CalBank Banking Sector Overview & Competitor Benchmarking

• Macroeconomy | IMF engagement & developments IMF Engagement • On 1st July 2022, government announced that it will engage with the International Monetary Fund (IMF) on a support package. • Ghana's engagement with IMF will seek to provide balance of payment support following COVID-19 induced challenges and the Russian- Ukraine crisis. IMF program may help re-anchor expectations through implementation of reforms to restore creditworthiness, and eventually lead to Ghana regaining access to international capital markets. Government expects the loan of USD 3.0bn to be approved by end of Q2 2023 Due to recent macroeconomic shocks, the government revised the FY2022 macro-fiscal targets 1 Previous 5.8% Overall Real GDP growth 3.7% 2 3 Non-oil Real GDP Growth I Fiscal Deficit (% of GDP) 4.3% 6.6% Previous 5.9% Previous: 7.4% 4 5 Year-end Inflation Previous 28.5% 8.0% Previous: ≥ 4 months Gross Forex Reserves ≥ 3 months 10 CalBank

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