The reduced (e,e′p) cross section is calculated for kinematics that probe high missing momenta. The final-state interaction is handled within a nonrelativistic many-body framework. One- and two-body nuclear currents are included. Electron distortion effects are treated in an exact distorted-wave calculation. It is shown that at high missing momenta the calculated (e,e′p) cross sections exhibit a pronounced sensitivity to ground-state correlations of the random-phase approximation type and two-body currents. The role of these mechanisms is found to be relatively small at low missing momenta. © 1996 The American Physical Society.