Investor Presentaiton

- 2014 Operating Environment GLOBAL ECONOMY ◉ ☐ HY 2014 Global economy continues gradual recovery currently growing at 2.8% p.a Gold prices bearish, hovering around USD 1,300/ounce from USD 1,235 in June 2013 Cocoa prices improved to about USD 3,000/tonne from USD 2,284 in June 2013 ☐ Global oil demand remains weak and there is ample crude oil supply to meet demand HY 2014 ◉ Bank OUTLOOK IMF projects 2014 global GDP growth at 3.6% p.a, up from 3% in 2013 Gold prices expected to remain flat Cocoa prices projected to remain bullish Outlook for crude prices for rest of 2014 bearish OUTLOOK FOREIGN EXCHANGE 27.0% Year-to-30th June 2014 Cedi depreciation against US$ compared to 6.7% deprecation Year-to-30th June 2013 The central bank has reversed its ban on commercial banks importing dollars directly in a bid to increase the supply of foreign currency and support the cedi (29th July, 2014) HY 2014 POLICY RATE Policy rate as at June 2014 was 18%, up from 16.0% in June 2013 Half-Year 2014 Investor Presentation - August, 2014 ☐ OUTLOOK Bank of Ghana increases MPR for 2nd time in 2014 by 100bps to 19% to contain inflation pressures and realign interest rates in favour of domestic assets MPR is expected to increase in near term CAL Bank on our Service 6

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