1. Press Conference on 12 August 2013 1 THE GHANA 2013 EUROBOND TRANSACTION

2.  Diversify Sources of Funding  Consolidation of middle income status  Decreasing flow of concessional financing  Reduce the debt service cost and rollover risk of the Ghana 2017 bond  Reduce the cost of government financing  Current cost of domestic financing 19-21%  Improve tenor/length of financing the capital budget  Compare tenor of 3 or 5-year (or proposed 5-year) domestic bonds to the 10-year tenor for Sovereign Bond 2 GOALS

3. 3 PLANNED USE OF PROCEEDS

4.  Budget Proposal (March 2013)  Cabinet approval (April 2, 2013)  Parliamentary Approval (26 June 2013)  Recruitment of transaction advisors (June 2013)  Preparation of transaction documents (June-July 2013  Marketing of Bond (road show) (22-25 July, 2013)  Launch of Transaction (25 July 2013)  Pricing (26 July 2013)  Launch of bond exchange offer (26 July 2013)  Issue & Closing (7 August 2013) 4 THE PROCESS

5.  Lead Managers (Citigroup, Barclays)  Co-Managers (EDC Stockbrokers, Strategic African Securities)  International legal counsel (Denton’s)  Local legal counsel (JLD & MB)  Government of Ghana Transaction Committee (MoF, Bank of Ghana) 5 TRANSACTION TEAM

6.  Ghana’s investor roadshow was designed to be broad-reaching  The Republic’s had been absent from the international bond markets for the last six years  There was a non-deal road-show in April 2013 (part of IMF/WB Spring meetings) and some periodic meetings with some investors  Two teams travelled to London, Frankfurt, Munich, Sam Francisco, Los Angeles, Boston and New York  Ghana met with 58 investors via one-on-one meetings, group events or conference calls  The Ghana team was represented by  Minister of Finance  Deputy Minister of Finance  Governor of Bank of Ghana  Deputy Governor of Bank of Ghana  Additional officials from both the Ministry of Finance Bank of Ghana 6 ROAD SHOW

7.  Despite current fiscal challenges, investors saw fundamental long-term value in Ghana reflected in:  Governance  Political stability with strong institutions  Good governance - Ghana consistently ranks in the Top 10 for African Governance (Mo Ibrahim Index)  Good Business Environment  Strong Reform agenda – Public Financial Management, Financial Sector, Infrastructure  The Economy  One of the fastest growing economies in Africa  A diversified economy  Oil & Gas Prospects with sound revenue management under the Petroleum Revenue Management Act 7 THE GHANA CREDIT STORY

8. ISSUERRepublic of Ghana ISSUE RATINGSB1 Stable (Moody’s) B+ Negative (Fitch) B Stable (Standard & Poor) SizeUS$ 1 billion Coupon7.875% Price99.1515 Issue Date7 August 2013 Maturity Date7 August 2023 Proceeds$741,432,500 (after discount and estimated issue expenses) ListingIrish Stock Exchange Ghana Stock Exchange (To be listed in August 2013) 8 TERMS OF THE TRANSACTION

9. ISSUERRATINGSIZE ($MM) ISSUE DATE MATURITY (YRS) Coupon (%) YIELD AT ISSUE (%) GhanaB1/B+/B1,000Aug 2012107.8758.000 NigeriaBB-/BB-500July 201355.1255.375 BB-/BB-500July 201356.3756.625 RwandaB/B400May 2013106.6256.875 ZambiaB+/B+750Sep 2012105.3755.625  Note differences among countries  Ratings  Timing or dates  Size of offers  Blend of offers (Nigeria)  Tenor of offers  Market conditions  Processes 9 ANALYSIS OF RECENT AFRICAN SOVEREIGN ISSUES

10.  Nigeria  Higher credit rating  Shorter maturity (5-Year)  Rwanda  Good market timing (May 2013)  Before Bernanke’s announcement (Wednesday June 19) of likely tapering of quantitative easing resulting in interest rate hikes and high market volatility  Zambia  Good market timing (September 2012) 10 COMPARISON OF COSTS

11. ISSUERCoupon (%)MATURITY YIELD Ghana8.5002017 5.65 Ghana7.87520238.06 Nigeria5.1252018 4.52 6.3752023 5.97 Rwanda6.6252023 8.13 Zambia5.3752022 7.03  Secondary market trading indicates that Ghana’s bond is well priced  Rwanda (B) is trading at a higher yield than Ghana (B/B+) (8.13% versus 8.06%)  Therefore Rwanda is NOT more creditworthy than Ghana  Zambia is trading at a higher yield compared to Ghana 2017 (because of maturity difference – Ghana 2017 has shorter maturity) 11 SECONDARY MARKET QUOTES AUGUST 7, 2013

12. INVESTORS WHO BOUGHT OUR BONDS Summary of Order Book Orders ($m)$2,157 # of Orders174 Allocations ($m)$750 Allocations (# of investors) 158 Allocations to Local Institutional Investors ($m) $16.5 12

13.  Ghana became the first Sub-Saharan African country (excluding South Africa) to use the Eurobond market to manage its overall debt by:  Reducing cost  Reducing the risk of rollover  Ghana 2017 is a bullet bond repayable in October 2017  Risk of high interest rate or uncertain market access  Prudent to initiate an orderly retirement to reduce market risks of rollover 13 MANAGING OUR DEBT MORE EFFICIENTLY

14.  On 26 July 2013, one day after pricing of the new US$750m 7.875% notes due 2023 (the “New Notes”), Ghana launched an invitation to holders of Existing Ghana 2017 Notes to exchange their holdings for up to US$250m of new 7.875% notes due 2023  US$356m of Existing Notes were validly tendered  This translated into and Exchange of $219 million face value of the Ghana 2017  The difference in interest costs between the Ghana 2017 bond (8.50%) and the new Ghana 2023 Bond (7.875%) translates into an estimated annual savings of $1.375MM 14 REDUCING THE COST AND ROLLOVER RISK OF THE GHANA 2017 BOND

15.  The proposed refinancing of maturing domestic debt with Eurobond proceeds is justified in the difference in cost between domestic debt (19 – 23%) and the Eurobond (7.875%).  Estimated annual interest savings after adjusting for exchange rate depreciation is GH¢21 – 48 million 15 REDUCING THE COST OF DOMESTIC DEBT

16.  Ghana achieved its financing objectives with the transaction  Extended Ghana’s maturity profile  Reduced the rollover risk of the Ghana 2017 bond  Raised cost effective funds to refinance high-cost domestic term debt  Set a new benchmark and achieved a lower coupon than Ghana’s debut 10-year USD bond  Listing of notes on the Ghana Stock Exchange, facilitating access for local investors.  First sub-Saharan African country (excluding South Africa) to listed its Eurobond on the local stock Exchange  Ghanaian institutional investors (banks, insurance companies, pension funds) participated in the offer. 16 CONCLUSION

17.  Debt policy will be guided by the principle of financing capital expenditures with domestic and international long-term debt (the upcoming debut issue of a domestic seven-year bond reflects this policy)  Project specific bonds will be raised for self-financing projects while general conventional bonds will be raised for other capital expenditures  Ghana will continue to source concessional financing for social infrastructure. 17 LOOKING AHEAD