Throughout 2025, a number of African currencies have demonstrated impressive resilience against the US dollar. This strength is largely attributed to robust commodity exports, sound fiscal policies, effective foreign exchange regulations, and growing investor trust.
Below, we explore some of the continent’s top-performing currencies and the key factors underpinning their relative strength.
1. Tunisian Dinar (TND) – Leading in value preservation (2.9-3.1 TND per USD)
The Tunisian dinar continues to rank highly in terms of nominal value against the US dollar within Africa. This is largely due to stringent capital flow restrictions and a disciplined approach to monetary policy, which have helped maintain its purchasing power despite regional currency pressures.
2. Libyan Dinar (LYD) – Stability anchored by oil revenues (4.8-5.4 LYD per USD)
Libya’s economy, heavily dependent on oil exports, provides a steady stream of foreign currency that supports the dinar. Although political uncertainties and institutional challenges persist, the consistent inflow of hydrocarbon revenues ensures a relatively stable foreign exchange environment.
3. Moroccan Dirham (MAD) – Managed flexibility and economic diversity (9.0-10.0 MAD per USD)
Morocco employs a managed float exchange rate system, often linked to a basket of currencies. Its diversified economy-spanning tourism, agriculture, and manufacturing-helps cushion the dirham from external economic shocks, contributing to its steady performance.
4. Botswana Pula (BWP) – Stability through resource management (13.0-14.0 BWP per USD)
The Botswana pula benefits from the country’s disciplined fiscal policies and its significant diamond exports. This combination has earned the pula a reputation for stability within the Southern African region.
5. Ghanaian Cedi (GHS) – Remarkable recovery and growth (10-14 GHS per USD)
One of the most notable currency stories of 2025 is the Ghanaian cedi’s impressive rebound. After enduring prolonged depreciation, Ghana’s economic reforms, renewed investor confidence, and increased capital inflows have propelled the cedi to become one of the best-performing currencies globally this year.