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Today we are looking at the worst performing African currencies in 2021.
Depreciation of currencies is caused by a lot of factors such as interest rates, inflation rates, Tax rates and many other factors.
The Ghanaian Cedi depreciates due to high demand for the $ in export or during international trading. The Ghc (¢) is not bad as perceived by Ghanaians.
Below are the worst performing currencies in Africa:
Sao Tome Principe is smallest populated country in Ghana with about 33,000 people. It is among the worst performing currencies in the World and first in Africa. The economic factors in the country is unbearable.
#2. Seirra Leone Leo (9,761.00 SLL to $1)
Due to wars and conflicts in the country, the economy of the country has gone bad with a lot of depreciation in the Leo currency. The country rarely involves in international trading with other foreign countries,in fact all their resources have been destroyed so nothing to trade.
#3.Guinea Franc (9,845.48 GNF to $1)
Guinea is ranked 3rd with worst performing currency in Africa. Research has shown that the country do not have natural resources to pull demand for their currency.
#4. Uganda (3,700.15 UGX to $1)
Some years ago, the Ugandan Shilling was one of the most performing currencies in Africa but has off late become worst in Africa.
#5. Madagascar (3,400 MGA to $1)
Madagascar was among the top 3 worst performing currencies in Africa but after their surprise performance in the last AFCON, it has generated them foreign currency, as a result improve their currency.
#6 Tanzanian Shilling (2,613.78 TZS to $1)
The list continues.
With regards to the Ghana Cedis, it is the 3rd good performing currency in Africa. Ghana is not even among the top 50 worst performing currencies in Africa. However the government of Ghana can do better to reduce the $ rate.
Thank you for reading.
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