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Government’s 5-Year Bond Issuance in July, 2016

Republic of Ghana: July 2016 5-Year Treasury Bond Issuance

ISSUER:                                                          Republic of Ghana
SIZE:                                                                GHS[To Be Determined]
ISSUE:                                                            Treasury Bonds (the "Notes", "Bonds")

USE OF PROCEEDS:                                    Refinance
MATURITY:                                                     2021 (5-year issuance)
SECURITY:                                                     Senior Unsecured

PRINCIPAL REPAYMENT:                            Bullet
DISTRIBUTION:                                            Marketed to Resident Investors/Open to Non-Resident Investors
DENOMINATIONS:                                       Each Bond shall have a face value of one Ghana Cedi

MINIMUM BID                                              GHS50 thousand and multiples of GHS1 thousand thereafter
GOVERNING LAW:                                      Ghana
LISTING:                                                       Ghana Stock Exchange (GSE)
ACTIVE JOINT BOOKRUNNERS:             Barclays, SAS, Stanbic

TUESDAY 19TH JULY 2016                       [Release of Initial Pricing Guidance]

WEDNESDAY 20TH JULY 2016                Book-build opens 9:00AM
                                                                       Revised Pricing Guidance (released as necessary during the Book-build)

THURSDAY 21ST JULY 2016                    Books to close on short notice on Thursday p.m.
                                                                       Final Pricing and Allocation

MONDAY 25TH JULY 2016                       Settlement/Issue Date
ISSUE METHODOLOGY                            Book-build format
                                                                      Bids accepted on a yield (%) basis
                                                                      All successful bids will clear at a single clearing level
                                                                      Pro rata allocation

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