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Home Currency

Angola Kwanza is now world’s best-performing currency

Mark-Anthony Johnson by Mark-Anthony Johnson
March 17, 2022
in Africa, Angola, Currency, Economy
Reading Time: 2 mins read
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The oil boom has added fuel to a rally for Angola’s kwanza that’s made it the world’s best-performing currency against the dollar.
The currency of Africa’s second-biggest crude producer has strengthened 20% this year, buoyed by surging oil prices, several credit-rating upgrades and the likelihood the central bank will continue to raise interest rates.

The worst-performing currency is the Russian ruble, down 37% this year amid sanctions against Russia after its invasion of Ukraine.

Brent crude almost doubled in the past year to as high as $139 a barrel earlier this month. Brent futures fell below $100 on Tuesday, still up 28% since the beginning of January.

Angola’s economy, which depends on oil for 90% of export revenue, is forecast to expand 2.9% this year after exiting five years of recession in 2021. The central bank may increase rates this month to rein in rising consumer prices, S&P Global ratings credit analyst Zahabia Gupta said on Feb. 18.

Also read: Angola reaffirms commitment to economic diplomacy

In July, Angola’s central bank increased its benchmark interest rate to a record 20% from 15.5% to curb inflation. The kwanza is also recovering from a sharp drop in 2019 after the central bank started allowing the currency to trade more freely against the dollar.

S&P increased the country’s credit rating on Feb. 4, while Fitch Ratings upgraded the southern African nation’s debt last month. In September, Moodys Investors Service raised Angola’s credit rating for the first time, citing improved governance and debt metrics.

The rating upgrades took place after Angola last year completed its $4.5-billion program with the IMF, in which it allowed the kwanza to trade freely against the dollar.

Angola is an AfCFTA member country

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Tags: AfCFTAAngolaAngola KwanzaAngola Kwanza is now world’s best-performing currencycrisiscurrency tradeFeatureforeign exchangeforexIMFMark-Anthony JohnsonoilRussiaUkraineанголаأنغولاアンゴラ安哥拉
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Mark-Anthony Johnson

Mark-Anthony Johnson

MARK-ANTHONY JOHNSON is the founder and CEO of JIC Holdings, an innovative private holding company established in 2009 which he has built into an international asset and investment management company with offices, associates and investments around the globe. This followed the success of the JIC Group which he founded in 1985. He was educated in the UK at Mill Hill School and then achieved a BA (Hons) in Business and International Finance at University of Westminster. Mark-Anthony’s vision has long been towards emerging and frontier markets with particular emphasis on Africa, Latin America and the Caribbean and his philosophy can be summed up in the phrase “knowledge is power”. Mark-Anthony is also enthusiastic about the latest communication tools, which he uses intensively to keep in touch with up to the minute data. With a deep-rooted connection to the African continent, Mark-Anthony has been passionate about developments in Africa for over 30 years. He has worldwide interests in mining, infrastructure, power, electricity, shipping, commodities, agriculture and fisheries and is currently looking to develop farms across Africa. Mark-Anthony has a vision for a future Africa as the breadbasket of the world. For many years Mark-Anthony has been active on the ground in Africa through his charitable foundation, the Johnson Foundation. Created in 1989, it first provided assistance to people in his ancestral home country, Sierra Leone, even before the civil war. Once the war started, his aid was even more necessary and became focussed on Mark-Anthony’s major concerns for Africa -education, clean water and medical assistance. Over the years, the Foundation’s work has been extended into many parts of Sub-Saharan Africa and has been instrumental in setting up new clinics and rehabilitating villages, schools, places of worship, water facilities etc.

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