled to sell or of which he is entitled to procure the sale, being property which represents, whether directly or indirectly, that payment or that gold or currency, as the case may be, and may by the same or a subsequent direction specify the manner in which, the persons to whom and the terms on which the property is to be sold.

Section - 27 - Provisions Supplement To Preceeding Provision Of Part V 1 Where, under the preceding provisions of this Part of this Act, the Minister has power to give directions that any right to receive any currency or to enforce any security for the receipt thereof, any goods, or any other property shall be assigned to the Minister, the Minister shall also have power to direct that the right, goods or property shall vest in the Minister, and it or they shall vest accordingly free from any mortgage, pledge or charge, and the Minister may deal with it or them as he thinks fit.

Section - 28 - Transfer Of Annuities, Policies, Etc 1 Except with the consent of the Bank of Ghana, no Ghana resident shall transfer to an external resident or a person who is to be a nominee for an external resident, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in Ghana and not elsewhere, or makes, with the permission of the Bank, any payment thereof to any other person,- a he shall not be bound to inquire as to the residence of any person other than the person to whom, and if it is not the same person the person to whose order, the payment is made; and b the payment shall, to the extent of the sums paid, discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was not entitled thereto otherwise than by virtue of a transfer prohibited by this subsection.

Section - 29 - Settlements 1 Except with the consent of the Bank of Ghana, no Ghana resident shall settle any property, otherwise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is an external resident, or shall exercise, otherwise than by will, any power of appointment, whether created by will or otherwise, in favour of a person who, at the time of the exercise of the power, is an external resident.

Section - 30 - Companies 1 Where there is served on any Ghana resident a notice in writing that the Bank of Ghana wishes any such requirements as are hereinafter mentioned to be complied with by any such body corporate as is specified in the First Schedule to this Act hereafter in this section referred to as "an external company" and that person can by doing any act,- a cause the external company to comply with any of the requirements; or b remove any obstacle to the company complying with any of the requirements; or c render it in any respect more probable that the company will comply with any of the requirements, then, except so far as consent to the contrary may be given by the Bank of Ghana, that person shall do that act.

Section - 32 - Persons Leaving Ghana Where a Ghana resident leaves Ghana, the Bank of Ghana may, before, at or after the time he leaves Ghana, direct that, for such period as may be specified in the direction, payments by him or on his behalf and to him or to his credit, and transactions in or in relation to Ghana Treasury bills, or securities or secondary securities, in which he is in any way concerned shall, whether or not he continues to be resident in Ghana, be subject to such restrictions as may be specified in the direction.

Section - 33 - Evidence A document stating that any consent or direction is given under this Act, and purporting to be signed by or on behalf of the person giving the consent or direction, shall be evidence of the facts stated in the document. Section - 34 - Residence 1 The Bank of Ghana may give directions declaring that for all or any of the purposes of this Act a person is to be treated as resident or not resident in such territories as may be specified in the directions.

Section - 35 - Contracts, Legal Proceedings, Etc 1 It shall be an implied condition in any contract that, where, by virtue of this Act any consent is at the time of the contract required for the performance of any term thereof, that term shall not be performed except in so far as the consent is given or is subsequently not required: Section - 36 - Enforcement And Administration 1 The provisions of the Fourth Schedule to this Act shall have effect for the purpose of the enforcement of this Act.

Section - 38 - Power To Make Regulations The Minister may by legislative instrument make regulations prescribing anything that is to be prescribed under this Act or otherwise making provision for the purposes of this Act. Section - 40 - Act Binds Republic This Act binds the Republic, but without prejudice to any express terms no term shall be implied in any contract entered into by or on behalf of the Republic that the Government will ensure that a consent required by or under this Act is given or that any other function conferred by or under this Act is exercised in a particular way.

Section - 41 - Commencement This Act shall be deemed to have come into operation on 5th July,


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