Cedi Drops to Record as Ghana Limits Foreign-Exchange Deals

Ghana’s cedi weakened to a record as the central bank set limits on foreign-exchange transactions and ordered sales and purchases be done in the local currency, in a bid to halt the second-worst decline among African currencies this year.

The cedi fell 1.2 percent to 2.49 per dollar by 5 p.m. in the capital, Accra, the lowest since at least May 1994 when Bloomberg began compiling the data. The currency has slumped 23 percent in the past year, making it Africa’s worst performer after the South African rand.