ACCRA (Reuters) - Ghana's central bank raised its prime interest rate by one percentage point to 16 percent on Wednesday, citing potential inflation risks from a weakening cedi currency and high government spending. Central Bank Governor Henry Kofi Wampah said Wednesday's monetary policy committee also discussed risks to economic growth from lower commodity prices, weaker business and consumer confidence, tighter credit and challenges in the fledgling energy sector. ...

By Rodrigo Campos NEW YORK (Reuters) - Stocks edged higher at the open on Wednesday, ahead of highly anticipated testimony in Congress by Federal Reserve Chairman Ben Bernanke on the economy and monetary policy. Bernanke is expected to strike a dovish tone when he addresses a congressional committee at 10:00 a.m. EDT (1400 GMT). Earlier on Wednesday, influential New York Fed President William Dudley reinforced his own remarks from Tuesday, when he damped speculation that the U.S. central bank was preparing to reduce its monetary stimulus. ...

By Jonathan Spicer NEW YORK (Reuters) - Federal Reserve Chairman Ben Bernanke is not expected to hint at a pending policy change when he testifies before the U.S. Congress on Wednesday despite some speculation among investors that the central bank could soon reduce its massive bond buying program. Bernanke's close ally, New York Fed President William Dudley, stressed repeatedly on Tuesday that uncertain economic conditions meant it was too early to determine whether to taper the Fed's $85 billion in monthly purchases. ...

By Dhanya Skariachan (Reuters) - Staples Inc missed analyst estimates for profit and sales in the first quarter, hurt by a stronger dollar and weak sales in Europe and Australia. The lackluster numbers from the largest U.S. office supply chain came after rivals Office Depot Inc and OfficeMax Inc also reported weaker-than-expected results. Office supply retailers, often seen as a barometer of economic health, have suffered as demand for their products fell after the recent U.S. recession and during the economic crisis in Europe. They also face strong competition from Amazon. ...

By William Schomberg and David Milliken LONDON (Reuters) - The International Monetary Fund called on Britain's government on Wednesday to do more to speed up slow economic recovery, hinting that the country might be able to afford to borrow more to fund investment. The report is unlikely to spur chancellor George Osborne to deviate from his flagship austerity programme, and does not directly urge him to defer planned spending cuts. ...

(Reuters) - It is too soon to determine whether to dial down the Federal Reserve's massive bond-buying program, and the economic picture may not be clear enough to make that decision for another three or four months, an influential U.S. central bank official said. New York Fed President William Dudley, a close ally of Chairman Ben Bernanke, said on Bloomberg TV that it was possible to taper down the $85 billion in monthly asset purchases by the fall "if the economy does better and if the labor market continues to improve" in the face of tighter fiscal policies. ...

By Stanley White TOKYO (Reuters) - The Bank of Japan vowed on Wednesday to take necessary steps to reduce volatility in bond markets that has threatened to jeopardize the government's fight to end deflation and revive growth. The central bank upgraded its assessment of the economy for a fifth straight month, saying it "has started picking up," as Prime Minister Shinzo Abe's policy prescription of aggressive fiscal and monetary stimulus has boosted sentiment and a weaker yen has halted a decline in exports. ...

LILONGWE (Reuters) - Malawi's luxury presidential jet, bought by late leader Bingu wa Mutharika, has been sold for $15 million to raise cash for the impoverished African country, a government official said on Wednesday. Mutharika, who left the economy on the brink of collapse after he picked a fight with donors whose support accounted for almost 40 percent of the budget, bought the jet for $22 million in 2009. He said the plane matched his status and was cheaper than flying commercially. ...

By Olesya Dmitracova and Christina Fincher LONDON (Reuters) - British retail sales dropped at their sharpest pace in a year last month, a reminder of weakness in the country's economy after some recent signs of recovery. Sales of food plunged 4.1 percent from March, the worst showing in almost two years. As the government prepared to face a call from the International Monetary Fund to do more to help growth, official data also underscored the size of the budget deficit, which hit a record high on one measure last month. Retail sales volumes including automotive fuel fell 1. ...

BANGKOK (AP) — World stock markets were mixed Wednesday, hours before Federal Reserve chairman Ben Bernanke is to deliver remarks before Congress on the state of the U.S. economy.

JOHANNESBURG (Reuters) - South Africa's Massmart Holdings said on Wednesday it expects lacklustre sales growth this year, as the unit of Wal-Mart Stores Inc battles with weak consumer demand in Africa's top economy. Massmart, majority owned by the world's largest retailer, said comparable store sales increased by 5.6 percent for the first 21 weeks of its financial year. "The decline in comparable sales growth has been evident in all product categories and across all South African geographies," the company said, adding it expected growth to "remain soft" for the remainder of the year. ...

By Nick Macfie ISLAMABAD (Reuters) - China and Pakistan should make cooperation on power generation a priority, Chinese Premier Li Keqiang said, as Islamabad seeks to end an energy crisis that triggers power cuts of up to 20 hours a day, bringing the economy to a near standstill. Li arrived in the Pakistan capital under extra-tight security on Wednesday on the second leg of his first official trip since taking office in March after a visit to Pakistan's and China's arch rival, India. Li's plane was escorted by six air force fighter jets as it entered Pakistan air space. ...

TOKYO (AP) — A steady decline in the yen is proving a godsend for exporters such as Toyota and has won solid support from Japan's main trading partners, who are betting the impact on their own currencies will be offset by gains from a recovery in the world's third-largest economy. It's not such good news for entrepreneurs like Thamonwan Thawornthaweewong, whose Angry Bird fish balls, squid rings and other products now cost more to sell in Japan.

NAIROBI (Reuters) - The average price of Kenya's top grade Broken Pekoe Ones tea rose for the first time in four weeks, nudging higher to $3.27 per kg at auction from $3.26 at the previous sale, trader Africa Tea Brokers (ATB) said on Tuesday. The east African economy is the world's leading exporter of black tea, which is a major source of foreign exchange, earning 112 billion shillings last year. Afghanistan showed strong support for Kenyan tea with more interest from Yemen and other Middle Eastern countries. ...

TOKYO (AP) — Japan's central bank says the world's third-biggest economy is "picking up" as demand recovers in other countries and remains resilient at home, though the trade deficit widened in April, for the tenth straight month.

BANGKOK (AP) — Asian stock markets were mostly higher Wednesday after investor confidence was boosted by a Federal Reserve official's comments that the U.S. central bank should stick with its super-easy monetary policy.

WASHINGTON (AP) — When Ben Bernanke testifies about the U.S. economy Wednesday, the Federal Reserve chairman's words will be examined for any clues that the Fed might soon taper — or increase — its support for the economy.