On Oct. 22, 2004, Standard&Poor's Ratings Services 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. 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 year. Strong donor support underpins policymakers' focus on fiscal restraint and the restructuring
