On May 10, 2007, Standard&Poor's Ratings Services affirmed its 'B+' long-term and 'B' short-term sovereign credit ratings on the Republic of Ghana. The outlook is stable. The ratings on Ghana are constrained by a narrow economic base, low levels of development, and a widening of fiscal and current account balances, despite the considerable support of donors. The ratings are supported, however, by the entrenchment of political stability, solid GDP growth, and the easing of external and fiscal balance sheet pressures following various phases of debt relief, including the Heavily Indebted Poor Countries (HIPC) initiative and the Multilateral Debt Relief Initiative (MDRI). Ghana's economy still remains vulnerable to external shocks. Cocoa and gold together accounted for 65% of exports
