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(1) Where the Bank of Ghana considers that there is systemic risk, the Bank of Ghana may issue a directive in writing to a participant requiring that participant to

(a) perform an act that is necessary to remedy the situation and to cease or refrain from engaging in the act, omission or conduct; and

(b) provide the Bank of Ghana with information and documents relating to the matters specified in the directive.

(2) A participant who without good reason refuses or fails to comply with a directive issued under subsection (1), commits an offence and is liable on summary conviction to a fine of not less than one thousand penalty units and not more than five thousand penalty units or to a term of imprisonment of not less than four years and not more than ten years or to both.

(3) The Bank of Ghana shall take steps under this Act to safeguard the system.