LONDON (Standard&Poor's) May 10, 2007--Standard&Poor's Ratings Services said today it affirmed its 'B+' long-term and 'B' short-term sovereign credit ratings on the Republic of Ghana. The outlook is stable. "The ratings on Ghana balance the benefits of ongoing economic growth and political stability against an increase in fiscal and current account deficits," said Standard&Poor's credit analyst Tim Reid. The ratings on Ghana remain constrained by the continued dominance of cocoa and gold in economic activity, resulting in susceptibility to often volatile commodity prices and agricultural output volumes. Hydroelectric energy shortages also imply the need for increased oil imports for thermal power plants, which should maintain current account deficits at high 2006 levels of 8.4%
