LONDON (Standard&Poor's) Oct. 22, 2004--Standard&Poor's Ratings Services said today it affirmed its 'B+' long-term and 'B' short-term foreign and local currency sovereign ratings on the Republic of Ghana. The outlook is stable. "The ratings on Ghana balance weak general government finances and a low level of economic development with a relatively stable political environment, improving external liquidity, and manageable levels of net public external debt and debt service payments," said Standard&Poor's credit analyst David Cooling. Despite Ghana's short history of democracy, the political environment is increasingly stable. A process of democratization, which culminated in the election of President John Agyekum Kufuor in December 2000, is expected to result in similarly orderly elections later this
