(1) On the basis of the report produced under section 114 and with the approval of the Bank of Ghana, the official administrator may carry out

(a)  a merger of banks or specialised deposit-taking institutions; or

(b)  a transfer, in whole or in part, of the assets and liabilities of the bank or specialised deposit-taking institution.

(2) A transfer of the assets and liabilities of the bank or specialised deposit-taking institution may include a transfer to

(a)  a bridge institution, or

(b)  an asset management vehicle established by the Government for  the  purpose  of  acquiring,  managing,  and  disposing  of problem assets of a bank or special deposit-taking institution as part of the resolution of the bank or special deposit-taking institution.

(3) In accordance with instructions given by the Bank of Ghana, the official administrator may approve a restructuring of the liabilities of the bank or special deposit-taking institution through arrangements with the creditors including a reduction, modification, rescheduling and renovation of the claims of the creditors.