During the 2020 pandemic, the world economy took a drastic fall. As a result, most African countries had their currencies devalued. However, in 2021, most countries made a fantastic post-recession recovery. These are the ten African countries with the strongest currencies as of September 2022.
1. Tunisia
Currency Code: TND
Currency Symbol: DT
The Tunisian Dinar is the currency of Tunisia. The dinar was introduced in 1960, replacing the franc. It was fixed to the USD at 1dinar to 2.38 dollars until 1964. Historically, Tunisia has low inflation rates. Currently, the Tunisian dinar stands at 3.13 TND to 1 USD.
2. Libya
Currency Code: LYD
Currency Symbol: LD
The Libyan dinar is the currency of Libya. The Libyan dinar has been among the strongest currencies in Africa for some time. Despite the conflict that occurred after Gaddafi was overthrown, Libya maintained a low turnover of it’s currency to the US dollar.
The Libyan dinar was introduced in September 1971, replacing the pound. In February 1973, the dinar was fixed to the US dollar at a rate of 1 dinar to 3.37 dollars. This was maintained until 1986. The Libyan dinar started to decline gradually in the mid-1990s. On January 3, 2022, the Libyan dinar was devalued to 4.48 LYD to a dollar. The Libyan dinar is currently fixed to the USD at 4.88 LYD to 1USD.
3. Ghana
Currency Code: GHS
Currency Symbol: GH¢
The Ghanaian cedi (pronounced see-dee) is the currency of Ghana. The term ‘cedi’ is an Akan term, meaning cowrie shells. The first cedi was introduced in 1965, replacing the Ghanaian pound at 2.4 cedis to 1 pound. The first cedi was replaced by the second cedi in 1967 with 2 cedis to 1 pound. The third cedi was introduced in 2007 and is still being used to date. The third cedi is officially referred to as the Ghanian cedi while the first and second cedis were withdrawn. The Ghanaian cedi is fixed to the USD at 7.85 cedis to 1 USD.
4. Morocco
Currency Code: MAD
Currency Symbol: DH
The dirham is the currency of Morocco. The word “dirham” is coined from the Greek currency, the drachma. The dirham was used from the 8th century until Morocco became a French protectorate in 1912. It was then reintroduced in 1960, replacing the franc. The export of the Moroccan dirham is prohibited by law. As of September 2022, the Moroccan dirham is fixed to the USD at 10.3 MAD per 1 USD.
5. Botswana
Currency Code: BWP
Currency Symbol: P
The pula is the currency of Botswana. I was introduced on August 23, 1976, replacing the Rand. The term “pula” means rain in Setswana, the most widely spoken language in Botswana. The Botswanan pula is currently fixed to the USD at 12.52 BWP to 1USD.
6. Seychelles
Currency Code: SCR
Currency Symbol: SR
Seychelles is the smallest country to have an autonomous monetary policy. The Seychellois rupee is the currency of Seychelles. As of September 2022, the Seychellois rupee is fixed to the USD at 13.54 SCR to 1 USD.
7. Eritrea
Currency Code: ERN
Currency Symbol: NFK
The nakfa is the currency of Eritrea. It was introduced on November 15, 1998, to replace the Ethiopian birr. The term “nakfa” is derived from the Eritrean town of Nakfa, the site of the first major victory of the Eritrean War of Independence. The Eritrean nakfa is currently pegged to the USD at a fixed rate of 15 nakfas to 1 USD. Before this, the nakfa was fixed at 13.59 nakfa to 1 USD.
8. Zambia
Currency Code: ZMW (formerly ZMK)
Currency Symbol: ZK
The kwacha is the currency of Zambia. It is officially used in Zambia and unofficially used in the border areas between Zambia and Zimbabwe and Zambia and Malawi. The term “kwacha” is derived from the Nyanja, Bemba and Tonga word for dawn.
The kwacha was introduced in 1966, replacing the Zambian pound. The Zambian kwacha is fixed to the USD at 16.36 ZMW to 1 USD.
9. South Africa
Currency Code: ZAR
Currency Symbol: R
The Rand is the currency of South Africa. The term “rand” is derived from Witswatersrand (meaning, white waters ridge), the site where most of South Africa’s gold deposits are mined.
The South African rand was introduced in 1961, three months before South Africa was declared a republic, replacing the South African pound. The. South African rand is currently fixed to the USD at 16.63 ZAR to 1 USD.
10. Egypt
Currency Code: EGP
Currency Symbol: E£
The Egyptian pound is the currency of Egypt. The Egyptian pound is officially used in Egypt and unofficially used in the Gaza Strip and Sudan. As of September 2022, the Egyptian pound is fixed to the USD at 18.92 EGP to 1 USD.