Investor Presentaiton

Sustainable Debt Management Policy Initiatives 200% From a historic perspective, Ghana's public debt to GDP Ratio tapering in 2015 after 2014 highs yet still below HIPC levels. Public debt growth levels also tapering 29% 160% 120% Gross External Debt/GDP Gross Domestic Debt/GDP Growth In Debt 27% 29% 21% 80% 21% 153% 19% 115% 108% 102% 31% 29% 73% 29% 60% 6% 15% 11% 15% 17% 10% 20% 16% 20% 16% 20% 25% 39% 43% 20% 23% 28% 40% 0% -40% 2000 2001 2002 2003 2004 2005 2006 2013 2014 2015 Focus of Ghana's International Debt Capital Markets Activities Refinancing: ■ Smoothen maturity profile ■ Minimise interest burden Minimise roll-over risk Finance Capital Budget: Match long term investments in capital projects with long term financing Less reliance of short term domestic debt with introduction of bookbuilding Unlock Counterpart Funds Raise funds to meet Ghana's commitment under counterpart funded unlock development projects and partner support Breakdown of External Debt Other Concessional , 5.2% Commercial, 10.9% 2015 2007 2008 2009 2010 2011 2012 Breakdown of Domestic Debt Multilateral, 14.3% Foreign Investors 5.0% Export Credits, 3.2% Bilateral, 2.9% Non-Bank Sector 9.4% Standard Loans 0.4% 2015 Banking Sector 14.1% Bank of Ghana 6.64% Deposit Money Banks 7.43% In 2016 the Medium Term Debt Management Strategy (MTDS) 2016-2018 was approved. This strategy seeks to make debt management and financing/refinancing an integral part of the overall macroeconomic policy framework The MDTS sets benchmarks for key risk areas: ■ Foreign Currency Risk: 65% +/- 5% of external debt to be US$ denominated Interest Rate Risk: Floating rate debt not to exceed 20- 25% and hedging to lock-in lower rates ■ Re-Financing Risk: Short-term and maturing debt to remain below 25% and Average Time to Maturity to be not less than 6.5 years 26

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