Export Development and Investment Fund Act, 2000 (Act 582)
This section establishes an Export Development and Investment Fund.
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About this statute
This section establishes an Export Development and Investment Fund. The Fund is to finance development and promotion of the country’s export trade. The Fund’s money comes from specified sources: 10% of certain divestiture proceeds, a levy on imports under section 20, and any other amounts the Minister responsible for Finance may तयermine with consultation and Parliament’s approval. The Board must open a bank account for the Fund, and it needs the Accountant-General’s approval. The Board must split the Fund into two accounts and तयermine how much of the Fund goes to each account, in consultation with the Minister.
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Provisions of Export Development and Investment Fund Act, 2000 (Act 582)
Showing 58 of 58
- 1 Verify source ↗
Establishment of Fund
AI-assisted research summary: This section establishes an Export Development and Investment Fund.
Section 1—Establishment of Fund. There is established by this Act an Export Development and Investment Fund. - 2 Verify source ↗
Objects of the Fund
AI-assisted research summary: The Fund is to finance development and promotion of the country’s export trade.
Section 2—Object of the Fund. (1) The object of the Fund is to provide financial resources for the development and promotion of the export trade of the country. (2) For the purpose of achieving the object of the Fund, monies from the Fund shall be applied for such relevant activities as the Board of the Fund may determine including in particular the following (a) development and promotion of products for export; (b) capacity building, market research and development of infrastructure; (c) development and promotion of other entrepreneurial activities; (d) export trade oriented activities of institutions and bodies both in the public and private sectors of the economy; and (e) the provision of credit, export insurance, re-financing and credit guarantee through designated financial institutions to persons in the export trade sector of the economy. - 3 Verify source ↗
Sources of money for the Fund
AI-assisted research summary: The Fund’s money comes from specified sources: 10% of certain divestiture proceeds, a levy on imports under section 20, and any other amounts the Minister responsible for Finance may तयermine with consultation and Parliament’s approval.
Section 3—Sources of Money for the Fund. The monies for the Fund shall consist of— (a) ten per cent of the net proceeds obtained from divestiture carried out by the Divestiture Implementation Committee established under the Divestiture of State Interests (Implementation) Law, 1993 (PNDCL 326); (b) the levy on the dutiable value of imports imposed under section 20 of this Act; and (c) such other monies as the Minister responsible for Finance in consultation with the Minister and with the approval of Parliament may determine to be paid into the Fund. - 4 Verify source ↗
Bank account for the Fund
AI-assisted research summary: The Board must open a bank account for the Fund, and it needs the Accountant-General’s approval.
Section 4—Bank Account for the Fund. Monies for the Fund shall be paid into a bank account opened for the purpose by the Board established under section 6 for the Fund with the approval of the Accountant-General. - 5 Verify source ↗
Categories of accounts of the Fund PART II—THE BOARD AND MANAGEMENT OF THE FUND
AI-assisted research summary: The Board must split the Fund into two accounts and तयermine how much of the Fund goes to each account, in consultation with the Minister.
Section 5—Categories of Accounts of the Fund. (1) The monies in the Fund shall be divided into two categories of accounts by the Board, namely Export Development and Promotion Account and Credit Facility Account. (2) There shall be assigned to each category of Account such proportion of the Fund as the Board shall in consultation with the Minister determine. PART II—THE BOARD AND MANAGEMENT OF THE FUND - 6 Verify source ↗
Appointment of a Board for the Fund
AI-assisted research summary: A Board for the Fund is established, and the President appoints its members in consultation with the Council of State.
Section 6—Appointment of a Board for the Fund. (1) There is established under this Act a Board for the Fund which shall consist of— (a) a chairman; (b) one representative of (i) the Ghana Export Promotion Council nominated by the Council; (ii) the Private Enterprise Foundation; (iii) the Ministry of Finance of a rank not below a Director; (iv) the Ministry of Trade and Industry of a rank not below a Director; (v) the Ministry of Food and Agriculture of a rank not below a Director; (c) the Governor of the Bank of Ghana or his representative; (d) the Controller and Accountant-General or his representative; (e) the Chief Executive of the Fund; and (f) 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 chairman 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. - 7 Verify source ↗
Management of the Fund
AI-assisted research summary: The Board must manage the Fund and carry out listed management, reporting, policy, and accountability functions; the Minister may issue policy directives to the Board.
Section 7—Management of the Fund. (1) Subject to the provisions of this Act the Board shall manage the Fund. (2) For the purposes of subsection (1), the Board shall— (a) pursue and ensure the achievement of the object of the Fund; (b) arrange for the collection of monies assigned to the Fund through procedures to be determined by the Minister and the Minister responsible for Finance; (c) ensure accountability for the Fund by defining appropriate procedures for its management; (d) receive and examine reports from the designated financial and other institutions in respect of facilities granted to them; (e) 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; (ii) the maximum credit facility that may be granted to an applicant; and (f) perform such other functions as are incidental to the achievement of the object of the Fund. (3) The Minister may give the Board such policy directives as he may determine. - 8 Verify source ↗
Tenure of office of members
AI-assisted research summary: Board members generally serve for up to four years, may be re-appointed, can resign by letter, and may be removed for stated causes.
Section 8—Tenure of Office of Members. (1) The chairman and any member of the Board other than an ex officio member shall hold office for a period not exceeding four years and is on the expiration of that period eligible for re-appointment. (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 his office. (3) A member who is absent from four consecutive meetings of the Board without sufficient cause shall cease to be a member of the Board. (4) The chairman or any other member of the Board may be removed from office by the President for inability to perform the functions of his office, for stated misbehaviour or for any other just cause. (5) The chairman 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) Where a person is appointed to fill a vacancy that person 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. - 9 Verify source ↗
Meetings of the Board
AI-assisted research summary: This section sets rules for Board meetings, including frequency, quorum, who presides, voting, co-option of advisers, and the Board’s power to regulate its own meeting procedure.
Section 9—Meetings of the Board. (1) The Board shall meet for the despatch of business at such times and in such places as the Board may determine but shall meet at least once every two months. (2) The chairman 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 seven members. (4) The chairman shall preside at every meeting at which he is present and in his absence 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 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. - 10 Verify source ↗
Committees of the Board
AI-assisted research summary: The Board may appoint committees and give them functions to help achieve the Fund’s object.
Section 10—Committees of the Board. The Board may for purposes of achieving the object of the Fund appoint committees of the Board comprising members of the Board or non-members or both and may assign to them such functions as the Board may determine. - 11 Verify source ↗
Disclosure of interest
AI-assisted research summary: Board members with a conflict must disclose it and must not join the related decision.
Section 11—Disclosure of Interest. (1) A member of the Board who has an interest in any matter being considered or dealt with by the Board shall disclose the nature of his interest at a meeting of the Board and shall not take part in any deliberation or decision of the Board with respect to the matter. (2) A member who fails to disclose his interest under subsection (1) shall be removed from the Board. - 12 Verify source ↗
Allowances for members of the Board
AI-assisted research summary: The chairman and other Board members must be paid allowances determined by the Minister, in consultation with the Minister responsible for Finance.
Section 12—Allowances for Members of the Board. The chairman and other members of the Board shall be paid such allowances as the Minister in consultation with the Minister responsible for Finance may determine. - 13 Verify source ↗
Disbursement of monies for export development and promotion
AI-assisted research summary: The Board must disburse monies assigned to the Export Development and Promotion Account for export development and promotion.
Section 13—Disbursement of Monies for Export Development and Promotion. The monies assigned to the Export Development and Promotion Account shall be disbursed by the Board for the development and promotion of exports. - 14 Verify source ↗
Credit Facility Account
AI-assisted research summary: The Board must designate the financial institutions and determine how Credit Facility Account monies are disbursed. Designated institutions that receive credit facilities must bear the full credit risk.
Section 14—Credit Facility Account. (1) The monies assigned to the Credit Facility Account shall be disbursed in such proportions and to such designated financial institutions as the Board shall determine. (2) The Board shall in writing designate the financial institutions which shall grant credit facilities from the proportion of monies assigned to it from the Credit Facility Account. (3) The designated financial institutions granted credit facility under subsection (2) shall bear the full credit risk. - 15 Verify source ↗
Management of Credit Facility Account
AI-assisted research summary: A designated financial institution must use lodged monies to provide credit, export insurance, re-financing, and credit guarantees to applicants, following the Board’s policy guidelines and subject to section 14.
Section 15—Management of Credit Facility Account. Subject to section 14, a designated financial institution with which monies have been lodged by the Board from the Credit Facility Account shall apply the monies to grant credit, export insurance, re-financing and credit guarantee to applicants under this Act in accordance with policy guidelines provided by the Board. - 16 Verify source ↗
Eligibility for credit facilities
AI-assisted research summary: Any person or enterprise may apply for a credit facility from a designated financial institution if it is properly registered in Ghana and meets the Ghanaian ownership requirement.
Section 16—Eligibility for Credit Facilities. Any person or enterprise may apply for credit facility to a designated financial institution if that person or enterprise— (a) is registered in Ghana under the Companies Code, 1963 (Act 179) the Incorporated Private Partnerships Act, 1962 (Act 152) or any other enactment for the registration of business; and (b) is wholly owned by a Ghanaian or partly owned by a Ghanaian with majority Ghanaian shareholding. - 17 Verify source ↗
Application for credit facilities
AI-assisted research summary: An applicant must submit a credit facility application to a designated financial institution in the form, with the information, and with the fee set by the Board.
Section 17—Application for Credit Facilities. (1) An application for a credit facility shall be made to a designated financial institution by the applicant in such a form and accompanied with such information and fee as the Board shall determine. (2) On receipt of an application, the financial 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. - 18 Verify source ↗
Period of credit facilities
AI-assisted research summary: Financial institutions must grant credit facilities only within the stated term categories.
Section 18—Period of Credit Facilities. A credit facility granted by a financial institution shall be in respect of— (a) long term development financing facilities for a period exceeding five years; (b) medium term financing facilities for a period not exceeding five years; and (c) short term financing facilities for a period not exceeding twelve months. - 19 Verify source ↗
Administrative expenses of the Fund PART III—IMPOSITION OF IMPORT LEVY
AI-assisted research summary: Administrative and other expenses for managing the Fund are to be charged to the Fund.
Section 19—Administrative Expenses of the Fund. The administrative and other expenses related to the management of the Fund shall be charged on the Fund. PART III—IMPOSITION OF IMPORT LEVY - 20 Verify source ↗
Imposition of import levy
AI-assisted research summary: An import levy is imposed on non-petroleum products imported for commercial purposes, charged at 0.5% of CIF value.
Section 20—Imposition of Import Levy. (1) There is imposed by this Act a levy on the dutiable value of all non-petroleum products imported for commercial purposes. (2) The levy shall be 0.5 per cent of the CIF value of the import. (3) The levy is payable by importers of the non-petroleum products as specified in subsection (1). (4) The levy shall be collected by the Customs, Excise and Preventive Service at the port of import in Ghana. (5) The levy shall constitute a part of the monies for the Fund and accordingly the Commissioner of Customs, Excise and Preventive Service shall pay the levy collected under this section into an account specified by the Board. (6) The Minister may by legislative instrument exempt such categories of non-petroleum products as may be specified in the instrument from the import levy imposed under this Act. - 21 Verify source ↗
Application of Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) to levy PART IV—ADMINISTRATIVE AND FINANCIAL PROVISIONS
AI-assisted research summary: The Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) applies to collecting the levy imposed by this Act.
Section 21—Application of Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) to Levy. The Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) shall apply for the purposes of the collection of the levy imposed by this Act. PART IV—ADMINISTRATIVE AND FINANCIAL PROVISIONS - 22 Verify source ↗
Chief Executive and his functions
AI-assisted research summary: The President must appoint a Chief Executive, and the Chief Executive must serve as secretary to the Board and handle its day-to-day administration and implementation of Board decisions.
Section 22—Chief Executive and his Functions. (1) There shall be appointed by the President in accordance with the advice of the Board given in consultation with the Public Services Commission a Chief Executive. (2) The Chief Executive shall hold office on the terms and conditions specified in his letter of appointment. (3) The Chief Executive shall be the secretary to the Board. (4) The Chief Executive shall be responsible for the day to day administration of the affairs of the Board and shall ensure the implementation of the decisions of the Board. - 23 Verify source ↗
Appointment of other staff
AI-assisted research summary: The President must appoint needed staff for the Board, may delegate appointment power for public officers, and the Board may hire experts and consultants.
Section 23—Appointment of Other Staff. (1) The President acting in accordance with the advice of the Board given in consultation with the Public Services Commission shall appoint other officers or employees necessary for the effective performance of the functions of the Board. (2) The President may delegate the power of appointment of public officers in accordance with article 195(2) of the Constitution. (3) The Board may on the recommendations of the Chief Executive engage the services of such experts and consultants as the Board may determine. - 24 Verify source ↗
Borrowing powers
AI-assisted research summary: The Board may take loans and other credit facilities if government-guaranteed and subject to Article 181 of the Constitution and any other enactment.
Section 24—Borrowing Powers. Subject to Article 181 of the Constitution and any other enactment, the Board may obtain loans and other credit facilities on the guarantee of the government from such banks and other financial institutions as the Minister in consultation with the Minister of Finance may determine. - 25 Verify source ↗
Accounts and audit
AI-assisted research summary: The Board must keep proper accounts and records, get them audited after each financial year, and follow any form approved by the Auditor-General.
Section 25—Accounts and Audit. (1) The Board shall keep books of accounts and proper records in relation to them and the books of account and records shall be in such form as the Auditor-General may approve. (2) The books of account kept for the Fund by the Board shall be audited by the Auditor- General or by an auditor appointed by him within three months after the end of each financial year. (3) In addition to the annual audit, technical audits shall be conducted on a selective basis by the Auditor-General or by an auditor appointed by the Auditor-General on the recommendation of the Board. - 26 Verify source ↗
Annual report
AI-assisted research summary: The Board must send an annual report to the Minister within four months after each financial year-end, and the Minister must then table it in Parliament within two months of receiving it.
Section 26—Annual Report. (1) The Board shall submit to the Minister as soon as practicable and in any event not more than four months after the end of each financial year a report dealing generally with the activities and operation of the Fund during the year to which the report relates and shall include— (a) the audited accounts of the Fund and the Auditor-General’s report on the accounts of the Fund; and (b) such other information as the Board may consider necessary. (2) The Minister shall within two months after the receipt of the annual report submit the report to Parliament with such statement as he considers necessary. - 27 Verify source ↗
Financial year
AI-assisted research summary: The Fund must use the same financial year as the Government.
Section 27—Financial Year. The financial year of the Fund shall be the same as the financial year of the Government. - 28 Verify source ↗
Regulations
AI-assisted research summary: The Minister may make regulations, on the Board’s advice, by legislative instrument, to implement this Act.
Section 28—Regulations. The Minister on the advice of the Board may by legislative instrument make regulations for the effective implementation of the provisions and object of this Act. - 29 Verify source ↗
Section 29
AI-assisted research summary: This section defines key terms used in the Act.
Section 29—Interpretation. In this Act unless the context otherwise requires “applicant” means a person who applies to a financial institution for a credit facility; “Board” means the Board established for the Fund under section 6 of this Act; “C.I.F.” means cost, insurance and freight; “commercial purposes” means the importation of non-petroleum products in commercial quantities; “credit facility” includes credit guarantee, insurance, re-financing and any other facility so designated by the Board; “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 or any part 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 to exporters and approved and designated by the Board to transact business for the purposes of this Act; “Fund” means the Export Development and Investment Fund established under section 1; “levy” means the import levy imposed under section 20 of this Act; “Minister” means the Minister responsible for Trade and Industry; “Ministry” means the Ministry of Trade and Industry; “re-financing” means a loan given by a financial institution for on-lending to a specified customer of the financial institution. Date of Gazette Notification: 6th October, 2000. EXPORT DEVELOPMENT AND INVESTMENT FUND ACT, 2000 (ACT 582) ARRANGEMENT OF SECTIONS Section PART I—ESTABLISHMENT OF THE EXPORT DEVELOPMENT AND INVESTMENT FUND 1. Establishment of Fund 2. Objects of the Fund 3. Sources of money for the Fund 4. Bank account for the Fund 5. Categories of accounts of the Fund PART II—THE BOARD AND MANAGEMENT OF THE FUND 6. Appointment of a Board for the Fund 7. Management of the Fund 8. Tenure of office of members 9. Meetings of the Board 10. Committees of the Board 11. Disclosure of interest 12. Allowances for members of the Board 13. Disbursement of monies for export development and promotion 14. Credit Facility Account 15. Management of Credit Facility Account 16. Eligibility for credit facilities 17. Application for credit facilities 18. Period of credit facilities 19. Administrative expenses of the Fund PART III—IMPOSITION OF IMPORT LEVY 20. Imposition of import levy 21. Application of Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) to levy PART IV—ADMINISTRATIVE AND FINANCIAL PROVISIONS 22. Chief Executive and his functions 23. Appointment of other staff 24. Borrowing powers 25. Accounts and audit 26. Annual report 27. Financial year 28. Regulations 29. Interpretation THE FIVE HUNDRED AND EIGHTY-SECOND ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED THE EXPORT DEVELOPMENT AND INVESTMENT FUND ACT, 2000 AN ACT to establish a Fund to be known as the Export Development and Investment Fund to provide financial resources for the development and promotion of export trade; to provide for the management of the Fund and to provide for related matters. DATE OF ASSENT: 4th October, 2000 BE IT ENACTED by Parliament as follows: PART I—ESTABLISHMENT OF THE EXPORT DEVELOPMENT AND INVESTMENT FUND - 1 Verify source ↗
Establishment of Fund
AI-assisted research summary: This section establishes an Export Development and Investment Fund.
Section 1—Establishment of Fund. There is established by this Act an Export Development and Investment Fund. - 2 Verify source ↗
Objects of the Fund
AI-assisted research summary: The Fund is set up to finance development and promotion of the country’s export trade.
Section 2—Object of the Fund. (1) The object of the Fund is to provide financial resources for the development and promotion of the export trade of the country. (2) For the purpose of achieving the object of the Fund, monies from the Fund shall be applied for such relevant activities as the Board of the Fund may determine including in particular the following (a) development and promotion of products for export; (b) capacity building, market research and development of infrastructure; (c) development and promotion of other entrepreneurial activities; (d) export trade oriented activities of institutions and bodies both in the public and private sectors of the economy; and (e) the provision of credit, export insurance, re-financing and credit guarantee through designated financial institutions to persons in the export trade sector of the economy. - 3 Verify source ↗
Sources of money for the Fund
AI-assisted research summary: The Fund’s money comes from three sources: 10% of certain divestiture proceeds, a levy on imports under section 20, and other amounts approved by the Minister and Parliament.
Section 3—Sources of Money for the Fund. The monies for the Fund shall consist of— (a) ten per cent of the net proceeds obtained from divestiture carried out by the Divestiture Implementation Committee established under the Divestiture of State Interests (Implementation) Law, 1993 (PNDCL 326); (b) the levy on the dutiable value of imports imposed under section 20 of this Act; and (c) such other monies as the Minister responsible for Finance in consultation with the Minister and with the approval of Parliament may determine to be paid into the Fund. - 4 Verify source ↗
Bank account for the Fund
AI-assisted research summary: Money for the Fund must be paid into a bank account opened for the Fund by the Board, with the Accountant-General’s approval.
Section 4—Bank Account for the Fund. Monies for the Fund shall be paid into a bank account opened for the purpose by the Board established under section 6 for the Fund with the approval of the Accountant-General. - 5 Verify source ↗
Categories of accounts of the Fund PART II—THE BOARD AND MANAGEMENT OF THE FUND
AI-assisted research summary: The Board must split the Fund into two account categories and decide, with the Minister, how much of the Fund goes to each one.
Section 5—Categories of Accounts of the Fund. (1) The monies in the Fund shall be divided into two categories of accounts by the Board, namely Export Development and Promotion Account and Credit Facility Account. (2) There shall be assigned to each category of Account such proportion of the Fund as the Board shall in consultation with the Minister determine. PART II—THE BOARD AND MANAGEMENT OF THE FUND - 6 Verify source ↗
Appointment of a Board for the Fund
AI-assisted research summary: A Board for the Fund is established, and its members are appointed by the President in consultation with the Council of State.
Section 6—Appointment of a Board for the Fund. (1) There is established under this Act a Board for the Fund which shall consist of— (a) a chairman; (b) one representative of (i) the Ghana Export Promotion Council nominated by the Council; (ii) the Private Enterprise Foundation; (iii) the Ministry of Finance of a rank not below a Director; (iv) the Ministry of Trade and Industry of a rank not below a Director; (v) the Ministry of Food and Agriculture of a rank not below a Director; (c) the Governor of the Bank of Ghana or his representative; (d) the Controller and Accountant-General or his representative; (e) the Chief Executive of the Fund; and (f) 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 chairman 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. - 7 Verify source ↗
Management of the Fund
AI-assisted research summary: The Board must manage the Fund, carry out related management tasks, and the Minister may issue policy directives to the Board.
Section 7—Management of the Fund. (1) Subject to the provisions of this Act the Board shall manage the Fund. (2) For the purposes of subsection (1), the Board shall— (a) pursue and ensure the achievement of the object of the Fund; (b) arrange for the collection of monies assigned to the Fund through procedures to be determined by the Minister and the Minister responsible for Finance; (c) ensure accountability for the Fund by defining appropriate procedures for its management; (d) receive and examine reports from the designated financial and other institutions in respect of facilities granted to them; (e) 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; (ii) the maximum credit facility that may be granted to an applicant; and (f) perform such other functions as are incidental to the achievement of the object of the Fund. (3) The Minister may give the Board such policy directives as he may determine. - 8 Verify source ↗
Tenure of office of members
AI-assisted research summary: Board members generally serve up to four years; the chairman must notify the Minister of vacancies within one month, some members may resign, and the President may remove members for stated causes.
Section 8—Tenure of Office of Members. (1) The chairman and any member of the Board other than an ex officio member shall hold office for a period not exceeding four years and is on the expiration of that period eligible for re-appointment. (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 his office. (3) A member who is absent from four consecutive meetings of the Board without sufficient cause shall cease to be a member of the Board. (4) The chairman or any other member of the Board may be removed from office by the President for inability to perform the functions of his office, for stated misbehaviour or for any other just cause. (5) The chairman 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) Where a person is appointed to fill a vacancy that person 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. - 9 Verify source ↗
Meetings of the Board
AI-assisted research summary: This section sets rules for Board meetings, including minimum frequency, quorum, who presides, voting, co-opting advisers, and the Board’s power to regulate its procedure.
Section 9—Meetings of the Board. (1) The Board shall meet for the despatch of business at such times and in such places as the Board may determine but shall meet at least once every two months. (2) The chairman 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 seven members. (4) The chairman shall preside at every meeting at which he is present and in his absence 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 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. - 10 Verify source ↗
Committees of the Board
AI-assisted research summary: The Board may appoint board committees and give them functions to help achieve the Fund’s object.
Section 10—Committees of the Board. The Board may for purposes of achieving the object of the Fund appoint committees of the Board comprising members of the Board or non-members or both and may assign to them such functions as the Board may determine. - 11 Verify source ↗
Disclosure of interest
AI-assisted research summary: Board members with an interest in a matter must disclose it at a Board meeting and must not take part in related deliberations or decisions.
Section 11—Disclosure of Interest. (1) A member of the Board who has an interest in any matter being considered or dealt with by the Board shall disclose the nature of his interest at a meeting of the Board and shall not take part in any deliberation or decision of the Board with respect to the matter. (2) A member who fails to disclose his interest under subsection (1) shall be removed from the Board. - 12 Verify source ↗
Allowances for members of the Board
AI-assisted research summary: The Chairman and other Board members are entitled to allowances set by the Minister, in consultation with the Minister responsible for Finance.
Section 12—Allowances for Members of the Board. The chairman and other members of the Board shall be paid such allowances as the Minister in consultation with the Minister responsible for Finance may determine. - 13 Verify source ↗
Disbursement of monies for export development and promotion
AI-assisted research summary: The Board must disburse the monies in the Export Development and Promotion Account for export development and promotion.
Section 13—Disbursement of Monies for Export Development and Promotion. The monies assigned to the Export Development and Promotion Account shall be disbursed by the Board for the development and promotion of exports. - 14 Verify source ↗
Credit Facility Account
AI-assisted research summary: The Board determines how Credit Facility Account monies are split and which financial institutions are designated; those institutions must be designated in writing and bear the full credit risk for credit facilities they grant.
Section 14—Credit Facility Account. (1) The monies assigned to the Credit Facility Account shall be disbursed in such proportions and to such designated financial institutions as the Board shall determine. (2) The Board shall in writing designate the financial institutions which shall grant credit facilities from the proportion of monies assigned to it from the Credit Facility Account. (3) The designated financial institutions granted credit facility under subsection (2) shall bear the full credit risk. - 15 Verify source ↗
Management of Credit Facility Account
AI-assisted research summary: A designated financial institution must use monies lodged from the Credit Facility Account to provide credit, export insurance, re-financing, and credit guarantees, following the Board’s policy guidelines and subject to section 14.
Section 15—Management of Credit Facility Account. Subject to section 14, a designated financial institution with which monies have been lodged by the Board from the Credit Facility Account shall apply the monies to grant credit, export insurance, re-financing and credit guarantee to applicants under this Act in accordance with policy guidelines provided by the Board. - 16 Verify source ↗
Eligibility for credit facilities
AI-assisted research summary: A person or enterprise may apply for a credit facility from a designated financial institution if it is registered in Ghana and meets the Ghanaian ownership requirements.
Section 16—Eligibility for Credit Facilities. Any person or enterprise may apply for credit facility to a designated financial institution if that person or enterprise— (a) is registered in Ghana under the Companies Code, 1963 (Act 179) the Incorporated Private Partnerships Act, 1962 (Act 152) or any other enactment for the registration of business; and (b) is wholly owned by a Ghanaian or partly owned by a Ghanaian with majority Ghanaian shareholding. - 17 Verify source ↗
Application for credit facilities
AI-assisted research summary: A credit facility application must be filed with a designated financial institution in the form, with the information, and with the fee set by the Board. The financial institution must respond within 7 days and decide/report back within 30 days.
Section 17—Application for Credit Facilities. (1) An application for a credit facility shall be made to a designated financial institution by the applicant in such a form and accompanied with such information and fee as the Board shall determine. (2) On receipt of an application, the financial 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. - 18 Verify source ↗
Period of credit facilities
AI-assisted research summary: A financial institution must grant credit facilities only within the specified period categories: long term development financing over five years, medium term financing up to five years, and short term financing up to twelve months.
Section 18—Period of Credit Facilities. A credit facility granted by a financial institution shall be in respect of— (a) long term development financing facilities for a period exceeding five years; (b) medium term financing facilities for a period not exceeding five years; and (c) short term financing facilities for a period not exceeding twelve months. - 19 Verify source ↗
Administrative expenses of the Fund PART III—IMPOSITION OF IMPORT LEVY
AI-assisted research summary: Administrative and other expenses for managing the Fund are charged to the Fund.
Section 19—Administrative Expenses of the Fund. The administrative and other expenses related to the management of the Fund shall be charged on the Fund. PART III—IMPOSITION OF IMPORT LEVY - 20 Verify source ↗
Imposition of import levy
AI-assisted research summary: A 0.5% import levy applies to non-petroleum products imported for commercial purposes, payable by importers and collected by Customs.
Section 20—Imposition of Import Levy. (1) There is imposed by this Act a levy on the dutiable value of all non-petroleum products imported for commercial purposes. (2) The levy shall be 0.5 per cent of the CIF value of the import. (3) The levy is payable by importers of the non-petroleum products as specified in subsection (1). (4) The levy shall be collected by the Customs, Excise and Preventive Service at the port of import in Ghana. (5) The levy shall constitute a part of the monies for the Fund and accordingly the Commissioner of Customs, Excise and Preventive Service shall pay the levy collected under this section into an account specified by the Board. (6) The Minister may by legislative instrument exempt such categories of non-petroleum products as may be specified in the instrument from the import levy imposed under this Act. - 21 Verify source ↗
Application of Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) to levy PART IV—ADMINISTRATIVE AND FINANCIAL PROVISIONS
AI-assisted research summary: The Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) applies to collecting the levy imposed by this Act.
Section 21—Application of Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) to Levy. The Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) shall apply for the purposes of the collection of the levy imposed by this Act. PART IV—ADMINISTRATIVE AND FINANCIAL PROVISIONS - 22 Verify source ↗
Chief Executive and his functions
AI-assisted research summary: The President appoints a Chief Executive, and the Chief Executive serves as the Board’s secretary and manages the Board’s day-to-day administration and implementation of Board decisions.
Section 22—Chief Executive and his Functions. (1) There shall be appointed by the President in accordance with the advice of the Board given in consultation with the Public Services Commission a Chief Executive. (2) The Chief Executive shall hold office on the terms and conditions specified in his letter of appointment. (3) The Chief Executive shall be the secretary to the Board. (4) The Chief Executive shall be responsible for the day to day administration of the affairs of the Board and shall ensure the implementation of the decisions of the Board. - 23 Verify source ↗
Appointment of other staff
AI-assisted research summary: The President must appoint needed officers or employees for the Board, may delegate appointment power for public officers, and the Board may hire experts or consultants.
Section 23—Appointment of Other Staff. (1) The President acting in accordance with the advice of the Board given in consultation with the Public Services Commission shall appoint other officers or employees necessary for the effective performance of the functions of the Board. (2) The President may delegate the power of appointment of public officers in accordance with article 195(2) of the Constitution. (3) The Board may on the recommendations of the Chief Executive engage the services of such experts and consultants as the Board may determine. - 24 Verify source ↗
Borrowing powers
AI-assisted research summary: The Board may borrow money and other credit facilities, but only under the stated constitutional and legal limits and on government guarantee.
Section 24—Borrowing Powers. Subject to Article 181 of the Constitution and any other enactment, the Board may obtain loans and other credit facilities on the guarantee of the government from such banks and other financial institutions as the Minister in consultation with the Minister of Finance may determine. - 25 Verify source ↗
Accounts and audit
AI-assisted research summary: The Board must keep accounts and proper records, and the Auditor-General must be able to approve their form.
Section 25—Accounts and Audit. (1) The Board shall keep books of accounts and proper records in relation to them and the books of account and records shall be in such form as the Auditor-General may approve. (2) The books of account kept for the Fund by the Board shall be audited by the Auditor- General or by an auditor appointed by him within three months after the end of each financial year. (3) In addition to the annual audit, technical audits shall be conducted on a selective basis by the Auditor-General or by an auditor appointed by the Auditor-General on the recommendation of the Board. - 26 Verify source ↗
Annual report
AI-assisted research summary: The Board must send an annual report to the Minister within four months after each financial year ends, and the Minister must then send it to Parliament within two months after receiving it.
Section 26—Annual Report. (1) The Board shall submit to the Minister as soon as practicable and in any event not more than four months after the end of each financial year a report dealing generally with the activities and operation of the Fund during the year to which the report relates and shall include— (a) the audited accounts of the Fund and the Auditor-General’s report on the accounts of the Fund; and (b) such other information as the Board may consider necessary. (2) The Minister shall within two months after the receipt of the annual report submit the report to Parliament with such statement as he considers necessary. - 27 Verify source ↗
Financial year
AI-assisted research summary: The Fund must use the same financial year as the Government.
Section 27—Financial Year. The financial year of the Fund shall be the same as the financial year of the Government. - 28 Verify source ↗
Regulations
AI-assisted research summary: The Minister may make regulations by legislative instrument, on the Board’s advice, to help implement this Act.
Section 28—Regulations. The Minister on the advice of the Board may by legislative instrument make regulations for the effective implementation of the provisions and object of this Act. - 29 Verify source ↗
Section 29
AI-assisted research summary: This section defines terms used in the Act, including applicant, Board, credit facility, enterprise, financial institution, Fund, levy, Minister, Ministry, and re-financing.
Section 29—Interpretation. In this Act unless the context otherwise requires “applicant” means a person who applies to a financial institution for a credit facility; “Board” means the Board established for the Fund under section 6 of this Act; “C.I.F.” means cost, insurance and freight; “commercial purposes” means the importation of non-petroleum products in commercial quantities; “credit facility” includes credit guarantee, insurance, re-financing and any other facility so designated by the Board; “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 or any part 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 to exporters and approved and designated by the Board to transact business for the purposes of this Act; “Fund” means the Export Development and Investment Fund established under section 1; “levy” means the import levy imposed under section 20 of this Act; “Minister” means the Minister responsible for Trade and Industry; “Ministry” means the Ministry of Trade and Industry; “re-financing” means a loan given by a financial institution for on-lending to a specified customer of the financial institution. Date of Gazette Notification: 6th October, 2000.
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Export Development and Investment Fund Act, 2000 (Act 582)
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