Investor Presentaiton

Clear Strategy to Assure Debt Repayment Ghana has demonstrated clear commitment to honoring its obligations to investors ■ Ghana considers debt repayment as a statutory obligation, as such, repayments of debt ranks ahead of most other expenditure items ■ Debt Sinking Fund established and backed by legislation ■ Medium term debt management strategy approved ▪ Efforts underway to extend and smoothen Ghana's debt maturity profile, to avoid refinancing risks, and diversify sources of funding Debt Sinking Fund Established Changing from "bullet" to amortizing repayments Hedge against forex movements with annual US$ based oil repayment revenue flows In 2014, US$100mn transferred from excess over cap on Ghana Stabilization Fund Efforts to Extend Maturity Profile Yielding Result (book building domestic term bonds and Eurobonds) Long Term, 14% Long Term, 21% Short Medium Term, 27% Term, 59% 2003 Source: Ministry of Finance Medium Term, 32% 2015 The External Debt from 2012 has been reclassified to reflect the facility type per creditor FX rate used for debt calculation: US$:GHC 3.89 Sound Assumptions Backed Viability of the Debt Sinking Fund at Set-Up Amount in Sinking Fund US$ 100mn Oil price assumption Oil production US$57 per barrel 103,000 bbls a day The Sinking Fund will be continuously furnished from future oil revenue savings Gas production 459 mmscf gas/day Efforts underway to extend and smoothen Ghana's debt maturity profile Proactive efforts to refinance external and domestic debt to extend tenors and reduce debt service costs ✓ Deepening the domestic markets by (a) adopting book building approach, (b) opening up 2-year bonds to non-residents investors, (c) reinvigorating the primary dealer process and (d) revamping pensions act Short term bills to be used only for liquidity management and repayable immediately from the annual revenue flows Financing for Development Short Term, 46% ✓ Long-term debt to finance CAPEX by extending the domestic debt yield curve (through bookbuilding approach and pension act reforms) and selective use of Eurobond markets Utilize concessional loans and grants to finance social infrastructure ✓ Establishment of escrow / debt service accounts and special levies to assure repayment for on- lent facilities to SOES Sovereign wealth fund (SWF) to leverage oil and gas revenue to access markets Ghana Infrastructure Investment Fund (GIIF) Act passed in 2014 to enhance SWF Shift from vanilla guarantees to project / insurance structures; reducing fiscal risks Use of alternative risk management strategies such as hedging 28

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