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Cedi is among the top 3 most valuable currencies in Africa

Ghanaians are always complaining about the fall in Ghana cedi to the US dollar, British pound sterling and Euro. The opposition National Democratic Congress has accused the New Patriotic Party and Dr. Bawumia for their inability to arrest the US dollar from rising against the Cedi.

The strength of a country's currency tells a lot about its economy and living standards of the people. There is a huge misconception that the biggest and most popular nations often have the best currencies; this is false especially when Africa is concerned.

The cedi is the third most valuable currency in Africa and it means Ghana's economy and standard of living is very good and desirable of emulation by the other countries. It suggest that Ghana's economy is the third most resilient in Africa and first in the west African according to the currency value.

Although, Ghana's economy is seen by many as import driven economy and as such there is huge pressure on the cedi to the dollar exchange rate.

Below are the three countries with the most valuable currency in Africa 2020:

1. Libyan Dinar (1 USD = LD 1.41):The Libyan Dinar has been the strongest currency in Africa for a very long time. In Libya, the Central Bank of Libya has a programme that only sells a limited number of dollars to its citizens. 

However, the continuous war and violence that engulfed the country since the assassination of longtime leader, Mummar Gadaffi, has affected the economy of the country drastically.

2. Tunisian Dinar (1 USD = DT 2.87): 

In 1960, the country replaced the franc with the dinar abbreviated as DT. The country’s monetary policy where it is illegal to export or import dinars or convert them to other currencies has enabled the dinar to be among the highest in Africa. 

Tunisia was under the French colony and used the French franc as its currency for many years.

3. Ghanaian Cedi (1 USD = GH₵ 5.49): For many years, Ghana’s currency experienced lots of volatility until the Bank of Ghana replaced the Cedi in 2007. 

Today, the government’s spending programmes and job growth have enabled the currency to remain strong in Africa. 

Furthermore, the Cedi is more valuable because of the country’s GDP per capita, which is the currently largest in West Africa.

4. Moroccan Dirham (1 USD = MAD 9.89): 

The Moroccan Dirham is the de-facto medium of exchange in the Western Sahara region. 

Its de-facto state makes it one of the highest currencies in Africa. In the past, the currency exchange rate against the US dollar was around 1 MAD = 0.103182 USD. 

5. Botswana Pula (1 USD = P 10.90): The Botswana Pula is valuable because of the country’s strong economy and relatively stable democracy. 

Furthermore, it is an attractive currency because traders trade it on the Johannesburg Stock Exchange, which is the largest stock exchange in Africa. Before 1976, the Pula’s exchange rate and valuation were on the same basis as the Rand. 

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Africa Cedi Ghana Libya Mummar Gadaffi


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