The cell phone industry in African countries like Ghana is quite robust. In Ghana 35% of the population has cell phones.

Here are some articles detailing plans by the British firm Vodafone to buy the 3rd largest Ghanaian cell phone company in a transaction that values the overall company at about $1.3 bn.

• http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/03/afx5180862.html
• http://uk.reuters.com/article/businessNews/idUKWLA584820080703
• http://www.bloomberg.com/apps/news?pid=20601102&sid=aQ9Za8Y1kR.k&refer=uk
• http://www.cio.com/article/423763/Vodafone_Heads_to_Ghana_After_Buying_Stake_in_Local_Telecom
• http://online.wsj.com/article/SB121508411724026171.html?mod=googlenews_wsj

Discuss how Vodafone may hedge earnings from its Ghanaian subsidiary, and what accounting issues it may face. Also any other thoughts about the future of the cell phone market in Africa and the involvement of firms from outside Africa.