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. On Nov. 21, 2012, Standard&Poor's Ratings Services affirmed
