Investor Presentaiton

Ghana Maintains Tight Monetary Policy Stance From H2-2015, Cedi began stabilizing and falling back into sustainable band as seasonal pressures subside, inflows increase and policy actions take effect --GHS: USD (period end) GHS-USD 3.79 5.0 3.00 4.5 2.20 4.0 1.88 1.43 1.47 1.55 3.5 1.22 0.97 3.0 2.5 2.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Jan-15 May-15 Sep-15 Jan-16 May-16 Cedi depreciation combined with fuel and utility price adjustments pushed inflation out of target band. However, tight policy stance, reduced FX volatility and lower fuel prices stabilized inflation outlook Combined -Food MPR Non Food Feb 2014: MPR raised to 18.0% Sept 2014: MPR raised to 19.0% Nov 2014: MPR raised to 21.0% May 2015: MPR raised to 22.0% July 2015: MPR raised to 24.0% Sept 2015: MPR raised to 25.0% Nov 2015: MPR raised to 26.0% 30 25 25 20 15 10 13.5 13.8 14.0 14.5 14.7 14.8 15.0 15.3 15.9 16.5 16.9 17.0 17.0 16.4 16.5 16.6 16.8 16.9 17.1 17.9 17.3 17.4 17.4 17.6 17.7 5 7.1 7.5 8.2 7.0 0 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 19.0 18.5 19.2 18.7 5.0 5.1 5.8 6.5 6.6 6.8 6.9 7.0 7.2 7.2 7.3 7.4 7.6 7.7 7.8 7.8 7.9 8.0 8.2 8.3 8.3 8.4 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 From H2-2015 Cedi stabilized as FX inflows boosted reserves and investor confidence improved due to: Success of US$1bn IDA guaranteed bond Inflows from donor partners Cocoa sales inflows IMF Balance of Payments support inflows Monetary policy tools have also been employed to quell Cedi depreciation and the concomitant impact on inflation: MPR raised to 26.00% in November 2015 Cash Reserve at 10.00% from 11.00% Net open position of banks lowered on both single currency and aggregate currency basis Bank of Ghana to stop financing government in 2016 2-yr note opened to foreign investors Tighter customs operations and tariff valuation IMF policy support Source: Bank of Ghana 12

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