November 9th, 2022 at 05:24 am
5 of the worst performing currencies in Africa in 2022
Every week, Steve Hanke, a Professor of Applied Economics and Director of the Troubled Currencies Project in the United States, publishes Hanke’s currency watchlist, a group of currencies that have depreciated by at least 20% against the dollar since January 2020.
Hanke, a professor at Johns Hopkins University, explains that the currencies of the countries on his list have suffered massive devaluations against the US dollar since January 2020.
Professor Hanke’s currency watchlist below shows the ranking order of inflation rates and currency devaluations of countries. Indeed, inflation rates and currency devaluations come together at the hip like conjoined twins.
Here are the 5 worst-performing currencies in Africa in 2022
1. Zimbabwean dollar
But Now, Zimbabwe shuns the usage of the US dollar
According to the latest ranking by Hanke’s Currency Watchlist, the Zimbabwean dollar has been rated the worst-performing currency in Africa against the United States dollar. The Zimbabwean dollar has depreciated against the USD by 97.33% since Jan. 2020.
“Zimbabwe must dump the Zim dollar and adopt the USD immediately,” says Hanke in a Twitter post.
2. Sudanese pound
Sudan pounds
Coming in second place is Sudan. The Sudanese pound has depreciated against the USD by 84.95% since Jan 2020. According to Hanke, the only way to save Sudan’s pound & its economy is to install a currency board.
3. South Sudanese pound
South Sudan one pound
South Sudan ranks third on the list after the nation’s currency depreciated against the USD by 50.79% since Jan 2020. According to Hanke, South Sudan’s economic death spiral never ends.
4. Naira
Naira notes
Nigeria ranks 4th on the list of worst-performing currencies in Africa and 11th globally as the currency’s value has depreciated against the USD by 48.87% since Jan 2020.
5. Ghana cedis
Bank of Ghana report predicts more cedi depreciation as depositors switch to open foreign currency accounts
Ghana ranks 5th in this week’s Hanke’s #CurrencyWatchlist of worst-performing currencies in Africa. According to Hanke, the Ghanaian cedi has depreciated 42.57% against the USD since January 2020.
“To save the cedi, Ghana must mothball its central bank and install a currency board,” Hanke said in a post on his Twitter page.
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