Notwithstanding the provisions of sections l, 3 and 6 of the Act, Valco and the Trustee of the Current Accounts Trust may

 receive and hold foreign currency in accounts outside Ghana in the following amounts - (a) up to $12,000,000 as the proceeds of Valco shares pursuant to the Subscription Agreement. (b). Up to $42,000,000 as Tolling Charge prepayment pursuant to the long term Tolling Contract; and (c). Up to $110,000,000 as the proceeds of the issuance by Valco of its promissory notes under the Exim- Valco Loan Agreement. 4. for purposes of section 10 of the Act: (a) Valco shall be deemed to be the only person exporting goods from Ghana under the Long Term Tolling Contracts and the only party to the Long Term Tolling Contracts to whom section 10 shall be deemed applicable; (b). The metho dof payment provided in the Long Term Tolling Contracts shall be deemed to satisfy the provisions of section 10 (1) (a); (c). The amount of payment provided in the Long Term Tolling Contracts shall be deemed to satisfy the provisions of section 10 (b); (d). The parties to the Long Term Tolling Contract other than Valco shall be exempted in all respects from the provisions of section 10. 4. Subject to the conditions hereinafter stated in sub-paragraphs (a) and (b) such consents and exemptions as may be required under the Act are hereby given to the entering into and the carrying out of contracts and agreements listed in Article 33 (F) of the Master Agreement :

Provided that—

(a) such consents or exemptions shall not affect or derogate from—

(i) the exemptions herein granted and any limitations therein specified;

(ii) any consents or exemptions which may be granted in future; and

(iii) the provisions of Article 33 of the Master Agreement and the obligations of the parties thereunder; and

(b) if in the view of the Ministry specific exemptions or consents are required in the interest of orderly administration of the Act and Regulations, due application will be made therefor provided that due and timely notice

 shall be given to the parties concerned and no penalties shall be imposed or other enforcement action taken until the party concerned shall, in accordance with the provisions of Article 33 of the Master Agreement, have had reasonable opportunity to comply, or justify non-compliance with such notice, whether by reason of the requirements of the various contracts and agreements, or otherwise.