Growing track record of political stability that supports solid economic growth Renewed emphasis on reforms, particularly privatization Low debt following relief Highly Indebted Poor Countries and Multilateral Debt Relief Initiative relief Low economic development and a narrow economy Weak fiscal and current account balances, despite the assistance of donors Still-high inflation The ratings on the Republic of Ghana are constrained by a narrow economic base, low development, and a widening of fiscal and current account balances, despite the considerable support of donors. The ratings are supported, however, by the entrenchment of political stability, solid GDP growth, and the easing of external and fiscal balance sheet pressures following various phases of debt relief, including the Heavily Indebted Poor Countries (HIPC) initiative
