​Pound among worst performing currencies in Africa – Hanke’s report

​Pound among worst performing currencies in Africa – Hanke’s report
Specimen: South Sudanese Pound notes. [Photo: Courtesy]

The South Sudanese Pound has lost over half of its value in the last two years.

​According to the latest global currency watch list, the pound has depreciated by 50.79 per cent, to the USD, since January 2020.

This makes the pound the third worst performing currency in Africa just behind the Zimbabwean Dollar and Sudanese pound, according to Hanke’s Currency Watch-list.

Every week, Steve Hanke, a Professor of Applied Economics and Director of the Troubled Currencies Project in the United States, publishes Hanke’s currency watch-list.

The list group currencies that have depreciated by at least 20 per cent against the dollar.

Zimbabwean dollar is the weakest currency in the continent having depreciated against the US Dollar by 97.33 per cent since January 2020.

Hank advises the Zimbabwean government to drop the use local currency and start trading in USD.

South Sudanese neighbors to the north – Sudan, is also feeling the pinch of global recession with the Sudanese Pound losing its strength by 84.95 per cent in the last two years.

Third is South Sudanese Pound and Nigerian Naira that depreciated by 48.87 per cent.

Ghana’s Cedis, Malawian kwacha and Sierra Leonean Leone occupy the last three positions of the seven worst performing currencies in Africa.

“To save the cedi, Ghana must mothball its central bank and install a currency board,” Hanke said in a post on his Twitter page.

Cedis has dropped by 42.57%against the USD while Kwacha and Leone dropped by 39.54 and 39.54 per cent respectively.