Sardana contends that institutions such as the International Monetary Fund and the World Bank remain largely shaped by Western interests, often advancing political priorities rather than addressing the development needs of the Global South. In this context, the dollar is increasingly viewed not just as a reserve currency but as a strategic tool that enables countries like the United States to impose sanctions and exert influence over nations that diverge from its policy positions.

Momentum for alternatives has been reinforced by reports that India’s central bank has proposed linking the official digital currencies of BRICS members to facilitate cross-border trade and tourism payments. Such a system, supporters argue, would reduce exposure to dollar-based transactions and enhance global financial stability. The idea builds on commitments made in the 2025 BRICS declaration in Rio de Janeiro, which called for greater interoperability between national payment systems.

At the official launch in Accra on October 28, Bank of Ghana Governor Johnson Bandit Asiamah noted that the economy is showing renewed signs of stability. He described the anniversary as a milestone for national reflection and confidence in Ghana’s economic direction.

“Ghana has turned a decisive corner,” said Asiamah. He attributed the improvement to falling inflation and stronger foreign reserves, which he said have “provided a robust cushion against external volatility and restored our investor confidence.”

The initiative follows a period of economic difficulty. In August 2024, Bloomberg named the cedi as the worst-performing among Africa’s top currencies.

As of October 2025, the cedi has appreciated by approximately 37%. The World Bank reports it was the best-performing currency in sub-Saharan Africa during the first eight months of the year.

“We have learned painful lessons from fiscal indiscipline, overborrowing, and ignoring right principles, but today, the cedi has not only recovered. It has soared,” said Vice President Jane Naana Opoku-Agyemang.

Finance Minister Cassiel Ato Forson urged a reduction in reliance on foreign currency. “The Ghana Cedi remains the only legal tender. The US dollar is not our currency. The Cedi is our only currency,” he stated.

Bank of Ghana data showed that as of October 28, the cedi was trading at a market average of 10.85 Ghana cedis to 1 US dollar. This is a significant improvement compared to 16.15 Ghanaian cedi to 1 US dollar during the same period in 2024.

“Our commitment to fiscal discipline has contributed to the strengthening of the Ghana Cedi… We shall stay the course to ensure that the Ghana cedi remains stable,” the finance minister said.

The move is part of a push by both countries to reduce exposure to exchange rate risks and transaction costs tied to the dollar. “The agreement will create a better environment for financial cooperation by supporting the use of local currencies in current account transactions and direct investment,” the PBoC said in a statement.

During his visit, Premier Li expressed China’s commitment to advancing bilateral trade and unlocking new areas of economic growth. “China is willing to work with Egypt to optimize bilateral trade and create new drivers of economic growth,” he said.

Pan Helin, a member of the Expert Committee for the Information and Communication Economy under China’s Ministry of Industry and Information Technology, said the MoU marks “a new milestone” in financial cooperation. “As Egypt diversifies its foreign exchange sources and the Renminbi becomes more prominent in international payments, this cooperation will help both countries reduce reliance on the dollar,” Pan told the Global Times .

For years, authorities enforced strict rules that banned pricing goods or services more than 10 percent above the official rate, often leading to arrests and fines.

These controls were aimed at stabilising the local currency, but often distorted market activity and hurt investor confidence.

The International Monetary Fund has repeatedly urged Zimbabwe to allow market forces to determine exchange rates and welcomed the end of what it called “undesirable exchange restrictions.”

Officials say the liberalisation will bring the formal and informal sectors closer together, improve competitiveness, and encourage fairer pricing.

There are concerns, however, about how the floating ZiG will maintain its gold backing and withstand market volatility.

Critics warn that without clear oversight, the currency could face pressure from inflation and speculative trading.

“We want the market players to drive activity, not the central bank or its agents. The heavy-handedness is gone. You will never see it again,” said Reserve Bank Deputy Governor Innocent Matshe.

So, how did the dollar become this powerful? And what does it mean for countries that depend on it every day, even for transactions between neighbouring nations?

The redesigned notes worth Tk500 ($4.25), Tk200 ($1.70), Tk100 ($0.85), Tk10 ($0.08), Tk5 ($0.04), and Tk2 ($0.02) will enter circulation gradually.

Earlier the same day, new Tk1,000 ($8.50), Tk50 ($0.42), and Tk20 ($0.17) notes began circulating.

The central bank said this updated series, called “Historic and Archaeological Architecture of Bangladesh,” aims to showcase important landmarks while maintaining the legal tender status of all existing notes and coins.

The Tk500 note displays the Supreme Court of Bangladesh and Dhaka’s Central Shaheed Minar. The Tk200 note features the Aparajeyo Bangla sculpture at Dhaka University and student-drawn graffiti from the July uprising.

The Tk100 note includes the UNESCO-listed Sixty Dome Mosque in Bagerhat and the Sundarbans forest.

Smaller denominations also reflect important sites. The Tk10 note features the Baitul Mukarram National Mosque.

The Tk5 and Tk2 notes, signed by the secretary of finance rather than the central bank governor, also show the Tara Mosque and memorials for martyred intellectuals.

Each note includes a watermark of a Royal Bengal Tiger, numerical values, and official monograms for added security. The central bank plans to announce release dates and security features through public updates.

Authorities say the new designs are part of a long-term effort to modernise the national currency and increase public appreciation of Bangladesh’s history and identity.

 A reduction in demand for the U.S. dollar and improved interbank liquidity contributed to the cedi's strength.

The cedi's appreciation has had a positive impact on Ghana's economy, helping to lower import costs and contributing to a decline in inflation rates to an eight-month low.

However, despite the appreciation, the country’s central bank may not lower interest rates. “It tightened at its last meeting to mop up any excess liquidity. So now the central bank action going forward may not readily reduce the monetary policy rate yet because there might still be some threats to inflation coming from the hikes in utility prices,” said Dr. Agyapomaa Gyeke-Dako, an economist and senior lecturer at the University of Ghana Business School.

As of early May, the cedi traded at approximately GH¢13.25 to the dollar on the interbank market. While the currency has experienced some fluctuations, the overall trend indicates a strengthening position, reflecting investor confidence and effective monetary policies .

The directive was announced under Section 26 of the Bank of Tanzania Act, 2006.

“It is an offence to quote, advertise, or indicate prices in foreign currency, to compel, facilitate, or accept payment in foreign currency, or to refuse payment made in Tanzanian Shillings,” the central bank said in a statement . 

This means companies and traders are no longer allowed to list prices or sign new contracts in foreign currency.

Any old contracts made in dollars or other currencies must be updated within one year to follow the new rule.

Embassies, international groups, and regional organisations are, however, still allowed to use foreign currencies for specific transactions.

Tourists and foreigners visiting the country can also continue exchanging foreign money at banks or licensed exchange offices.

Foreigners can still pay using cards and other digital methods, but local businesses must make sure prices are listed in Tanzanian shillings and payments are received in the local currency.

The change is likely to affect businesses from neighbouring Kenya that trade with Tanzania. Kenyan companies will now have to convert their money to Tanzanian shillings before making payments.

The central bank says this move will help strengthen the use of the Tanzanian shilling and support the country’s economy.

It is also encouraging the public to report anyone who breaks the new law .

The coins are made of real gold and are being sold through local banks.

They come in different sizes, from one-tenth of an ounce to one full ounce. Officials say the move will help reduce inflation and give people a safe way to keep their savings.

The coins are called “Mosi-Oa-Tunya,” which means “The Smoke That Thunders,” the local name for Victoria Falls.

Zimbabwe launched the ZiG earlier this year. It is the country’s sixth attempt to have its own currency since 2009.

The government said the ZiG was backed by gold and U.S. dollars and promised that its value would be stable.

But just a few months later, people are already losing trust in it. There are signs the currency is being quietly weakened, Zimbabwe Mail reports.

In 2008, the old Zimbabwe dollar collapsed during a time of extreme inflation.

After that, the country used U.S. dollars for a while. Since then, several local currencies have been introduced.

Today, most people in Zimbabwe cannot afford to buy gold coins, which are priced in U.S. dollars.

Uganda is transitioning to safer and cleaner cooking solutions in schools by introducing Shell Gas, following the Ministry of Energy’s directive to phase out traditional fuels like firewood and charcoal. This initiative aims to reduce carbon emissions and improve health outcomes for students and staff, Pulse Uganda reports. The Shell Gas package includes gas tanks, cookers, safety equipment, and free training for staff on safe usage. King’s College Budo is the first school to integrate Shell Gas, with its headmaster highlighting the importance of this transition for health, safety, and environmental sustainability.

Ugandan shilling

The Ugandan shilling remained stable on March 31, 2025, due to low dollar demand across all sectors. As of 0955 GMT, commercial banks quoted the shilling at 3,655/3,665, unchanged from the previous close, according to CNBC Africa .

Power distribution

Umeme Ltd has officially handed over power distribution to the Uganda Electricity Distribution Company Limited (UEDCL) after its 30-year concession ended. CEO Selestino Babungi warned that Uganda could face a power deficit in three years if current demand, outpacing supply, is not addressed. Without intervention, projections indicate shortages by 2028. Pulse Uganda reports that while Uganda's electricity consumption is anticipated to grow by 14% annually, the government is exploring new generation projects, including a feasibility study for the 400 MW Kiba hydropower plant. During Umeme's tenure, significant infrastructure improvements were made, increasing customer connections and reducing energy losses, but the network is currently under strain from rising demand.

Oil refinery investment

Uganda has signed an agreement with UAE-based Alpha MBM Investments for a 60 percent stake in a $4 billion crude oil refinery in Kabaale, Hoima District, with Uganda's state-run Uganda National Oil Company retaining the remaining 40 percent. The Arabian Gulf Business Insight reports that this 60,000-barrel-per-day facility is crucial for Uganda's emerging hydrocarbons sector. The agreement follows earlier negotiations that commenced on January 16. Additionally, Uganda and UAE investors finalised five other agreements in various sectors. 

Hike in Mpox cases

Uganda has reported a total of 4,810 confirmed Mpox cases and 37 deaths since the outbreak began eight months ago, according to the Ministry of Health. In the past 24 hours, there were 13 new infections and six deaths. The majority of cases are among young adults aged 25-29 in urban areas, Azernews reports. The World Health Organisation has stated that Uganda has the highest number of community-transmitted Mpox cases globally, prompting health authorities to enhance surveillance and awareness efforts. Mpox, also known as monkeypox, is spread through close contact and exhibits symptoms such as fever, swollen lymph nodes, and skin rash. 

The Bank of Tanzania (BoT) has clarified the performance of the Tanzanian Shilling, stating it depreciated by 3.6% over the past year but appreciated by 9.51% between July and December 2024, making it the best-performing currency globally during that period. Governor Emmanuel Tutuba attributed the recent depreciation since January 2025 to seasonal foreign exchange flows and a flexible exchange rate policy with minimal central bank intervention. He emphasised Tanzania's strong macroeconomic indicators, including a 5.4% economic growth rate in 2024, low inflation of 3.1% in February 2025, and a sustainable debt-to-GDP ratio of 41.1%. The current account deficit has also narrowed significantly. The BoT, according to The Citizen , dismissed claims from a recent media report labelling the Shilling as the world’s worst-performing currency, reaffirming its commitment to economic stability and effective monetary policies. 

Archaeological findings on old bone tools

Archaeologists have discovered bone tools in Tanzania's Olduvai Gorge dating back 1.5 million years, significantly older than previous finds in Europe from 400,000 years ago. These tools, made from large animal bones such as hippos and elephants, were shaped for butchering, indicating that early hominins, particularly Homo erectus, had advanced cognitive abilities for technology transfer much earlier than previously believed. This discovery sheds light on human evolution, showcasing Homo erectus's understanding of skeletal anatomy and the physical properties of bones, prompting questions about their choice of materials. Inkl reports that the finding emphasises the need for researchers to look for evidence of bone tool production in fossil records, which could enhance our understanding of early human technology and behaviour.

Documentation of family lineage

Tanzanians are encouraged to document their family lineages to preserve history and transmit values, as emphasised by retired history professor Prof. Fredrick Kaijage during the launch of the book ‘Life and Times of Omwami Evarista Kashaga of Kagera Region 1902-1983’. The book highlights the significance of identity and self-awareness rooted in understanding one's lineage. Dr. Frateline Kashaga, a contributor to the book, stressed that each family's unique history enriches cultural and national identity, warning that without documentation, vital knowledge could be lost. He urged families to share their histories and consider creating digital archives for future generations, The Citizen reports. The book, which includes historical narratives, is set to be available on social media platforms run by Kashaga's great-grandchildren.

Freight Train operations

Tanzania's standard gauge railway (SGR) freight train is set to begin operations in June 2025 after successful trial runs and necessary approvals. The Tanzania Railways Corporation (TRC) is finalising agreements with the Tanzania Revenue Authority and Tanzania Ports Authority. The SGR system, which will eventually connect to neighbouring countries, spans approximately 2,561 kilometres, with the Dar es Salaam to Dodoma section already operational since June 2024. TRC has received 264 new wagons capable of carrying 120 tonnes each at speeds up to 120 km/h. The Citizen reports that, TRC has not requested operational subsidies since starting operations, aiming for self-sustainability. Future expansions include reaching Mwanza by 2027 and Kigoma by 2028, while a separate project will develop a southern railway network through private investment. The total value of SGR construction contracts is Sh29.58 trillion. 

Marine reserves

A recent study published in Conservation Letters reveals that Tanzania's marine protected areas (MPAs), established in the 1990s to combat declining fish populations, have led to improved living standards in nearby communities over nearly 20 years. Researchers surveyed 840 households in 24 villages and found that those within 5 kilometres of an MPA experienced significant enhancements in living conditions, such as home ownership and food security, compared to those further away. The study suggests that these improvements are linked to growth in sectors beyond fishing, such as tourism, rather than direct benefits from fishing opportunities. Despite the positive socio-economic changes, respondents reported fewer fish catches in 2021 than in 2003, indicating ongoing challenges for local fisheries. The researchers emphasise that while MPAs support diverse income generation, they have not necessarily improved fishery productivity, highlighting the complex impacts of such interventions on both communities and marine ecosystems.

The African Union and Southern African Development Community (SADC) have called for the unconditional lifting of US sanctions on Zimbabwe, citing their detrimental impact on the country's socio-economic development. Zimbabwe’s President Emmerson Mnangagwa emphasised that these sanctions undermine regional integration and harm ordinary Zimbabweans. Anti-Sanctions Day was observed with protests outside the US Embassy in Harare, where demonstrators blamed the sanctions for economic hardships. However, the U.S. Embassy rejected this assertion, attributing Zimbabwe’s economic crisis to government corruption and mismanagement, stating that sanctions target only a few individuals and companies, not the general population.

IMF warns ZiG cannot solve Zimbabwe’s economic crisis

The International Monetary Fund (IMF) warns that Zimbabwe’s new gold-backed currency, the ZiG, cannot resolve the country’s deeper economic issues. IMF Africa Director Abebe Selassie emphasised that exchange rate problems often stem from inflation, not the other way around. Despite intentions to stabilise the economy, the ZiG has lost value, leading to a 43% devaluation last month. On the official market, the ZiG is valued at 27.68 per dollar, but the unofficial rate ranges from 40 to 50. Zimbabwe's monthly inflation surged to 37.2% in October, highlighting ongoing economic instability tied to a lack of confidence in monetary and fiscal policies.

Pressure mounted on President Mnangagwa to release jailed activists

Zimbabweans in the UK protested at the Zimbabwean Embassy, demanding the release of jailed opposition activists from the Citizens Coalition for Change (CCC) and other human rights violations. The demonstration, organised by CCC UK and the Zimbabwe Human Rights Organisation (ZHRO), led to a petition submitted to British Prime Minister Keir Starmer, urging him to pressure President Emmerson Mnangagwa’s government for their release. Over 100 activists were reportedly arrested before the Southern African Development Community (SADC) summit, with many still imprisoned. The petition calls for an end to the crackdown on opposition members, accountability for human rights violations, and support for a diaspora vote for the estimated six million Zimbabweans living abroad who are currently denied voting rights.

$16.3 billion in diaspora remittances in the last decade

Zimbabwe has received $16.3 billion in diaspora remittances over the past decade, largely from over three million Zimbabweans living abroad. These remittances are essential for supporting families amid economic challenges and contribute significantly to the national economy. Public Service Minister July Moyo noted that most remittances come from South Africa (47%), followed by the UK (23%), the US (11%), and others. He emphasised the need for improved labour protections, citing violations in sectors like mining, and called for a stronger social protection system to assist vulnerable populations. Moyo highlighted the importance of timely funding from the Treasury to ensure the effectiveness of social programmes.

Botswana opposition protest at Zimbabwe Embassy over alleged election interference

Hundreds of supporters from Botswana’s opposition coalition, the Umbrella for Democratic Change (UDC), protested outside the Zimbabwean embassy in Gaborone, demanding Zimbabwe refrain from interfering in Botswana's upcoming general elections on October 30. Led by UDC President Duma Boko, demonstrators voiced concerns about potential external influence affecting the electoral process. The protest followed allegations of Zimbabwean officials potentially trying to influence the election, though no specific evidence has been provided. In response, a Zimbabwean government spokesperson denied any interference, citing respect for Botswana's sovereignty. The Southern African Development Community (SADC) has offered to send observers to ensure a fair electoral process. The situation has sparked a wider discussion in Botswana about electoral integrity and democratic rights, with calls for vigilance among citizens as the elections approach.

These two areas remained British territory when the Republic of Cyprus was created in 1960.

Although both territories are located on the southwest coast of Cyprus, Akrotiri is on a peninsula while Dheelia is closer to Famagusta.

Akrotiri and Dhekelia have an estimated population of 18,000 people. Of this number, 11,000 are native Cypriots and the rest are part of the British military and their families.

Despite being considered British territories, both areas use the Euro as their currency rather than the British Pound. According to The World In Maps, Akrotiri and Dhekelia also changed their currencies to the Euro in January 2008 after Cyprus switched to the same from the Cypriot pound.

Here’s a map designed by The World In Maps, providing more details.

Zimbabwe's tourism industry is expected to strengthen over 2024, building on a gradual recovery from the pandemic. Despite increasing over 2024, arrivals are expected to fully recover to pre-pandemic levels in 2025. Over the medium term (2025-2028), arrivals will continue expanding, with growth underpinned by diversification in Zimbabwe's key source markets and the country's wide range of travel and tourism offerings. Over 2024, Zimbabwe's tourist arrivals are projected to increase to 2.0 million, up from 1.6 million in 2023, and growing by 27.4% year-on-year. However, they will be lower than the pre-pandemic level in 2019, with a fully recovering period in 2025.

Opposition leader and 80 youths arrested

Zimbabwean police have detained opposition leader Jameson Timba and 80 youths for participating in an unauthorised political gathering. Timba, who recently became interim leader of the Citizens Coalition for Change, alleges the party was co-opted by the ruling ZANU-PF party. The arrests are expected to result in charges of violations of public order laws, the Zimbabwe Mail reports.

Zimbabwean jailed in the UK for removing condom during sex

A Zimbabwean man based in the UK, Guy Mukendi, has been jailed for over four years for removing a condom during sex. The offence, known as "stealthing," is classified as rape. Mukendi claimed he did it because he had not had sex in a long time. The victim contacted police in May 2023 after realising the incident. The Sexual Offences Act 2003 states that someone did not consent to sex if the other person tricked them about the nature of the sex. In April 2024, Mukendi was convicted guilty of rape. A five-year restraining order has been given to the victim, according to local publication The Chronicle .

ZiG currency shows stability

Zimbabwe's Zimbabwe Gold (ZiG) currency has shown stability, trading at 13.5 against the US dollar slightly above its initial launch price, according to the central bank. The central bank maintains this stability through strict actions against street traders and fines for transacting outside the official exchange rate. The government has also removed the 180-day holding rule for stock market transactions. However, concerns remain about the long-term viability of the ZiG currency due to Zimbabwe's history of currency collapses and the sustainability of the currency peg, the Zimbabwe Mail reports.

Wheat surplus

Zimbabwe has planted 121,769 hectares of wheat, 34% above last year, ensuring an even greater surplus over normal consumption and allowing more wheat processed foods to be manufactured and sold. The expected harvest of over 600,000 tonnes will not only meet the ordinary requirements of 360,000 tonnes but will allow a far greater range of wheat products to be manufactured and eaten, according to local media The Herald . The expected surplus of 240,000 tonnes will contribute to the Strategic Grain Reserve, which currently stands at about 400,000 tonnes, to ensure food security.

The Deputy Governor of the National Bank of Rwanda (NRB), Soraya Hakuziyaremenye highlighted the significance of the East African nation being ready to accept digital currencies from other nations.

"With Rwanda positioning as an ICT hub, with the ambition to become a cashless economy, and an international financial hub, we needed to understand whether there would be benefits for Rwanda as well to embark on that technological journey. Rwanda is studying the feasibility of adopting a Central Bank Digital currency, which is a digital form of central bank-issued money," she said in an interview with local media The New Times.

The NBR first joined the digital currency movement in 2021 after an official confirmed the institution was studying the possibilities of issuing its digital currency.

The study revealed a significant gap in global standards and reliable benchmarks for central bank digital currencies (CBDCs), highlighting the need for further research and development in this area to establish clear guidelines and best practices, John Karamuka, an official of the NBR noted .

However, Soraya was optimistic despite the perceived challenges, "The findings show that there are multiple opportunities for a national digital currency in Rwanda. We identified four that we wanted to test. The first one is that a CBDC would be more resilient to the current payment systems and would actually sort of be a better payment tool in case of disasters. The CBDC would also boost innovation and competition among payment system providers, as well as an accelerator to the cashless agenda that our country has embarked on. Equally beneficial is a CBDC that would improve cross-border payments," she said.

Almost 11 countries have launched central bank digital currencies (CBDCs), with the Bahamas being the first to introduce the Sand Dollar in October 2020. In Africa, several countries are either piloting or have launched their CBDCs, including Nigeria, Ghana, and South Africa. These countries are leveraging digital currencies to promote financial inclusion, increase efficiency in payments, and provide safer access to money for the unbanked and underbanked populations.

Many countries compare the strength of their currencies against the Dollar's performance to determine their economic health and international standing.

While countries like Japan, Britain, and Switzerland boast of currencies that compare to the dollar, some African countries equally boast of the stability of their currencies and the respective influence they carry globally.

In this article, we explore the strongest legal tenders in some African currencies.

1. Tunisian Dinar (Tunisia) Currency Name: Dinar Code: TND Current Exchange Rate: $1 = 3.14

2.  Libyan Dinar (Libya) Currency Name: Dinar Code: LYD Current Exchange Rate: $1 = 4.86

3. Moroccan Dirham (Morocco) Currency Name: Dirham Code: MAD Current Exchange Rate: $1 = DH 10.02

4. Botswana Pula (Botswana) Currency Name: Pula Code: BWP Current Exchange Rate: $1 = 13.61

5.  Seychellois Rupee (Seychelles) Currency Name: Seychellois Rupee Code: SCR Current Exchange Rate: $1 = SRe 13.86

 6. Ghanaian Cedi (Ghana) Currency Name: Cedi Code: GHC Current Exchange Rate: $1 = GH₵ 13.89

 7. Eritrean Nakfa (Eritrea) Currency Name: Nakfa Code: ERN Current Exchange Rate: $1 = Nfk 15.00

8. South African Rand (South African) Currency Name: Rand Code: ZAR Current Exchange Rate: $1 = R 18.35

 9. Zambian Kwacha (Zambia) Currency Name: Kwacha Code: ZMW Current Exchange Rate: $1 = ZK 27.37

 10. Egyptian Pound (Egypt) Currency Name: Egyptian Pound Code: EGP Current Exchange Rate: $1 = E£ 47. 40

Businesses including supermarkets have placed premium charges above the market rate on their goods, making customers who pay in the new currency pay more, while other informal traders reject the ZiG.

As a result of this, government has issued a notice that businesses using exchange rates higher than the official rate of 13.5 ZiG per U.S. dollar will be liable to pay a fine of 200,000 ZiG ($14,815).

“Anyone offering "goods or services at an exchange rate above the prevailing interbank foreign currency selling rate" would be guilty of a civil infringement,” a government notice quoted by The East African read.

The government has been making efforts to maintain the value of the ZiG currency as there’s a general rejection of the ZiG. Despite government’s directive that schools should accept the payment of fees in local currency, reports indicate that some schools are rejecting the new Gold Currency.

Zimbabwe's Treasury on Tuesday moved to enforce the use of the ZiG as the official unit of exchange for transactions.

The Zim dollar lost over 70% of its value on the official market and depreciated on the black market.

The new currency, the Zig, will be backed by gold reserves. The highest denomination of ZiG is the 200 ZiG note which translates to $15.

According to local media Mwanzo TV , Individuals will be allowed to withdraw a maximum of ZiG 3,000 and companies ZiG 30,000 per week with no limits on cash withdrawals for the parliament, courts, and international organizations.

The ZiG is the sixth currency Zimbabwe has used since the collapse of the Zimbabwe dollar in 2009.

There are concerns about how well this new currency can perform against the US dollar . Meanwhile, Mwanzo TV reports that a digital version of the currency has lost a quarter of its value against the US dollar on the black market.

Between 2013 and 2023, the number of millionaires in these countries decreased by at least 20%, attributed to adverse economic conditions and a shrinking wealth landscape.

South Africa, boasting the highest number of individuals with a net worth exceeding $100 million, is particularly vulnerable, with the rand's 43% depreciation against the dollar and a 5% dip in the Johannesburg Stock Exchange threatening its affluent status.

While Africa's overall millionaire population is projected to increase by 65% in the next decade, certain countries are set to experience exponential growth. Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are expected to lead this surge, driven partly by investor-friendly policies encouraging migration and property ownership.  

Head of Research at New World Wealth, Andrew Amoils, said that according to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013–2023). There are currently 54 African-born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent. Most of these individuals have relocated to the UK, the USA, Australia, and the UAE. Significant numbers have also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.”

Africa's millionaire class has faced challenges over the past decade, with poor growth in major markets hindering performance. While the JSE All Share Index saw a robust 65% increase in local currency terms, the 5% dip in USD terms reflects the impact of currency depreciation. Several African currencies, including Nigeria, Egypt, Angola, and Zambia, witnessed a drastic depreciation of over 75% against the USD during the same period, the report indicated.

The Africa Wealth Report, a collaborative effort between Henley & Partners and New World Wealth, offers insights into Africa's wealth landscape, including economic mobility, investment migration, and wealth management.

The unexpected rise of the U.S. dollar is fuelled by a myriad of factors that have collectively propelled it to multi-year highs. According to Bloomberg's insights, this increased dollar's value echoes across global markets, triggering widespread concerns among investors and policymakers.

The dollar's strength is significant for international trade dynamics, Bloomberg highlights. That is, a thriving dollar renders U.S. exports more expensive for foreign buyers, potentially dampening demand and exerting downward pressure on trade balances.

Moreover, Bloomberg's examination highlights the challenges the dollar's strength poses to emerging market economies like the Maldives and Bolivia . These nations struggle with substantial dollar-denominated debt, making them particularly vulnerable to currency fluctuations. As the dollar appreciates, the cost of servicing this debt rises, potentially triggering financial instability and magnifying existing vulnerabilities.

“The US dollar keeps turning up the heat on other central banks,” said Helen Given, a foreign exchange trader at Monex. “Given the current global environment where central banks appear to be looking to end their tightening cycles, there doesn’t seem to be a safe way out from the dollar’s continued dominance.”

The effects of the strong dollar extend beyond trade and emerging markets to encompass broader implications for financial markets and investor sentiment. Bloomberg 's analysis indicates that a stronger dollar tends to weigh on commodity prices, particularly those denominated in dollars such as oil and gold.

As these challenges persist, Japan has issued increasingly dire warnings about its preparedness to intervene to strengthen the yen, which is drifting near a 34-year low. Meanwhile, Turkey has surprised markets by implementing a rate hike to strengthen the lira. Additionally, China and Indonesia have taken steps to stabilise their currencies, while Sweden and India find themselves similarly under pressure to address currency concerns.

“Customers that used to buy 1kg of fish or chicken now ask for half a kilo… the bigtime customers I usually supply 3-4kgs, now they barely buy 1kg,” a frozen foods business owner in Lagos, Nigeria told The Star.

She added “I feel reluctant to come to the shop because of  the soaring prices of food. Frozen chicken now costs about 3,400 naira ($4) per kilo,” which represents a significant increase of about 26% as compared to some three months ago.

A report by the World Bank in October revealed that not only did the two dominant oil producers - Nigeria and Angola - fall significantly in currency ratings but in the same period, other countries experienced similar depressive notes with their currency.

The statistics published indicated that South Sudan’s currency dipped by 33%, Kenya’s by 16%, Zambia and Ghana by 12%, and the Democratic Republic of Congo by 18% amongst others.

The World Bank explained that Nigeria lost about 40% of the naira’s value against the dollar between December 2022 and September 2023 due to “the central bank's decision to remove trading restrictions on the official market." That notwithstanding, the managers of the country’s economy remain hopeful and poised to restore strength in the naira.

"For the kwanza, it was the decision of the central bank to stop defending the currency as a result of low oil prices and greater debt payments," the report further stated.

Financial Services Authority (OJK) chief Mahendra Siregar emphasized that the sector's stability is evident through sufficient market liquidity and a well-maintained risk profile.

"There is growing confidence that our financial sector can effectively withstand 'higher-for-longer' US rates and geopolitical risks," he stated during a press conference, where he shared the results of OJK's monthly meeting held last week to evaluate the financial sector's status.

As of Monday at 3 am GMT (11 am Singapore Time), the rupiah was trading at 15,920 per US dollar, marking a 0.09% increase.