(1) Where the Bank of Ghana determines that the bank or specialised deposit-taking institution is insolvent or is likely to become insolvent within the next sixty days, the Bank of Ghana shall revoke the licence of that bank or specialised deposit-taking institution.

(2) The Bank of Ghana shall appoint a receiver at the effective time of revocation of the licence under subsection (1).

(3) the receiver appoint under subsection (2) shall take possession and control of the assets and liabilities of the bank or specialised deposit-taking institution.

(4) For the purpose of this section, “insolvent” means the inability of a bank or specialised deposit-taking institution to pay its obligations as they fall due or the circumstance where the value of the liabilities of a bank or specialised deposit-taking institution exceeds the value of its assets.

(5) The value of the assets, liabilities and regulatory capital of a bank or specialised  deposit-taking  institution  shall  be  determined in accordance with valuation standards and procedures prescribed by the Bank of Ghana.

(6) In determining the value of the assets and liabilities of a bank or specialised deposit-taking institution for a future date, the anticipated future income and expenses of the bank or specialised deposit-taking institution until that date shall be taken into account.

(7) The Bank of Ghana shall immediately notify the institution responsible for deposit protection of a decision made under this section.