Investor Presentaiton

2016 Budget in Summary With the 2016 budget, fiscal deficit is expected to fall to 5.3% of GDP on the back of continued implementation of Ghana's “home grown” policies and disciplined pursuit of IMF Programme measures Tax Measures to Further Boost Revenue - Phase II of revenue modernization initiatives rolled-out in 2015 Increase in excise tax rate and full rollout of the excises stamp project ☐ ☐ Revenue Administrative Bill to be laid in Parliament in 2016 Joint audit teams to conduct investigations Tax and customs systems being integrated Full implementation of the Income Tax, 2015 yielding additional revenue equivalent to 0.3% of GDP Moving all processes to an electronic platform and accelerating the shift to a functional form of administration in all tax offices Implementation of the Electronic Point of Sale project Tight Expenditure Control and Continuous Monitoring Public sector wage negotiations within budgetary constraints Continuation of the policy of net freeze on employment in all sectors of the public service (except education and health) Progressive implementation of the electronic payroll and accounting systems initiatives (GIFMIS) Continue to implement the existing price adjustment mechanism for utility and fuel prices Source: 2016 Budget Statement, Ministry of Finance and Economic Planning 2016 Budget Key Assumptions: Real GDP Growth: 5.3% Inflation (end of period): 10.1% Oil Benchmark Price: $53.05 Revenues Expenditures 2015 Revised Budget 2016 Budget Ghc million % GDP Ghc million % GDP 30,526 22.8 38,038 24.0 37,930 28.3 43,505 27.5 Fiscal Balance (9,727) (7.3) (8,407) (5.3) Total Financing 9,727 7.3 8,407 5.3 4,978 3.7 5,441 3.4 Domestic Foreign 4,749 2.5 3,399 2.1 (432) (0.3) Other 17

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