Accra News
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Sierra Leone, the African nation rebuilding its economy a decade after the end of a civil war, is benefiting from slower inflation and a stable currency as borrowing costs tumble and growth accelerates.
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Eugene Shepherd admits he’s no beer expert, but he’ll tell you the bottle of Eagle he treats himself to every week is a step up from the murky homebrews that had been his preferred tipple.
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Ghana’s cedi, West Africa’s worst performer against the dollar this year, may halt its decline in the second half of the year as the country gets more foreign currency to shore it up, central bank Governor Kofi Wampah said.
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Inflation in Ghana, the second- biggest economy in West Africa, accelerated to 10.6 percent in April, the highest level in almost three years.
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Ghana should sell its stake in Vodafone Group Plc’s local unit and list shares on the Accra bourse, the world’s best-performer this year, to encourage other companies to follow, the Securities and Exchange Commission said.
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CAL Bank Ltd., a Ghanaian lender whose shares have surged 92 percent this year, will increase deposits as much as 35 percent in 2013 amid plans to expand its network of branches in West Africa’s second-biggest economy.
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The naira rose to the highest in a month as investors brought in money to buy Nigerian Treasury bills in a central bank auction and after oil companies were said to sell dollars earlier in the week.
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Kosmos Energy Ltd. expects to spend as much as $1 billion in two years to develop oilfields in Ghana as the country seeks to double its production of the fuel by 2021.
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Ghana’s cedi, West Africa’s worst performing currency this year, will depreciate about 5 percent in 2013 to a record low on greater demand for imports, according to the country’s second-biggest bank.
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Ghana’s cedi weakened to a record after the central bank’s dollar sales failed to stem the currency’s slide and as traders bought the U.S currency to pay for imports.
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