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Business Insider
07-05-2025
- Business
- Business Insider
Ghana's economic recovery continues thanks to the world's best currency
The decline in import expenses brought down the country's consumer price index in April to 21.2%, compared to 22.4% the month before, making it the fourth consecutive month Ghana's inflation is dropping. Government Statistician Alhassan Iddrisu made this known to reporters in the capital, Accra, on Wednesday. He noted that, rise in non-food prices slowed to 17.9% in April from 18.7% in March, as import costs fell. This drop in inflation is following a pattern that has been persistent since the current president John Mahama assumed office. In March, inflation figures dropped to 22.4% from 23.1% in February, as per data from the Ghana Statistical Service (GSS). Then the decline in inflation came shortly after the Bank of Ghana (BoG) made an unexpected decision to raise its benchmark interest rate by 100 basis points to 28%. However, for April, reports indicate that the country's impressive currency performance is primarily the reason for the inflation decline. In April the Tunisian Dinar, Moroccan Dirham, Seychellois Rupee, and Ghanaian Cedi, posted stronger values than the month prior. Ghana's currency had gone from 15.49 per dollar in March to 15.46 per dollar, in April. Inflation in Ghana and interest rates According to figures provided by Bloomberg, the currency has risen about sixteen percent versus the dollar since the beginning of April, making it the best-performing currency globally. Agyapomaa Gyeke-Dako, a senior lecturer and economist at the University of Ghana Business School, assessed that the data is unlikely to convince the central bank to cut interest rates later this month because it is still looking for additional proof of a slowdown in price growth following its unexpected 100 basis-point increase in March to 28%. In order to "mop up any excess liquidity, the central bank action going forward may not readily reduce the monetary policy rate yet because there might still be some threats to inflation coming from the hikes in utility prices," she stated prior to the data release, implying that it tightened at its most recent meeting. Inflation in Ghana remained above 10%, exceeding the central bank's target range, since September 2021, driven by a debt crisis that weakened the cedi and raised the cost of imports.
Business Insider
22-04-2025
- Business
- Business Insider
Top 10 African countries with the strongest currencies in April 2025
As the world navigates yet another chapter of economic uncertainty, typified by increased protectionism and a fresh round of tariff wars, particularly between the United States and China, African countries find themselves at a critical juncture. Business Insider Africa presents the top 10 African countries with the strongest currencies in April 2025. This list is courtesy of the Forbes currency calculator. Tunisian Dinar ranks number 1 on the list. While Africa may not be the main player in the present trade hostilities, the continent is undoubtedly within the cross fire of the consequences. In this climate, one of the most powerful tools an African country can use is a strong, stable currency. A strong currency is more than simply a sign of national pride, it is a barrier against foreign shocks, a magnet for investment, and a crucial lever for strategic economic progress. When global powers impose tariffs on one another, the outcome is generally increased costs for commodities as supply chains are disrupted and corporations rush to get resources from alternate markets. For African nations that rely significantly on imports, whether it's gasoline, machinery, medicines, or food, a strong domestic currency functions as a cushion. It helps keep import costs under control, protecting local customers from abrupt price hikes. As global tariffs increase uncertainty in trade pricing, African nations with strong currencies can better safeguard their economies against pass-through inflation. Developing currency strength is not simple. It requires a disciplined fiscal strategy, export diversification, political stability, and strong central bank independence. However, for those African states that can handle it, the payoff is enormous, especially today, as the world's economic tectonics change and resilience becomes the new currency of power. With that said, here are the strongest currencies currently according to the Forbes currency converter, last updated on the 22nd of April 2025. For this month, the Tunisian Dinar, Moroccan Dirham, Seychellois Rupee, and Ghanaian Cedi, posted stronger values than the month prior. Save the Eritrean Nakfa, which remained the same month-on-month, every other currency on the list got a little weaker this month. Top 10 African countries with the strongest currencies in April 2025 Rank Country Currency value per US$ Currency 1. Tunisia 2.95 Tunisian Dinar 2. Libya 5.46 Libyan Dinar 3. Morocco 9.24 Moroccan Dirham 4. Botswana 13.77 Botswanan Pula 5. Seychelles 14.22 Seychellois Rupee 6. Eritrea 15.00 Eritrean Nakfa 7. Ghana 15.46 Ghanaian Cedi 8. South Africa 18.62 South African Rand 9. Namibia 18.77 Namibian Dollar 10. Lesotho 18.77 Lesotho Loti
