A strong currency boosts the purchasing power of residents and businesses in the country. A stronger currency reduces the cost of imported commodities, which has posed a challenge for many African governments in recent years.
Furthermore, the stronger a currency, the more probable it is to boost investor confidence. Simply put, a strong currency draws foreign investors looking for consistent and profitable opportunities. Foreign investors are more likely to invest in countries with strong currencies because they expect to earn better returns on their assets when converted back into their native currency.
The significance of a strong currency for a country’s economy cannot be emphasized. It provides several surface-level and nuanced benefits to its people.
With that said, here are Africa’s strongest currencies in 2024.
This list uses real-time data from Google Finance and Forbes Currency Converter to reflect each country’s current exchange rate as of February 12th, 2024.
| Rank | Country | Currency/$ | Currency |
|---|---|---|---|
| 1. | Tunisia | 3.13/$ | Tunisian Dinar (TND) |
| 2. | Libya | 4.83/$ | Libyan Dinar (LYD) |
| 3. | Morocco | 10.0/$ | Moroccan Dirhams (MAD) |
| 4. | Ghana | 12.39/$ | Cedi (GHS) |
| 5. | Seychelles | 13.48/$ | Seychellois Rupees (SCR) |
| 6. | Botswana | 13.70/$ | Botswana Pula (BWP) |
| 7. | Eritrea | 15.0/$ | Eritrean Nakfa (ERN) |
| 8. | Lesotho | 18.98/$ | Lesotho Lotis (LSL) |
| 9. | Namibia | 18.97/$ | Namibian Dollar (NMD) |
| 10. | South Africa, Eswatini | 19.02/$ | South African Rand (ZAR) |
