Ghana ranks 4th in list of 10 African countries with the strongest currencies in 2024
Having a strong currency provides numerous benefits to African 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.
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.
From Google Finance, backed by data from Forbes Currency Converter, Ghana’s currency the Cedi, is the fourth strongest currency on the Continent with an exchange rate of GHS 12.39 to $1.
The list of the African countries with the strongest currencies is based on each country’s current exchange rate, courtesy of real-time data as of 12th February 2024.
With that said, here are the African countries with the strongest currencies in 2024.
10 African countries with the strongest currencies in 2024
| Rank | Country | Currency/$ | 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) |
That’s good🤝🤝
Poor Table. Writings not readable
I wish to apply for a job ,I am a graduate teacher with Bachelor degree in education and also a driver with five years experience.With my qualification in psychology and education I am ready to work as a caregiver when given the opportunity. Thanks and hoping to hearing from you.This is Gariba Kadiri.
Ghana is not poor kraa
Our leaders are good
The followers are weaked
Hope the money is used for the right purpose it’s given for without ending in the wrongful pockets.
Ghana cedis will gain it strength.
And still our currency is not profitable
If the Cedi is stronger against the Dollar, then it means we were over valuing the Cedi sometime ago, or?
Well done
The big money