Investor Presentaiton

Deceleration in Pace of Growth of Ghana's Debt Significant slowdown in growth pace of external debt from high of 30% in 2013 to under 10% in 2015 ■External Debt (US$ mn) 15,782 13,872 11,902 9,154 7,653 2011 2012 2013 2014 2015 External Debt (% GDP) - External Debt Growth Sizeable arrears clearance 39.2% 27.7% 22.9% 19.8% 30.0% 22.4% 19.6% 2011 2012 2013 42.8% 16.6% 13.8% 2014 2015 Deceleration of growth pace of domestic debt set to be more impressive as US$1 billion of domestic debt buy-backs are fully implemented with Ghana 2030s Eurobond maturity proceeds ■Domestic Debt (US$ Mn) 12,559 10,916 10,621 9,997 7,697 Domestic Debt (% GDP) Domestic Debt Growth 100% 67% 61% 46% 30.9% 29.2% 28.8% 18% 19.6% 25.0% 2011 2012 2011 2012 2013 2014 2015 2013 Sizeable arrears clearance 2014 2015 27

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