A relatively stable political environment. Strong external liquidity, underpinned by current account surpluses and healthy reserves. Moderate net public external debt and debt service payments. Weak fiscal flexibility and expenditure management. High general government debt. A low level of economic development. The ratings on Ghana balance fragile general government finances and a low level of economic development with a relatively stable political environment, improving external liquidity, and manageable levels of net public external debt and debt service payments. Despite Ghana's short history of democracy, the political environment is increasingly stable. A process of democratization, which culminated in the election of President John Agyekum Kufuor in December 2000, is expected to result in similarly orderly elections later this year. Strong donor
