The Republic of Ghana benefits from strong GDP growth, strengthening oil production volumes, and a track record of political stability. However, it continues to suffer from weak fiscal management highlighted by a widening of the fiscal deficit in 2010 and increased supplier arrears. We are therefore affirming our 'B/B' foreign- and local-currency sovereign credit ratings on the Republic of Ghana. The stable outlook balances our view of the country's strong growth prospects and track record of political stability against its weak payment culture and fiscal challenges. On Nov. 3, 2011, Standard&Poor's Ratings Services affirmed its 'B' long-term and 'B' short-term sovereign foreign and local currency credit ratings on the Republic of Ghana. The outlook is stable. The transfer
