Before July, 1970, the Bank of Ghana was given a certain amount of control over the operations of banking institutions by sections 29–35 of the Bank of Ghana Act, 1963 (Act 182). In exercise of those powers, the Bank of Ghana could, for example, prescribe the amount of liquid assets to be held by banks, request banks to furnish statements of their accounts, and fix the minimum paid-up capital to be maintained by banks.