Growing track record of political stability, underpinning strong donor support. Public balance sheet respite provided by debt relief. The prospect of nationally significant oil production volumes bolstering the fiscal and external accounts. Low economic development and a narrow economic profile. Weak fiscal management and discipline, contributing to releveraging of the public sector. Wide current account deficits and relatively weak external liquidity. The ratings on the Republic of Ghana are constrained by a narrow economic base, low development, and wide fiscal and current account deficits despite the considerable support of donors. The ratings are supported, however, by a comparatively stable political system, and the respite in external and fiscal balance-sheet pressures following various phases of debt relief. Key macroeconomic indicators worsened
