Investor Presentaiton

Bi-Partisan Support for 3-Year IMF Programme The 3-Year ECF IMF Programme enjoys broad support across Ghana's political and academic class Restore debt sustainability and macroeconomic Stability 2 Return to high growth and job creation 3 IMF Programme Pillars Protect social spending Frontloaded Fiscal Adjustment Restore debt sustainability • Curtail expenditures Pillar I . Mobilize revenues Entrench Structural Reforms • Only US$114.8 million disbursed upfront Budget transparency Payroll control and clean-up Pillar IV Pillar II • Right-sizing the civil service Improve revenue collection "Home-Grown Programme" Tax Policy and Revenue Administration Public Expenditure Management and Commitment Control ■ VAT rate increased tax base broadened ■Road fund and special import levy ■ National fiscal stabilization levy ■Change in petroleum tax to ad valorem ■ Environmental tax ■ Increased withholding tax ■ Free zone income tax review etc ■ Ghana Integrated Financial Management Information System (GIFMIS) fully in place ■New HR management system in progress Weaning off subvented agencies Payroll system upgrade and audits ■Net freeze on employment in some sectors ■ Moratorium new projects ■ Automatic fuel and utility price adjustment ■ Comprehensive debt management strategy Preserve Stability . Protect vulnerable and poor Pillar III Targeted social safety nets Strengthen Monetary Policy Effective inflation targeting framework Debt Management ■ Plan to move to recovery schemes for commercially viable projects ■ Emphasis on paying for counterpart funds to fast-track disbursement of existing loans Ghana is highly committed to the IMF Programme. Most of the measures agreed with IMF have been incorporated into the 2015 and 2016 budget and are already on track to being implemented Source: Ministry of Finance, IMF 21

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