Matthew's Feed
Aug 7, 2013

Ghana court says to rule on election challenge by August 29

ACCRA (Reuters) – Ghana’s Supreme Court said on Wednesday it will rule by August 29 on an opposition challenge to the result of December’s presidential election that was won by incumbent John Mahama.

The outcome could have big implications for the West African state where investor excitement over its strong economy – GDP is expected to grow by 8 percent in 2013 for the second consecutive year – is tempered by concern over macroeconomic instability.

Jul 23, 2013

Ghana’s currency hits new low in sign of economic imbalances

ACCRA, July 23 (Reuters) – Ghana’s currency hit a new
all-time low against the dollar on Tuesday in a fresh sign of
structural imbalances in an economy seen as one of Africa’s
brightest growth prospects.

The cedi edged down to 2.0650/8000 at 1300 GMT as growing
demand from local firms and traders for dollars to pay for
imports outstripped supply.

May 29, 2013

Ghana transfixed as court case throws elections into doubt

ACCRA (Reuters) – Ghana’s Supreme Court must decide in the coming months whether or not to overturn December elections that handed the presidency to John Mahama, in a rare case of African judicial vigour that has transfixed the country.

Proceedings in a packed courtroom, where opposition leader Nana Akufo-Addo is challenging the outcome of the 2012 poll, are broadcast live on the radio and blare from cars and buses as the population of 25 million tunes in for the latest developments.

May 21, 2013

Ghana hopes to shield economy from African oil curse

ACCRA, May 21 (Reuters) – Oil brought riches to Nigeria but
also ravaged its economy and fuelled corruption and conflict.
Now nearby Ghana has begun production and wants to take the
wealth but dodge the oil curse.

Ghana is used to resource riches: it is already the world’s
number two cocoa producer and Africa’s second-largest gold
miner. But there are signs it is struggling to manage the new
oil money and some people are disappointed.

May 14, 2013

IMF sees sub-Saharan Africa growth at 5.7 percent in 2014

ACCRA (Reuters) – The IMF on Tuesday forecast economic growth of 5.4 percent in 2013 and 5.7 percent in 2014 for the economies of sub-Saharan Africa on the back of rising investment and booming extractive industries.

“Sub-Saharan Africa will be among the fastest growing places in the world … second only to developing Asia,” Antoinette Sayeh, director of the IMF’s Africa department, told journalists at the report’s release in Ghana’s capital Accra.

May 14, 2013

IMF trims sub-Saharan Africa growth outlook for next two years

ACCRA (Reuters) – The IMF on Tuesday trimmed its growth outlook for sub-Saharan Africa to 5.4 percent in 2013 and 5.7 percent in 2014 but said economic activity was being supported by rising investment and booming extractive industries.

The International Monetary Fund had forecast sub-Saharan Africa’s growth at 5.6 percent for this year and 6.1 percent for 2014 in its World Economic Outlook in April.

May 14, 2013

Narrow base cools economic impact of hot Ghana bourse

ACCRA, May 14 (Reuters) – Ghana’s bourse is up more than 50
percent so far this year, but the reluctance of key companies to
list in the West African market may be blunting its economic
impact.

The country is the world’s second biggest cocoa producer and
the continent’s number two gold miner after South Africa. It
began producing oil in 2010 and investors, accordingly, have
paid increasing attention.

Apr 16, 2013

Public sector strikes test Ghana’s deficit-cutting mettle

ACCRA, April 16 (Reuters) – Oil-rich Ghana’s effort to slow
rampant public spending may be undone by middle-class
professionals demanding that a generous, 2010 wage policy be
implemented in full.

The strikes – by doctors, professors and pharmacists – pose
the sternest test for President John Mahama since he took office
in January and raise questions over the course of economic
policy in one of Africa’s hottest frontier markets.

Nov 30, 2012

ASEAN chief voices alarm at China plan to board ships in disputed waters

JAKARTA, Nov 30 (Reuters) – China’s plan to board and search
ships that illegally enter what it considers its territory in
the disputed South China Sea could spark naval clashes and hurt
the region’s economy, Southeast Asia’s top diplomat warned on
Friday.

Seeking to ease alarm over the issue, China said it attached
“great importance” to freedom of navigation in waters that have
some of the world’s busiest shipping lanes.

Nov 30, 2012

China moves to ease alarm over South China Sea plan

JAKARTA, Nov 30 (Reuters) – Southeast Asia’s top diplomat
warned on Friday of great anxiety over China’s plan to board and
search ships that illegally enter what it considers its
territory in the disputed South China Sea and said it could lead
to naval clashes and undermine confidence in East Asia’s
economy.

Beijing, however, moved to ease international alarm over the
issue and said it attaches “great importance” to freedom of
navigation in the South China Sea, a day after state media said
police in its southern island province of Hainan will carry out
the new plan.