Investor Presentaiton

Macro Results Achieved Despite External Shocks Tighter expenditure control in-place and revenues resilient despite oil price crash-reflecting increased development partner confidence and success of tax reforms -Revenues (%GDP) --Expenditure (%GDP) Brent ($/bbl) 110 2015 Oil Budget Price $99 100 30.9% 31.1% 90 2015 Revised Oil Budget Price $57 28.3% 80 26.4% 2016 Oil Budget Price $53 24.3% 70 60 Q1 2016 Average WTI Oil Price $32 23.9% 50 22.8% 21.6% 40 Current WTI Oil Price $48 20.5% 20.6% 30 20 2016 Proposed Revision to Oil Budget Price* 35-40 2013 2014E 2015e 2016f* 2017f* Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Cocoa prices saw some recovery in 2015 Gold prices remained under pressure Cocoa (US$ per tonne) Gold (US$ per ounce) Grant inflows just returning ■Total Grants (GHS' mn) 2,689 Power Cuts 3500 1800 3000 1600 1400 2500 1,160 739 814 1200 2000 1000 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 2012 2013 2014 2015 Ghana is better prepared to face risks ahead and protect the bright prospects of its economy Sources: Ministry of Finance, Bloomberg Addressed Productivity disruptions which led to fall in tax revenues now effectively addressed with domestic gas-to- power production to mitigate gas supply disruptions from WAGPP 14

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