The ratings on the Republic of Ghana are constrained by a narrow economic base, low 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 in 2006, resulting in susceptibility to often-volatile commodity prices and agricultural output volumes. Low rainfall has contributed to reduced hydroelectric output and severe electricity shortages that are
