Having a strong currency provides numerous benefits to Africa economies, ranging from increased purchasing power and attracting foreign investment to lower import costs and more international trade.
While monetary strength is frequently associated with stability and prosperity, the benefits go far beyond mere symbolism. As a result, governments have been tasked with strengthening their currencies.
Primarily, a strong currency increases the purchasing power of citizens and enterprises in the country.
A stronger currency makes imported commodities cheaper, which has been a problem for many African governments in recent years.
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Additionally, the stronger a currency the more likely an increase in investors confidence. Simply put a strong currency attracts foreign investors seeking stable and lucrative opportunities. Foreign investors are more inclined to invest in countries with strong currencies, as they stand to gain higher returns on their investments when converted back into their home currency.
The importance of a strong currency to a country’s economy cannot be overstated. It creates numerous surface-level and nuanced advantages for its people.
With that said, here are the African countries with the strongest currencies in 2024.
This list is based on each country’s current exchange rate, courtesy of real-time data as of 12th February 2024, from Google Finance, backed by data from Forbes Currency Converter.
10 African countries with the strongest currencies in 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) |
