Very weak fiscal management and discipline, contributing to the releveraging of the public sector and high debt levels. Low economic development and a narrow economic profile. Wide current account deficits and relatively weak external liquidity. The prospect of nationally significant oil production volumes bolstering the weak fiscal and external accounts. Track record of political stability, which underpins strong donor support. Public balance-sheet respite provided by debt relief, despite the ongoing releveraging of the public sector. The ratings on Ghana reflect Standard&Poor's Ratings Services' 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 (SOEs), and problems in the banking sector. In
