IN exercise of the powers conferred on the Minister responsible for Finance by section 38 of the Exchange Control Act, 1961 (Act 71), and for the purpose of giving effect to the provisions of Article 33 of the Master Agreement, as approved by the National Assembly on January 20, 1962, the exemptions and consents herein provided for are granted, this 22nd day of January, 1962.

I. Notwithstanding the provisions of sections 1, 3 and 6 of the Act, Valco and the Trustee of the Valco Current Accounts Trust may receive and hold foreign currency in accounts outside Ghana, and may make payments from such accounts, as permitted by the Valco Current Accounts Trust, for the following purposes: (a) Constructing the Smelter in accordance with Alticle Il of the Master Agreement, out of funds available to the Trustee for such purpose from sources described in

Articles 3, 4 and 5 of the Valco Current Accounts Trust;

(b)

Meeting Valco's obligations under the Exim-Valco Loan Agreement to pay principal, interest and fees and other charges; and 

(c)

Paying fees, expenses and reimbursable costs to the Trustee of the Valco Current Accounts Trust, and the Voting Trustee of The Voting Trust Arrangements: Provided, however, that the exemptions hereby granted shall be limited to such amounts as may be shown to have been required during each semi-annual period by the certificate of the Financial Manager of Valco (or such other person as the Ministry of Finance may approve) delivered to the Ministry within sixty days after the end of each semi-annual period ending June 30th and December 31st in each year.

2. Valco shall submit a report to the Ministry of Finance annually on or before the first day of March setting forth in reasonable detail the amounts of foreign currency received held or paid  by Valco and said Trustee during the preceding calendar year under the exemptions granted in section I hereof and the purposes to which such amounts have been applied, accompanied by such documents and other information as the Ministry may reasonably require.