A number of African currencies have continued to depreciate sharply against the US dollar in early 2026, reflecting persistent inflation, weak foreign reserves, and structural economic pressures across multiple economies.
Full List (April 2026)
1. Libya – Libyan dinar (−17.21%)
2 Ghana – Ghanaian cedi (−10.28%)
3. Tanzania – Tanzanian shilling (−5.80%)
4. Zambia – Zambian kwacha (−5.49%)
5 UEMOA Bloc – West African CFA franc (−2.89%)
6. Egypt – Egyptian pound (−2.57%)
7. DR Congo – Congolese franc (−1.80%)
8. Morocco – Moroccan dirham (−1.79%)
9. Mauritius – Mauritian rupee (−1.06%)
10. CEMAC Bloc – Central African CFA franc (−0.60%)
What You Need to Know
The Libyan dinar leads the decline despite oil wealth, driven by political fragmentation and weak monetary coordination. The Ghanaian cedi remains under pressure due to inflation, debt burdens, and limited forex liquidity even with IMF-backed reforms.
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East African currencies such as the Tanzanian shilling and Zambian kwacha are weakening due to external shocks and commodity dependence.
Key Drivers of Currency Weakness
High inflation eroding purchasing power Low foreign exchange reserves limiting central bank intervention Strong US dollar increasing depreciation pressure Structural imbalances in import-dependent economies
Insight
Currency weakness in Africa is increasingly less about nominal value and more about rate of depreciation. Several currencies on this list are not the lowest in absolute value but are among the fastest losing value in 2026, indicating worsening macroeconomic conditions rather than historical weakness.
Background Context
Separate rankings based on absolute exchange value (units per dollar) still place countries like Sierra Leone, Guinea, and Madagascar among structurally weakest currencies in Africa, highlighting a distinction between long-term weakness and short-term depreciation trends.
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Source: Business Insider Africa
