- 6 African currencies have been ranked as the best in terms of performance on the continent
- The currencies were identified as the Ghana cedi, the Libyan Dinar, the Tunisian Dinar, the Moroccan Dirham, the Botswana Pula and the Zambian Kwacha
- Unique reasons were provided as to why each currency was selected
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Ghana’s cedi and five other currencies have been listed as the best in Africa, according to DeyThere, a global magazine.
For the year 2020, the currencies selected along with the cedi are the Libyan Dinar, the Tunisian Dinar, the Moroccan Dirham, the Botswana Pula and the Zambian Kwacha.
The report shows that although a lot could be deduced about a country from its currency such as the economy and living standards of the people, it is wrong to assume that the biggest and most popular nations have the best currencies.
Per a report by BusinessInsider, there are unique reasons why the currencies were selected as the best:
The Libyan Dinar emerged as the strongest currency in Africa. The Central Bank of Libya has a programme that only sells a limited number of dollars to its people.
Tunisia’s monetary policy to export or import dinars or convert them to other currencies has enabled the dinar to be among the highest in the continent. It was the second strongest.
The Moroccan Dirham is the de-facto medium of exchange in the Western Sahara region. Its de-facto state makes it one of the highest currencies in Africa.
The Zambian Kwacha has an attractive value because the country is the largest producer of copper in Africa.
In other news, the Coalition of Aggrieved Customers has called on the government to ensure that their deposits are released in a maximum of two weeks.
According to them, they would have no option than to embark on a demonstration if their demands are not met.
The group indicated that the government has refused to implement measures to ensure the payment of deposits to their customers following the financial sector clean-up.
In an address to the media, the coalition’s public relations officer, Charles Nyame, stated that the government has till Tuesday, March 24, 2020, to settle all outstanding payments.
In 2019, the Securities and Exchange Commission (SEC), revoked the licenses of 53 fund management companies.
This, per a citibusinessnews.com report, was as a result of a series of regulatory breaches discovered with regard to their operations.
Information available shows that the companies affected by SEC's decision were managing over GHC8 billion in assets.
It has been established that some of the collapsed fund management companies had locked up funds in savings and loans, as well as other financial institutions that were shut down by the Bank of Ghana (BoG).
As a result, they were therefore not in the position to meet demands for funds by investors.
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