International Bank, Fund and Finance Corporation Act, 1957 (No. 17 OF 1957)

INTERNATIONAL BANK, FUND AND FINANCE CORPORATION ACT, 1957 (NO.
17 OF 1957 )
As amended by
ACT, 1957
REPUBLIC OF GHANA
THE INTERNATIONAL BANK, FUND AND FINANCE CORPORATION
(AMENDMENT) ACT, 1960 (ACT 12)1.
THE INTERNATIONAL BANK, FUND AND FINANCE (CORPORATION)
(AMENDMNET) ACT, 1965 (ACT 285)2.
THE INTERNATIONAL BANK, FUND AND FINANCE CORPORATION
(AMENDMENT) DECREE, 1969 (NLCD 359)3.
ARRANGEMENT OF SECTIONS
Section
1. Short Title.
2. Interpretation.
3. Authorization for signature of the Agreements.
4. Financial provisions.
4A. Special Drawing Account of the Fund.
5. Status and immunities of the Fund, the Bank and the Finance Corporation.
GHANA
1957 No. 17.
Assented to in Her Majesty's Name and on Her Majesty’s behalf this 3rd day of August, 1957.
K. A. KORSAH
Acting Governor-General.
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GHANA
1957 No. 17.
Assented to in Her Majesty's Name and on Her Majesty’s behalf this 3rd day of August, 1957.
K. A. KORSAH
Acting Governor-General.
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AN ACT to enable Ghana to be a member of the International Monetary Fund, of the
International Bank for Reconstruction and Development, and of the International Finance
Corporation. Date of commencement.

ional Monetary Fund, of the
International Bank for Reconstruction and Development, and of the International Finance
Corporation. Date of commencement.

[7th August, 1957.]
WHEREAS certain Articles of Agreement were drawn up at the United Nations Monetary and
Financial Conference held in the year nineteen hundred and forty-four at Bretton Woods in
New Hampshire in the United States of America, that is to say Articles of Agreement for the
establishment and operation of an international body to be called the International Monetary
Fund, and Articles of Agreement for the establishment and operation of an international body
to be called the International Bank for Reconstruction and Development, and these two bodies
were duly set up in accordance with the said Articles:
AND WHEREAS in the year nineteen hundred and fifty-five Articles of Agreement were
approved by the executive directors of the International Bank for Reconstruction and
Development, that is to say Articles of Agreement for the establishment and operation of an
international body to be called the International Finance Corporation, and this body was duly
set up in accordance with the said Articles:
AND WHEREAS copies of the texts of all these said Agreements have been laid before
Parliament:
AND WHEREAS it is expedient that the Government of Ghana should be a member of each
of these said three international bodies, and adhere to these said Agreements:
AND WHEREAS in pursuance of the relevant said Agreements respectively the International
Monetary Fund and the International Bank for Reconstruction and Development have each
prescribed the terms and conditions on which the Government of Ghana may become a member
thereof and on which the said Agreement relating thereto may be signed on behalf of the
Government, but the International Finance Corporation has not yet prescribed any such terms
or conditions:
Now, therefore, BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the
advice and consent of the National Assembly of Ghana in this present Parliament assembled,
and by the authority of the same, as follows:—
Section 1—Short Title.

consent of the National Assembly of Ghana in this present Parliament assembled,
and by the authority of the same, as follows:—
Section 1—Short Title.

This Act may be cited as the International Bank, Fund and Finance Corporation Act, 1957. Section 2—Interpretation. (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;
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ent hereinbefore referred to for the
establishment and operation of the Bank;
"the Finance Corporation" means the International Finance Corporation;
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"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. Cap. 1. (2) The Interpretation Ordinance shall apply for the interpretation of this Act as it applies to
the interpretation of an Ordinance. Section 3—Authorization for Signature of the Agreements.

apply for the interpretation of this Act as it applies to
the interpretation of an Ordinance. Section 3—Authorization for Signature of the Agreements.

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. Section 4—Financial Provisions.

d in those instruments to
sign the said Agreements and to deposit the said instruments of acceptance as above set out. Section 4—Financial Provisions.

(1) There shall be paid out of the Consolidated Fund, on the warrant of the Minister, all sums
required for the purpose of paying—
(a) the subscription payable to the Fund under paragraph (a) of section 3 of Article III of the
Fund Agreement;
(aa) any sums payable to the Fund under section 2 and paragraph (a) of section 4 of Article III
of the Fund Agreement (which relate to increases in the subscriptions of members); and [As
Inserted by the International Bank Fund and Finance Corporatrion (Amendment) Act, 1960
(Act 12), s. 1 (a)].

in the subscriptions of members); and [As
Inserted by the International Bank Fund and Finance Corporatrion (Amendment) Act, 1960
(Act 12), s. 1 (a)].

(b) any sums payable to the Fund under paragraph (b) or paragraph (d) of sections 8 of Article
IV of the Fund Agreement (which relates to changes in the par or foreign exchange value of
currencies of members);
(c) any sums required for implementing the guarantee required by section 3 of Article XIII of
the Fund Agreement, that is to say, a guarantee of the assets of the Fund against loss resulting
from failure or default of the depository designated by the Government of Ghana under the said
Article
(d) any compensation required to be paid to the Fund or to any member thereof under Schedule
D of the Fund Agreement (which relates to the withdrawal of members from the Fund) or under
Schedule E thereof (which relates to the liquidation of the Fund);
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und Agreement (which relates to the withdrawal of members from the Fund) or under
Schedule E thereof (which relates to the liquidation of the Fund);
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(e) any moneys to be subscribed for shares in the Bank under section 3 of Article II of the Bank
Agreement, and any sums payable to the Bank under section 9 of that Article (which section
relates to changes in the par or foreign exchange values of currencies of members); [As
Substituted by the International Bank, Fund and Finance Corporation (Amendment) Act 1965
(Act 285) s. 1]. (f) any amounts required to be paid to the Bank under head (iv) of paragraph (c) of section 4
of Article VI of the Bank Agreement;
(g) the moneys to be subscribed for shares in the Finance Corporation under paragraph (a) of
section 3 of Article II of the Finance Corporation Agreement, not exceeding in aggregate the
sum of sixty thousand pounds;
(h) any amounts required to be paid to the Finance Corporation under head (iii) of paragraph
(c) of section 4 of Article V of the Finance Corporation Agreement;
(i) any amounts or charges required to be paid to the Fund, the Bank or the Finance Corporation
incidentally to the Government's membership therein respectively, or operations or transactions
therewith;
Cap. 207. No. 12 of 1953.

nance Corporation
incidentally to the Government's membership therein respectively, or operations or transactions
therewith;
Cap. 207. No. 12 of 1953.

and for the purpose of providing any sums to be paid out of the Consolidated Fund as aforesaid
money may if required from time to time be borrowed in the manner provided in the Treasury
Bills Ordinance or in the Local Loans Ordinance (but without prejudice to any other method
of raising the money) without any authorization of the National Assembly other than this
section and any moneys so borrowed shall be paid into the Consolidated Fund. Section 4 of the said Act (as amended by the Constitution (Consequential Provisions) Act, 1960
(CA 8) and by this Act) shall apply to any sums payable by Ghana under the provisions of the
Fund and Bank Agreements referred to in paragraphs (aa) and (ee) of subsection (1) of that
section and outstanding immediately prior to the commencement of this Act as it applies to any
such sum incurred thereafter. [As Inserted by the International Bank, Fund and Finance
Corporation (Amendment) Act, 1960 (Act 12) s. 2].

pplies to any
such sum incurred thereafter. [As Inserted by the International Bank, Fund and Finance
Corporation (Amendment) Act, 1960 (Act 12) s. 2].

(2) The Minister may, if he thinks fit so to do, create and issue to the Fund or to the Bank, in
such form as he thinks fit, any such non-interest-bearing and non-negotiable notes or other
obligations as are provided for by section 5 of Article III of the Fund Agreement, or by section
12 of Article V of the Bank Agreement (both of which sections relate to the acceptance by the
Fund or by the Bank, as the case may be, of notes or similar obligations in place of currency),
and the sums payable under any such notes or other obligations so created and issued shall be
charged on the Consolidated Fund. (3) Any sums received by the Government of Ghana from the Fund, the Bank or the Finance
Corporation (other than sums received by reason of operations or transactions under Article V,
Article VII or Article VIII of the Fund Agreement) shall be paid into the Consolidated Fund. Section 4A—Special Drawing Account of the Fund. (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
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ner responsible for Finance is hereby authorised on behalf of the
Government of Ghana to accept the amendments proposed to the Fund Agreement by the
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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.

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.

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]. Section 5—Status and Immunities of the Fund, the Bank and the Finance Corporation. (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.

es 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
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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.
Cap. 268.
(3) Nothing in this Act shall be construed as limiting the power of the Governor-General under
section 2 of the Diplomatic Privileges Ordinance to declare the Fund, the Bank or the Finance
Corporation to be such an organization as is mentioned in that section, or any power of the
Governor-General under that or any other law to confer any immunities or privileges on the
Fund or the Bank, or on any other persons connected with them.
This printed impression has been carefully compared by me with the Bill which has passed the
National Assembly, and found by me to be a true and correctly printed copy of the said Bill.
K. B. AYENSU
Clerk of the National Assembly.
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