Finance

Angola: The kwanza jumped 22.21% against the US dollars this year

Angola: The kwanza jumped 22.21% against the US dollars this year
Wednesday, 06 April 2022 18:54

Buoyed by higher oil prices and IMF disbursements, Angola’s currency, the Kwanza, rose 22.2% since January 2022, topping the most performing African currencies. 

Kwanza, Angola’s currency has appreciated by 22.21% against the US dollar since January 2022. According to a Bloomberg index analyzing twenty African currencies, this is the highest performance in Africa. 

The performance was recorded because the central bank had more foreign currency than requested by commercial banks. According to the Angolan Central Bank, during the period, oil prices and exports followed the same upward trend. This subsequently influenced foreign currency offers and ultimately contributed to the “positive performance of the country’s current account,” the central bank explains. Also, IMF disbursements in the framework of its economic and financial program with Angola improved the country’s foreign reserves, official sources reveal. 

The second-best performance was achieved by the rand (South Africa), which rose by 7.82% against the dollar. It was followed by the Guinean franc (Guinea-Conakry) which was appreciated by 4.53%. Other currencies that have risen this year include the naira (Nigeria) (+1.94%), the Botswana franc (1.76%), the  Mozambican metical (0.19%), and the Rwandan franc (0.12%).  

At the same time, the Ghanaian currency (cedi) declined the most with -17.8%. The country saw its sovereign rating downgraded to the lowest speculative grade by various rating agencies. This caused the divestment of several investors who previously bought its local-currency-denominated securities. 

Béni Muwawa

On the same topic
Highlights: • New 1% US tax on outbound remittances to take effect January 1, 2026• Africa received $100 billion in remittances in 2023, outpacing...
23% of adults in Sub-Saharan Africa saved money using mobile accounts in 2024, well above the 9% average in low- and middle-income...
• Zambia launches the Growth Investment Partners Zambia (GIP) initiative to raise over $300 million for SMEs.• The program aims to support 150 SMEs...
• Treasury secures CFA364 billion in oversubscribed bond issuance• S&P cuts Senegal’s rating to B- after discovery of hidden debt• Over CFA1,260 billion...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries. ...

Flutterwave Gains Senegal License, Eyes Growth in $1.5T African Payments Market
03

In Africa, the private sector is widely seen as the main engine of industrialization and plays a cen...

West Africa has tools to build strong industry, says IFC’s Olivier Buyoya
04

 President Paul Biya, 92, to seek eighth term in October 2025 election In power since 19...

Cameroon: Paul Biya Officially Enters Presidential Race for Eighth Term
05

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.