Bank Of Ghana News
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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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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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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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Ghana plans to boost transparency in bond trading by reporting prices for benchmark government debt to the stock exchange, letting investors in West Africa’s second-biggest economy see changes in the figures more quickly.
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Ghana’s central bank is giving primary dealers 10 weeks to increase purchases at debt auctions or risk losing their role in the market.
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Ghana’s cedi strengthened against the dollar for the first time this month as banks sold the U.S. currency to meet a central bank requirement to hold a portion of their reserves in the local notes.
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The International Monetary Fund urged Ghana, the second-biggest economy in West Africa, to curb interest rates and get its wage bill under control after it jumped 47 percent between 2011 and 2012.
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CAL Bank Ltd., a lender that’s gained 42 percent this year, expects profit to rise 50 percent in 2013 as it increases loans and advances.
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Ghana will narrow its budget deficit this year by reducing fuel subsidies and earning more taxes from oil companies as crude production in the West African nation increases, Finance Minister Seth Terkper said.
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