(1) Where the Bank of Ghana has sufficient reason to believe that a person  is  transacting  or  carrying  on  a  deposit-taking  business or  taking deposits in contravention of section 6, the Bank of Ghana may, in writing authorise an officer of the Bank of Ghana to perform the functions under subsections (2) and (3).

(2) An authorised officer may

(a) enter any premises or property which the Bank of Ghana has reason to believe is occupied or used by a person for a purpose in contravention of section 6;

(b) search for a book, record, statement, document or any other item used or which is believed to be used, in contravention of section 6;

(c)  seize or make a copy of a book, record, statement, document or any other item referred to in paragraph (b), or seize any money or negotiable instrument found on the premises;

(d) question a person who is found on the premises or an auditor, director, member or partner of a person conducting business on  the  premises,  in  connection  with  the  conduct  of  the business on the premises;

(e)  direct that the premises of the business or any part of it or anything on the premises, be secured and left undisturbed for as long as is necessary to search the premises for a book, record, statement, document or item under paragraph (b);

(f)  examine a book, record, statement, document or any other item referred to in paragraph (b) and may require from a person referred to in paragraph (d) an explanation regarding any entry in the book, record, statement, document or other item; and

(g) close down the business of a person referred to in subsection (1).

(3) An authorised officer may by notice in writing

(a) addressed and delivered to a person who has control over or custody of a book, record, statement, document or any other item referred to in paragraph (b) of subsection (2), require that person to produce the book, record, statement, document or other item to that authorised officer of the Bank of Ghana at the place, on the date and at the time specified in the notice;

(b) instruct a bank, specialised deposit-taking institution or other entity to freeze an account of a person referred to in this section with the bank, specialised deposit-taking institution or  other  entity  and  to  retain  all  moneys  in  that  account, pending further instructions of the Bank of Ghana; and

(c) delivered to a person referred to in this section, direct that the business of that person be summarily suspended, pending investigation by the Bank of Ghana under this section.

(4) Where  the  authorised  officer  performs  a  function  under  this section  in  the  presence  of  a  person  affected  by  the  performance  of  the function, the authorised officer shall, at the request of the person affected, furnish the person with the written authorisation referred to in subsection (1).

(5) A person shall not

(a)  hinder or obstruct an authorised officer of the Bank of Ghana in the performance of the functions of that officer;

(b) refuse or fail to comply with a request made by an authorised officer in the performance of the functions of that authorised officer;

(c)  refuse or fail to answer a question which an authorised officer lawfully  directs  at  that  person  in  the  performance  of  the functions of that authorised officer;

(d)  knowingly funished an authorized office with false or misleading information; or

(e)  falsely represent that that person is an authorised officer of the Bank of Ghana.

(6) A person who contravenes paragraph (a), (b), (d) or (e) of sub-section (5), commits an offence and is liable on summary conviction to a fine of not less than five hundred penalty units and not more than one thousand penalty units or a term of imprisonment of not less than two years and not more than four years or both.

(7) A  person  who  contravenes  paragraph  (c)  of  subsection  (5) commits an offence and is liable on summary conviction to a fine of not less than  one  hundred  and  twenty-five  penalty  units  and  not  more  than  two hundred and fifty penalty units.