Section 33: (1) The Fund or a Special Purpose Vehicle may, subject to the Bank of Ghana Regulations and any other relevant laws (a) transfer foreign currency into Ghana; (b) purchase local currency at the prevailing interbank exchange rate or at any other rate approved by the Bank of Ghana and convert local currency into foreign currency at the prevailing interbank exchange rate or at any other rate approved by the Bank of Ghana; (c) transfer, export and hold foreign currency outside of Ghana; (d) obtain and use letters of credit and guarantees in foreign currency; (e) except in respect of costs incurred in Ghana to suppliers of goods or services who are residents of Ghana which shall be paid in Ghana Cedis, utilise foreign currency in Ghana without restriction; and (f) pay in foreign currency any amounts due to foreign counterparties and from the Fund to the Special Purpose Vehicles. (2) Despite subsection (1), a Special Purpose Vehicle may (a) borrow money or raise equity in foreign currency from any source without the requirement for any further approval, consent or administrative act of the Government; (b) remit to shareholders located outside of the country any dividend derived from a Special Purpose Vehicle or return share capital without any deduction, withholding or other cost, in each case without the requirement for any further approval, consent or administrative act of the Government; (c) grant security over any property of a Special Purpose Vehicle or any affiliate in the country or elsewhere to lenders or other creditors or potential creditors, including balances in local and foreign currency bank accounts established onshore or offshore; (d) service or repay foreign loans and pay associated fees and indemnities in any currency without being subject to any tax or withholding tax obligation or deduction unless otherwise provided under this Act; and (e) remit to its lenders any principal, interest, fees or other lending costs owed or payable by a Special Purpose Vehicle or any affiliate in the country without any deduction, withholding tax or other cost unless otherwise provided for under this Act. 

Not Available

Not Avaiable