A web portal dedicated to analyzing the world’s currencies has on Monday revealed a list of what it called Africa’s weakest legal tenders in 2021, beginning with Sierra Leone’s Leone.
According to Lowestcurrency.com, Africa’s weakest currencies are in countries where a combination of years of civil strife, political unrest and failed fiscal policies has led to chronic economic downturns.
It grades Sierra Leone’s Leone as the weakest currency on the continent thanks to the country’s troubled past continuing to haunt its future.
The Leone currently exchanges at 9797.40 to $1 in a country otherwise boasting an embarrassment of mineral riches including diamond, iron ore, bauxite, rutile and gold.
The Guinean Franc is the next weakest currency in neighbouring Guinea (Conakry), a country also richly endowed with mineral resources.
“Persistent political instability, reappearance of the Ebola virus epidemic, low international commodity prices, and an enduring legacy of corruption, inefficiency, and lack of government transparency continue to bedevil economic development” the media platform said.
$1 dollar fetches 9665.88 Guinea Francs.
Used by the world’s fourth largest island, the Malagasy Ariary is the third weakest currency in Africa, according to the list.
“Madagascar, like many other African countries has been afflicted by prolonged periods of political instability, violent coups, unrest and disputed elections, international condemnation and economic sanctions. Notwithstanding an abundance of natural resources and a tourism industry famed for its unique wildlife, the country remains one of the world’s poorest, and is heavily dependent on foreign aid” the lowestcurrency.com explained.
Other currencies on the list are the Ugandan Shilling (4th), Tanzanian Shilling (5th), Burundian Francs (6th), Congolese Francs (7th), Rwandan Francs (8th), Malawian Kwacha (9th) and Angolan Kwanza (10th).
WN/as/APA