Weak fiscal management and discipline, contributing to large fiscal deficits. Significant supplier arrears. Low level of economic development and narrow economic profile. The prospect of nationally significant oil production volumes contributing to economic growth and bolstering the weak fiscal accounts. A track record of political stability and a vibrant, well-established democracy. The ratings on the Republic of Ghana are constrained by our view of the country's continued weak fiscal management, which has contributed to large fiscal deficits and supplier arrears. The ratings are also constrained by low economic development and--despite oil production commencing--a still-narrow economic profile. The ratings are supported by strong GDP growth, strengthening oil production volumes (which over the medium term will likely support improved fiscal and external
