In 2025, several African currencies have held up remarkably well against the US dollar, benefiting from strong commodity exports, prudent fiscal management, foreign exchange controls, and investor confidence.
Here’s a look at some of the best-performing African currencies and what is driving their relative resilience.
1. Tunisian Dinar (TND) — Edge in value retention (2.9–3.1 TND per USD)
The Tunisian dinar remains at the top in nominal value relative to the dollar in Africa. Thanks to tight controls on capital flows and disciplined monetary policy, it has preserved value even as other currencies weakened.
2. Libyan Dinar (LYD) — Oil-backed stability (4.8–5.4 LYD per USD)
Libya’s heavy reliance on oil exports supports the dinar. While political and institutional instability remains a risk, the inflow of hydrocarbon earnings bolsters FX availability.
3. Moroccan Dirham (MAD) — Balanced regime, diversified base (9.0–10.0 MAD per USD)
Morocco operates a managed floating exchange system (often pegged to a basket of currencies). With a mixed economy—tourism, agriculture and manufacturing—it enjoys relative resilience to external shocks.
4. Botswana Pula (BWP) — Resource discipline (13.0–14.0 BWP per USD)
Botswana’s prudent fiscal policy and diamond exports give the pula a strong foundation. Its currency is often cited for its relative stability in Southern Africa.
5. Ghanaian Cedi (GHS) — Dramatic reversal (10–14 GHS per USD)
Perhaps the standout story is the cedi’s sharp turnaround. After years of sharp depreciation, Ghana’s reforms, investor confidence, and capital inflows have helped the cedi post strong gains in 2025, with some reports calling it the world’s best-performing currency this year.
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