PRESS RELEASE

MERGER OF GSE SECURITIES DEPOSITORY COMPANY LIMITED AND CENTRAL SECURITIES DEPOSITORY (GH) LIMITED

This is to inform the financial market players on the Ghanaian market, local and foreign investors, and the general public that the Central Securities Depository GH. Limited (CSD) and the GSE Securities Depository Company Limited (GSD) have merged into a single entity.

The Central Securities Depository GH Ltd was established in 2004 to manage the issue, redemption and maintain the records of ownership of securities issued by Government of Ghana, Bank of Ghana and the Ghana Cocobod. The Central Securities Depository Gh. Limited is a wholly owned subsidiary of the Bank of Ghana.

In 2008, the Ghana Stock Exchange (GSE) also established the GSE Securities Depository Company Limited (GSD) as a subsidiary to provide custody for securities listed on the Ghana Stock Exchange and also to provide for the dematerialization of share certificates.

It has been realised that the capital market in Ghana is not big enough to be served by two depositories. The Ministry of Finance facilitated discussions since 2010 between the Bank of Ghana and the Ghana Stock Exchange towards a merger of the two subsidiaries.

In April 2013 a Transaction Advisor was engaged to advise on the process. The Due Diligence Reports and Valuations Reports of the Transaction Advisor were accepted by the Boards of the Bank of Ghana and the Ghana Stock Exchange. A Merger Agreement was signed today, Tuesday December 24, 2013 to formally merge the two depositories into a single entity.

Highlights of the agreement are as follows:

1. The Central Securities Depository (GH) Ltd shall be the surviving entity.

2. Effective date of the merger is January 1, 2014.

3. The issued shares of 3,500,000 of the CSD will be maintained.

4. Bank of Ghana will own 82% of the new company and transfer 18% to the Ghana Stock