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(1) There shall be a Managing Director of the Bank who shall be appointed by the Council and who shall hold office for a period not exceeding five years and on such other terms as may be specified in his instrument of appointment.

(2) A Managing Director shall be eligible for re-appointment for a further period not exceeding five years on the termination of his appointment.

(3) Subject to any directions of the Board on matters of general policy the Managing Director shall be responsible for the direction of the day-to-day business of the Bank and of its administration and organisation and control of all the employees of the Bank.

(4) The two Deputy Managing Directors of the Bank shall subject to the provisions of this Decree-

(a) be charged with the performance of any of the functions of the Managing Director when the Managing Director is absent from Ghana or is otherwise incapacitated from performing that function as the Board may determine; and

(b) otherwise assist the Managing Director in the discharge of the said functions, and perform such other functions as the Managing Director may delegate to any of them, and accordingly, unless the context otherwise requires, any reference in this Decree to Managing Director shall include a reference to a Deputy Managing Director.[As substituted by Ghana Commercial Bank (Amendment) Decree 1973 (NRCD 163) s. 1(b)]