World-Beating Currency Found in Africa Seen as Loser in Long Run

Beware the world’s best-performing currency.

The Ghanaian cedi’s 26 percent surge this month is based on misplaced optimism about the economy, according to both Morgan Stanley and Rand Merchant Bank, a unit of Africa’s biggest lender. The median of five analyst forecasts compiled by Bloomberg suggests it will slide all the way back to a record low by the middle of next year, posting the biggest drop of any currency after Venezuela’s bolivar on its way.