NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE UNLAWFUL (SEE “INVITATION AND DISTRIBUTION RESTRICTIONS” IN THE TENDER OFFER MEMORANDUM DATED 28 JANUARY 2020 PREPARED BY THE REPUBLIC OF GHANA) 4 February 2020 THE REPUBLIC OF GHANA ANNOUNCES THE RESULTS OF THE TENDER OFFERS FOR ITS U.S.$1,000,000,000 7.875 PER CENT. NOTES DUE 2023 AND U.S.$1,000,000,000 8.125 PER CENT. AMORTISING NOTES DUE 2026 The Republic of Ghana (the “Issuer” or the “Republic”) today announces the results of its invitations to eligible holders of its outstanding U.S.$1,000,000,000 7.875 per cent. Notes due 2023 (Unrestricted Global Note ISIN: XS0956935398, Common Code: 095693539, Restricted Global Note ISIN: US374422AB97, Common Code: 095693997, CUSIP number: 374422AB9) (the “2023 Notes”) and U.S.$1,000,000,000 8.125 per cent. Amortising Notes due 2026 (Unrestricted Global Note ISIN: XS1108847531, Common Code: 110884753, Restricted Global Note ISIN: US374422AC70, Common Code: 110972466, CUSIP number: 374422AC7) (the “2026 Notes”, and together with the 2023 Notes, the “Notes”) to tender Notes for purchase by the Issuer for cash subject to the Maximum Aggregate Purchase Price (as defined below) (the “Invitations”). The Invitations were announced on 28 January 2020 and were made on the terms and subject to the conditions set out in the Tender Offer Memorandum dated 28 January 2020 (the “Tender Offer Memorandum”) prepared by the Republic. Capitalised terms used but not otherwise defined in this announcement shall have the meanings given to them in the Tender Offer Memorandum. The Expiration Deadline for the Invitations was 5.00 p.m. (New York City time) on 3 February 2020. As at the Expiration Deadline, the Republic had received valid tenders of U.S.$ 463,449,191 in aggregate nominal amount of 2023 Notes for purchase pursuant to the 2023 Invitation. Pursuant to the terms of the Tender Offer Memorandum, the Republic has determined a Series Purchase Price Cap for the 2023 Notes (the “2023 Purchase Price Cap”) of U.S.$ 522,538,963.04 and has therefore increased the Maximum Aggregate Purchase Price from U.S.$500,000,000 (as set out in the Tender Offer Memorandum) to U.S.$ 522,538,963.04 (the “Maximum Aggregate Purchase Price”) so as to allow it to accept for purchase all 2023 Notes validly tendered pursuant to the 2023 Invitation. The Republic therefore announces that it will not accept for purchase any 2026 Notes tendered pursuant to the 2026 Invitation. Accordingly, subject to the satisfaction or waiver of the New Financing Condition, the Republic will accept U.S.$ 463,449,191 in aggregate nominal amount of 2023 Notes (resulting in a total Purchase Price (excluding Accrued Interest) that will not exceed the 2023 Purchase Price Cap) validly tendered for purchase. The Purchase Price for the 2023 Notes accepted for purchase pursuant to the 2023 Invitation is U.S.$1,127.50 per U.S.$1,000 in nominal amount of such 2023 Notes plus the Accrued Interest Payment on such Notes. The Settlement Date in respect of the 2023 Notes accepted for purchase (subject to the satisfaction or waiver of the New Financing Condition) is expected to be 12 February 2020. All 2023 Notes accepted for purchase will be cancelled and will not be reissued or resold. Any Notes that were not tendered or are not accepted for purchase pursuant to the Invitations will remain outstanding.

J.P. Morgan Securities plc, Merrill Lynch International, Morgan Stanley & Co. International plc, The Standard Bank of South Africa Limited and Standard Chartered Bank are acting as Dealer Managers and Citibank N.A., Branch is acting as Tender Agent in respect of the Invitations. Dealer Managers

J.P. Morgan Securities plc Merrill Lynch International Morgan Stanley & Co. International Plc 25 Bank Street 2 King Edward Street 25 London EC1A 1HQ Canary Wharf London E14 5JP United Kingdom London E14 4QA United Kingdom United Kingdom Attention: Liability Management Group Attention: Liability management London: +44 20 7996 5420 Attention: Liability Management Group Telephone: +44 20 7134 2468 United States: +1 (888) 292-0070 London: +44 207 677 5040 Email: [email protected] Email: [email protected] United States: +1 (800) 624-1808 Email: [email protected]

The Standard Bank of South Africa Limited Standard Chartered Bank 30 Baker Street 1 Basinghall Avenue Rosebank London EC2V 5DD Johannesburg, 2196 United Kingdom South Africa Attention: Liability Management Group Attention: Liability Management Group London: +44 20 7885 5739 Telephone: +44 203 167 5183 Email: [email protected] Email: [email protected]

Tender Agent

Citibank, N.A., London Branch Citigroup Centre Canary Wharf London E14 5LB United Kingdom

Telephone: +44 20 7508 3867 Email: [email protected]

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully. If you are in any doubt as to the contents of this announcement or the Tender Offer Memorandum, you are recommended to seek your own financial and legal advice, including as to any tax consequences, immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial or legal adviser. This announcement is for informational purposes only.