Zambian kwacha is the worst-performing currency in Africa
According to a Bloomberg report, the Zambian kwacha has been identified as Africa’s worst-performing currency in 2024. In June, the kwacha hit a record low, trading at 26.4698 per dollar.
It has continued to depreciate since then hitting another record low of K28.4
Key factors contributing to this decline include depleted reserves, poor fiscal sustainability, and ongoing droughts affecting food imports and power generation.
Despite the IMF increasing its financial support for Zambia from $1.3 billion to $1.7 billion, the country’s economy struggles to recover. External debt repayment issues further weaken the kwacha’s performance, leaving Zambia in a challenging financial position.
Zambian kwacha is the worst-performing currency in Africa
