LONDON (Standard&Poor's) Nov. 9, 2010--Standard&Poor's Ratings Services said today that its ratings and outlook on the Republic of Ghana (B/Stable/B) are unaffected following the statement by Ghana Statistical Service on Nov. 3, 2010 that it had completed its work on the rebasing of national accounts estimates. The rebasing has led to changes in the size of GDP, growth rates, and sectoral contributions, and the rebased series constitutes a 60.3% increase in the size of GDP in the base year, 2006. Our ratings on Ghana reflect our view of the cumulative effect of a large and erratic fiscal deficit, the weak payment culture demonstrated by substantial supplier arrears, high debt levels, loss-making state-owned enterprises, and problems in
