![]() This made the cedi the worst performing currency in the world, ahead of the Sri Lankan rupee, which lost 45 percent of its value versus the U.S. ![]() The Ghanaian currency declined by 54.2% versus the US dollar during the first eleven months of 2022, according to economic and financial statistics released by the Central Bank ( Bank of Ghana, BOG) in November. ![]() The US agency reported that the Ghanaian Cedi increased by 3.9%, the greatest rise among the more than 140 legal tenders monitored, making it one of the strongest currencies in Africa. Also the 4th highest currency in Africa, the GHS replaced the GHC in 2007 following years of inflation-induced depreciation.Īccording to a Bloomberg research, the GHS was the best-performing currency in the world versus the dollar in 2020. The Ghana Cedi (GHS), the fourth historical legal currency of the Republic of Ghana, is the most valuable currency in West Africa and sub-Saharan Africa. The Egyptian pound is also one of the most valuable currencies in Africa because Egypt has the second-highest nominal gross domestic product on the continent, behind only Nigeria. However, the nation continues to have one of the highest real interest rates in the world, which has aided in the sale of treasuries and the protection of the currency but discouraged borrowing. In reaction to the detrimental COVID-19 lockdown measures of 2020, Egypt reduced interest rates to stabilise the currency. The EGP's use as an unofficial currency in Sudan and the Gaza Strip solidifies its status as one of Africa's strongest currencies. Before the float, one dollar was equivalent to 8.8 Egyptian pounds but rose to about 15 Egyptian pounds per dollar after undocking. Initially backed by precious metals, the Central Bank of Egypt started a managed float in 2001 before switching to a float in 2016. The Egyptian pound, denoted by the sign E£, is the 10th highest currency in Africa and the official currency of the Arab Republic of Egypt.
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