The international community hails Ghana as a success story in the region, with U.S. President Barack Obama visiting the nation in 2009 in his first presidential trip to Sub-Saharan Africa.

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Although the latest reading is above the preliminary "flash" estimate of 47.9, the sub-50 reading still means private-sector output in the 17-nation currency bloc contracted in December.

WSJ: European Stocks Decline

The agreement will allow Roc Nation artists the flexibility to receive marketing support from whichever one of its sub-labels fits best.

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