Investor Presentaiton

Refinancing Ghana's 2017 Eurobond Maturity Ghana is confident that its 2017 Maturity with US$531mn outstanding will be easily refinanced under plausible scenarios Market Condition Improve Market Condition Remains The Same World Bank Guarantee Not Available ■ Clean Eurobond at an affordable price ■ Clean Eurobond at expensive price World Bank Guarantee ■ World Bank backed Eurobond at Available an affordable price Increase in Oil Fund Savings (Sinking Fund) ■ Combination of clean Eurobond, oil savings (Sinking Fund) and balance of World Bank backed Eurobond issued in 2015 Assumption: oil price increase, lower deficits holds Update on Balance of 2015 US$1bn Eurobond Deployed for Refinancing Available Balance c.257mn ■ World Bank backed Eurobond could improve pricing ■ Combination of clean Eurobond and alternative funding (DFIs, syndicated loan, bilateral facilities etc) and oil savings (Sinking Fund) / balance of World Bank backed Eurobond issued in 2015 ■ Assumption: oil price stay stagnant, lower deficits holds Market Condition Deteriorate ■ Ghana will not issue a clean Eurobond at any price ■ Ghana will not issue World Bank backed Eurobond at any price ■Combination of alternative funding (DFIs, syndicated loan, bilateral facilities etc) and oil savings (Sinking Fund) balance of World Bank backed Eurobond issued in 2015 ■ Assumption: oil price decline, deficits deteriorates Successful local currency issuances indicate increasing domestic capacity Amount Amount Foreign Auction Auctioned Oversubscribed Participation Close Rate Bond (GHS) Sinking Fund Balance Update Domestic bonds issued after local bond bookrunners were appointed • Q4 2015 Balance c. US$100mn 5 Year (30-Nov-2015) 400mn 244m 85% 24.00% Interest Saving c. US$5.1mn 5 Year (7-March-2016) 500m 267m 67% 24.75% from Refinancing Available Balance ⚫ c.US105mn 3 Year (21-April-2016) 300m 800m 71% 24.50% Source: Ghana MOF 25

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