Ghana Investment Fund Act, 2002 (Act 616)
This section establishes a Ghana Investment Fund.
AI-assisted research synopsis — verify against the official legal text below.
- Jurisdiction
- Ghana
- Instrument
- Act or statute
- Citation
- Act 616
- Version
- Undated source snapshot
- Language
- en
- Official source
- View official record ↗
Publicly available, excluded from search-engine indexing
This page remains available for direct access and API use, but this release emits
noindex,follow for the following reason:
- The record does not meet this release's canonical indexing criteria.
(market-indexing-disabled)
Statute overview
About this statute
This section establishes a Ghana Investment Fund. The Fund is to provide financial resources for medium- and long-term credit facilities to investors through designated financial institutions. The Fund’s money comes from listed sources such as the Business Assistant Fund, loan repayments, grants and loans, voluntary private-sector contributions, and other amounts allocated by Parliament. Fund monies must be paid into a bank account opened by the Board, with the Accountant General’s approval. The Board must disburse the Fund’s monies to designated financial institutions or other institutions for credit facilities.
Search within this statute
Search all stored provisions in this version.
Legal text
Provisions of Ghana Investment Fund Act, 2002 (Act 616)
Showing 25 of 25
- 1 Verify source ↗
Establishment of the Fund
AI-assisted research summary: This section establishes a Ghana Investment Fund.
Section 1—Establishment of the Fund. There is established by this Act a Ghana Investment Fund. - 2 Verify source ↗
Object of the Fund
AI-assisted research summary: The Fund is to provide financial resources for medium- and long-term credit facilities to investors through designated financial institutions.
Section 2—Object of the Fund. (1) The object of the Fund is to provide financial resources for the grant of medium and long term credit facilities to investors through designated financial institutions. (2) For the purpose of achieving the object of the Fund, monies from the Fund shall be applied for such relevant investment activities as the Board of the Fund may determine including in particular the following: (a) manufacturing; (b) medical technology; (c) electronics; (d) computer technology; (e) software development; (f) plant assembly; (g) real estate development; (h) environmental technology; (i) tourism, including eco-tourism; (j) agro-processing; and (k) the development of small, medium and large scale enterprises. (3) Without prejudice to subsection (2) monies from the Fund may be applied to fund viable enterprises at advanced stages and to a limited extent at primary stages. - 3 Verify source ↗
Sources of money for the Fund
AI-assisted research summary: The Fund’s money comes from listed sources such as the Business Assistant Fund, loan repayments, grants and loans, voluntary private-sector contributions, and other amounts allocated by Parliament.
Section 3—Sources of Money for the Fund The monies for the Fund shall consist of (a) the amount of money constituting the Business Assistant Fund; (b) future repayments of any loans previously drawn on the Business Assistance Fund; (c) grants and loans obtained from banks and financial institutions; (d) grants and loans obtained from bilateral and multilateral sources; (e) voluntary contributions to the Fund from the private sector including individuals; and (f) such other monies as may be allocated by Parliament for the Fund. - 4 Verify source ↗
Bank Account of the Fund
AI-assisted research summary: Fund monies must be paid into a bank account opened by the Board, with the Accountant General’s approval.
Section 4—Bank Account of the Fund. Monies for the Fund shall be paid into a bank account opened by the Board established under section 10 for the Fund with the approval by the Accountant General. - 5 Verify source ↗
Disbursement of the Fund
AI-assisted research summary: The Board must disburse the Fund’s monies to designated financial institutions or other institutions for credit facilities.
Section 5—Disbursement of the Fund The monies assigned to the Fund shall be disbursed by the Board to designated financial institutions or other institutions for the provision of credit facilities. - 6 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 or other institution if it meets the listed business, registration, and Ghanaian ownership conditions.
Section 6—Eligibility for Credit Facility Any person or enterprise may apply to a designated financial institution or other institution for a credit facility if that person or enterprise (a) has a business to expand or start; (b) is registered in Ghana under the Companies Code, 1963 (Act 179), the Incorporated Private Partnerships Act, 1962 (Act 179), the Incorporated Private Partnerships Act, 1962 (Act 152) or any other enactment for the registration of business; and (c) is wholly owned by a Ghanaian or partly owned by a Ghanaian with majority Ghanaian shareholding. - 7 Verify source ↗
Application for credit facilities
AI-assisted research summary: An applicant must submit a credit-facility application to a designated or approved financial institution in the form, with the information and fee set by the Board.
Section 7—Application for Credit Facility (1) An application for a credit facility shall be made to a designated financial institution or any such approved institution by the applicant in such a form and accompanied with such information and fee as the Board established under section 10 shall determine. (2) On receipt of an application, made under subsection (1), the 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. - 8 Verify source ↗
Period of credit facilities
AI-assisted research summary: A financial institution’s credit facility must fit one of three financing periods: long term over five years, medium term up to five years, or short term up to twelve months.
Section 8—Period of Credit Facility. A credit facility granted by a financial institution shall be in respect of— (a) long term financing for a period exceeding five years; (b) medium term financing for a period not exceeding five years; or (c) short term financing for a period not exceeding twelve months. - 9 Verify source ↗
Administrative expenses of the Fund
AI-assisted research summary: Administrative and other expenses for managing the Fund are charged to the Fund.
Section 9—Administrative Expenses of the Fund The administrative and other expenses related to the management of the Fund shall be charged on the Fund. - 10 Verify source ↗
Appointment of a Board for the Fund
AI-assisted research summary: This section establishes a Board for the Fund and says the President appoints its members after consulting the Council of State.
Section 10—Appointment of a Board for the Fund (1) There is established by this Act a Board for the Fund which shall consist of (a) a Chairperson; (b) one representative of the Ministry of Trade and Industry; (c) one representative of the Bank of Ghana; (d) one representative of the Association of Ghana Industries; (e) one representative of the Ghana Chamber of Commence; (f) one representative of the Ministry of Finance; (g) one representative of the Ghana Investment Promotion Centre; (h) the Chief Executive of the Fund; (i) the Controller and Accountant-General or a representative of the Controller and Accountant General; and (j) 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 chairperson 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. - 11 Verify source ↗
Functions of the Board
AI-assisted research summary: The Board must manage and administer the Fund and carry out listed fund-management functions.
Section 11—Functions of the Board (1) The Board shall manage and administer the Fund. (2) For the purposes of subsection (1) the Board shall (a) pursue polices to ensure the achievement of the object of the Fund; (b) collect or arrange for the collection of monies assigned to the Fund; (c) account for money in the Fund by defining appropriate procedures for the management of the Fund; (d) 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; and (ii) the maximum credit facility that may be granted to an applicant; (e) appoint designated financial and other institutions which shall grant credit facilities; (f) receive and examine reports from designated financial institutions and other institutions in respect of credit facilities granted by them; (g) with the approval of the Minister prepare and publish criteria for the disbursement of moneys from the Fund to designated financial institutions and other institutions; (h) monitor the progress of successful applicants granted credit facilities under this Act, through agents assigned for the purpose; and (i) perform any other functions conferred on it under this Act or incidental to the achievement of the object of the Fund. - 12 Verify source ↗
Tenure of office of members
AI-assisted research summary: Board members generally serve up to four years, may be reappointed, may resign, and can be removed for cause.
Section 12—Tenure of Office Members (1) The chairperson and any other member of the Board other than an ex officio member shall hold office for a period not exceeding four years and are on the expiration of that period eligible for re-appiontment for another term only. (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 from office. (3) A member who is absent from four consecutive meetings of the Board without sufficient cause ceases to be a member of the Board. (4) The chairperson or any other member of the Board may be removed from office by the President for inability to perform the functions of the office, for stated misbehaviour or for any other just cause. (5) The chairperson 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) A person appointed to fill a vacancy 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. - 13 Verify source ↗
Meetings of the Board
AI-assisted research summary: The Board must meet at least once every two months, and the Chairperson must convene a special meeting if at least one third of members request it.
Section 13—Meetings of the Board (1) The Board shall meet for the despatch of business at times and in places that the Board may determine but shall meet at least once every two months. (2) The Chairperson 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 six members. (4) The chairperson shall preside at every meeting at which the chairperson is present and in the absence of the chairperson 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 chairperson or 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. - 14 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 14—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 except that a committee composed entirely of non members may only advise the Board. - 15 Verify source ↗
Disclosure of interest
AI-assisted research summary: Board members with a conflict must disclose it at a Board meeting and must not join the related discussion or decision.
Section 15—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 that 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 has an interest but who fails to disclose that interest under subsection (1) shall be removed from the Board. - 16 Verify source ↗
Allowances for members of the Board. PART II—ADMINISTRATIVE, FINANCIAL AND MISCELLANEOUS PROVISIONS
AI-assisted research summary: The chairperson and other Board members are to be paid allowances set by the Minister in consultation with the Minister responsible for Finance.
Section 16—Allowances for Members of the Board. The chairperson and other members of the Board shall be paid such allowances as the Minister in consultation with the Minister responsible for Finance may determine. PART II—ADMINISTRATIVE, FINANCIAL AND MISCELLANEOUS PROVISIONS - 17 Verify source ↗
Chief Executive
AI-assisted research summary: The President appoints a Chief Executive after getting the Board’s advice in consultation with the Public Services Commission; the Chief Executive serves as the Board’s secretary and manages its day-to-day affairs.
Section 17—Chief Executive. (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 the letter of appointment. (3) The Chief Executive shall be the secretary to the Board. (4) Subject to the directives of the Board and 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. - 18 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 engage experts and consultants.
Section 18—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 offices 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 under this Act in accordance with article 195 (2) of the Constitution. (3) The Board may on the recommendations of the Chief Executive engage the services of experts and consultants as the Board may determine. - 19 Verify source ↗
Borrowing powers
AI-assisted research summary: The Board may borrow by obtaining loans and other credit facilities, but only subject to Article 181, any other enactment, and the government guarantee requirement.
Section 19—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 banks and other financial institutions that the Minister in consultation with the Minister for Finance may determine. - 20 Verify source ↗
Accounts and audit
AI-assisted research summary: The Board must keep proper books and records, and the Auditor-General may approve their form and appoint the auditor for the Fund.
Section 20—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 the Auditor-General on the recommendation of the Board. - 21 Verify source ↗
Annual report
AI-assisted research summary: The Board must give the Minister an annual report within four months after each financial year ends, and the Minister must send that report to Parliament within two months after receiving it.
Section 21—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) other information that the Board considers necessary. (2) The Minister shall within two months after the receipt of the annual report submit the report to Parliament with any statement that the Minister considers necessary. - 22 Verify source ↗
Financial year
AI-assisted research summary: The Fund must use the same financial year as the Government.
Section 22—Financial Year The financial year for the Fund shall be the same as the financial year of the Government. - 23 Verify source ↗
Regulations
AI-assisted research summary: The Minister may make regulations, on the Board’s advice, to help implement the Act.
Section 23—Regulations The Minister on the advice of the Board may be legislative instrument make regulations for the effective implementation of the provisions and object of this Act. - 24 Verify source ↗
Transfer of money
AI-assisted research summary: This section refers to the money in the Business Assistance Fund, including any interest, held in a bank account, after allowing for any payments required when the Act comes into force.
Section 24—Transfer of Money The total sum of money constituting the Business Assistance Fund and any interest on that money located in any bank account for the Business subject to any payment required from the Business Assistance Fund on the date of the coming into force of this Act. - 25 Verify source ↗
Interpretation THE SIX HUNDRED AND SIXTEENTH ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED GHANA INVESTMENT FUND ACT,
AI-assisted research summary: This section defines key terms used in the Act, including applicant, Board, credit facility, enterprise, financial institution, Fund, institution, Minister, and Ministry.
Section 25—Interpretation In this Act, unless the context otherwise requires. "applicant" means a person who applies to a designated financial institution or any such approved institution for a credit facility; "Board" means the Board established for the Fund under section 10; "Credit facility" means any facility designated by the Board to serve as means of financial assistance or relief for an applicant under this Act; "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; "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 and approved and designated by the Board to transact business for purposes of this Act; "Fund" means the Ghana Investment Fund established under section 1; "institution" means a body corporate that is approved and designated by the Board to transact business for the purposes of this Act; "Minister" means the Minister responsible for Trade and Industry; "Ministry" means the Ministry of Trade and Industry. Date of Gazette Notification: 12th April, 2002.
Provision text is displayed from LexChat’s stored statute record. Use the official source links to verify amendments, commencement, and current legal force.
Ask AI about this statute
Ghana Investment Fund Act, 2002 (Act 616)
Sign in to ask AI about this statute
Sign in to start authenticated, citation-grounded statute research.
Sign in