Economics
Ghanaian Growth to Drag on Africa’s 3rd-Worst Currency
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Ghana’s economic growth, set to beat the African average for a sixth year in 2013, risks boosting imports and fueling further weakness in the region’s third-worst performing currency, according to Standard Bank Group Ltd. and Ecobank Transnational Inc.
The cedi, which has declined 14 percent against the U.S. currency this year, may slump to 2.15 a dollar over the next 12 months, according to Ecobank’s head of economic research, Angus Downie. Samir Gadio, emerging-markets strategist at Standard Bank, sees the Ghanaian unit at 1.95 a dollar by the end of