LONDON (Standard&Poor's) July 25, 2013--Standard&Poor's Ratings Services said today that it has assigned its 'B' long-term senior unsecured debt rating to the US$750 million 7.875% Eurobond due Aug. 7, 2023, issued by the Republic of Ghana (B/Stable/B). We understand that Ghana will use the proceeds for various infrastructural and capital projects as well as for the refinancing of outstanding government debt. The ratings on Ghana are constrained by its significant fiscal challenges, high government debt stock, high current account deficits, and relatively low external reserves position. However, the ratings are supported by Ghana's track record of political stability and entrenched democracy, strong GDP growth, and rising oil production volumes. Over the medium term, these factors will
