The Republic of Ghana benefits from strong GDP growth, increasing oil production volumes, and a 20-year track record of political stability and democracy. However, the ratings are constrained by high current account deficits and a relatively low external reserves position, high government debt stock and ongoing fiscal challenges, and low GDP per capita. We are affirming our 'B/B' long- and short-term foreign and local currency sovereign credit ratings on Ghana. The stable outlook balances our expectation of resilient GDP growth and rising oil-related revenue against persistently large fiscal and external financing needs. It also assumes that there will be no significant increase in political tensions after the December 2012 elections. LONDON (Standard&Poor's) Nov. 21, 2012--Standard&Poor's Ratings
