Africa is battling the global currency markets with one hand tied behind its back.
With foreign-exchange reserves equal to
less than a 10th of the emerging-market average, nations from Ghana to
Zambia are finding they’re powerless to stop their currencies from
tumbling amid a rout in commodities and the prospect of higher interest
rates in the U.S. Seven of the 20 worst-performing currencies this year
are from Africa, even though policy makers are burning through their
reserves faster than any other region.
