The ratings are constrained by the country's high current account deficits, relatively low external reserves position, high government debt stock, and ongoing fiscal challenges. The ratings are also constrained by low GDP per capita and--despite oil production commencing--a still-narrow economic profile. The rating is supported by our view of Ghana's track record of political stability and its democracy, strong GDP growth, and strengthening oil production volumes (which over the medium term will likely support improved fiscal and external balances). Ghana currently faces vulnerabilities on its external accounts. Despite oil production (about 80,000 barrels per day in 2012) having started in 2010, we expect the current account will remain in deficit over 2012-2015, at an average of around 9% of GDP,
