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Ghana Limits Cedi Exchanges as Currency Slides

Fx account holders limited to $10,000 withdrawls

The cedi has fallen 23% in the last year

Sunday 9th February 2014

Ghana’s cedi has lost nearly a quarter of its value over the last year. In a bid to stop it becoming redundant tender, the Central Bank has taken steps to limit the amount of money that can be exchanged into a foreign currency.

Some analysts think the currency is falling because of events in the US, where the Federal Reserve has started to pull back its stimulus programme.

Interest rates in Ghana have also been increased to 18% in a bid to boost foreign investment.

The sliding cedi has caused Archbishop Duncan Williams to publicly pray for the currency to regain its strength.

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