ACCRA/JOHANNESBURG, Aug 29 (Reuters) – When Wal-Mart Stores
, the world’s top retailer, bought control of major South
African discount chain Massmart Holdings in 2011,
American shopping mall developer Irwin Barkan had an epiphany.
An industry veteran of 30 years, Barkan’s U.S. home market
was “greying”, while the youthful, underdeveloped African
continent offered a sweet spot, with a rapidly expanding middle
class and no competition from online retailers.
ACCRA, Aug 19 (Reuters) – Ghana must learn to process
commodities locally rather than depending on exports of raw
gold, cocoa and oil products to fuel its fast-growing economy,
President John Mahama said on Monday.
The country is one of sub-Saharan Africa’s brightest
prospects because of its political stability and economic
growth, which is forecast to hold steady at 8 percent for 2013.
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.
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.
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.
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.
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.
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.
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
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.
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.