Article IV, The Sierra Leone Guinea Relations Act, 1966

Credit accounts shall immediately be opened by Guinea inthe Bangque Guineenne du Commerce Exterieur and. by Sierra Leone in the Bank of Sierra Leone. In Sierra Leone the account shall be known as the "Guinea Payments Account ' and in Guinea the account shall be known as the Sierra Leone Payments Account ". The following procedure will be adopted and followed: Full records of all payments made under the credit arrangements must be kept by both Central Banks so that a setlement agreement may be reached at the end of each period-three monthly period proposed. Certified docu ments should be exchanged at all times the form of which must be agreed. A *Guinea Payments Agreement " Account will be opened in the Central Bank of Sierra Leone credited for every three monthly period with the sum of £125,000. From this Account payments will be made to Sierra Leone Exporters on the production of documents authorised by the Ministry of Trade and Industry. The Ministry of Trade and Industry will check all invoices and will accept all prices. There must be drawn up special forms giving full details of goods, amounts, names of importers and exporters etc., such forms to be agreed by both the Central Banks of Sierra Leone and of Guinea. Specimen signatures of individuals authorised to approve the tran sactions under the Payments Agreement will be supplied by the Ministry of Trade and Industry. Copies of invoices, approved forms certified by the Ministry of Trade and Industry and forms certified by the Guinea authorities will be provided and will be retained by the Bank and forwarded by the Bank to the Bank of Guinea. Before the Bank makes any payment it should satisfy itself that there has been complete agreement as regards prices and quality of the goods involved. In the case of Sierra Leone imports from Guinea, the following will be necessary (a) the Sierra Leone trader will lodge with the Bank a form and invoice certified by the Ministry of Trade and Industry : (6) the Sierra Leone trader will pay the sterling equivalent to the Bank of Sierra Leone for credit of *Guinea Payments Credit Account ". (c) The Bank will then certify the form that payment had been received and the trader will then take /send the document to Guinea. No. 9