- 6 African currencies have been ranked as the best in terms of performance on the continent
- The currencies were identified as the Ghana cedi, the Libyan Dinar, the Tunisian Dinar, the Moroccan Dirham, the Botswana Pula and the Zambian Kwacha
- Unique reasons were provided as to why each currency was selected
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Ghana’s cedi and five other currencies have been listed as the best in Africa, according to DeyThere, a global magazine.
For the year 2020, the currencies selected along with the cedi are the Libyan Dinar, the Tunisian Dinar, the Moroccan Dirham, the Botswana Pula and the Zambian Kwacha.
The report shows that although a lot could be deduced about a country from its currency such as the economy and living standards of the people, it is wrong to assume that the biggest and most popular nations have the best currencies.
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Per a report by BusinessInsider, there are unique reasons why the currencies were selected as the best:
The Libyan Dinar emerged as the strongest currency in Africa. The Central Bank of Libya has a programme that only sells a limited number of dollars to its people.
Tunisia’s monetary policy to export or import dinars or convert them to other currencies has enabled the dinar to be among the highest in the continent. It was the second strongest.
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.
The Zambian Kwacha has an attractive value because the country is the largest producer of copper in Africa.
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