In Ghanaian banking, these terms are crucial for operations under the Bills of Exchange Act, 1961 (Act 55) and Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). Below are short notes, based on practical applications in compliance and lending.

Bill of Lading (5 marks): A Bill of Lading (BoL) is a legal document issued by a carrier in international trade, serving as a receipt for goods, evidence of contract, and title document. In practice, at Ecobank Ghana, banks use it in LC transactions to release payments only upon presentation, mitigating risks under Incoterms. It can be negotiable (transferable) or straight (non-transferable), ensuring secure trade finance amid BoG’s exchange controls.

Mandate (5 marks): A mandate is a written authorization from a customer to the bank, detailing how an account should be operated, such as signing instructions for joint accounts. Under banking law, it establishes the banker-customer relationship and protects against unauthorized actions. For example, in corporate accounts at GCB Bank, mandates prevent fraud, aligning with BoG’s Corporate Governance Directive 2018, and are revocable upon notice.

Set Off (5 marks): Set off refers to a bank’s legal right to apply a customer’s credit balance in one account against debts in another, without consent, under common law and Act 930. It’s used for debt recovery, e.g., offsetting a loan default against a savings account at Stanbic Bank Ghana. Conditions include same-customer accounts and matured debts, providing a practical tool for risk management post-2017 cleanup.

Power of Attorney (5 marks): A Power of Attorney (PoA) is a legal instrument delegating authority from a principal (donor) to an agent (attorney) to act on their behalf, such as managing bank accounts. In Ghana, it must be registered if irrevocable, per the Powers of Attorney Act, 1998 (Act 549). Banks like Access Bank Ghana verify PoAs for transactions to avoid liability, especially in estate or business lending, ensuring ethical compliance.