An increasingly stable political environment. Low public sector external debt following MDRI relief. The containment of the fiscal impact of elections and of rising oil prices. Limited progress on structural reforms and on the stimulation of the private sector. A low level of economic development and a narrow economy. A reliance on donor grants. Still-high levels of inflation. The ratings on the Republic of Ghana are supported by the entrenchment of macroeconomic and political stability and the easing of external and fiscal pressures following debt relief under the Multilateral Debt Relief initiative (MDRI). The ratings are constrained, however, by a narrow economic base, low levels of development and a reliance on donor inflows. Ghana's political institutions are becoming more established.
