The escalation of tensions between the United States and Iran sent global oil prices surging by more than 50 percent as of late March, triggering a wave of currency volatility across African markets.
- Egyptian pound
- Botswana Pula
- Uganda shillings
- Ghana cedi
- Tanzanian shillings
At least 29 African currencies have weakened, according to a joint assessment by the African Union and the African Development Bank, amplifying the cost of servicing external debt and importing essential commodities such as food, fuel, and fertiliser.
Read also:Rising oil prices weaken 29 African currencies, deepen inflation risks
The speed and concentration of this shock, the report warns, leave policymakers with little room to manoeuvre. For households and businesses, the effects are already tangible, feeding into inflation, eroding purchasing power, and tightening financial conditions.
According to real time data tracking platform African markets, here are five African currencies with the biggest declines amid Middle East war.
Egyptian pound
The value of the currency against the dollar depreciated by 10.9 percent from £47.95 in March 1 2026 to £53.28 on April 9.
The Egyptian pound had the sharpest declines on the continent, reflecting heavy external financing pressures and sensitivity to global energy prices.
Inflation is accelerating alongside the currency slide. Egypt’s annual inflation rose to 15.2 percent in March 2026, up from 13.4 percent in February, according to official data—highlighting how exchange rate weakness is quickly feeding into consumer prices.
Botswana Pula
The value of the currency against the dollar depreciated by 5.14 percent from BWP13.22 on March 1 2026 to BWP13.90 on April 9.
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The pula has weakened moderately, though Botswana’s relatively low inflation rate suggests some resilience compared to peers.
Uganda shillings
The value of the currency against the dollar depreciated by 3.15 percent from Ush3586 on March 1 2026 to Ush3699 on April 9.
The Ugandan shilling has weakened steadily due to
strong demand from energy importers, traders said, reflecting pressures and rising demand for dollars to cover import bills.
Ghana cedi
The value of the currency against the dollar depreciated by 3.8 percent from ₵10.69 on March 1 2026 to ₵11.10 on April 9.
Although Ghana’s inflation rate eased for the 15th consecutive month in March 2026, pressures emerging from fuel price increase linked to escalating Middle East tensions made the country’s currency still face structural vulnerabilities despite earlier stabilisation efforts.
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The oil price shock renewed downward pressure, reflecting Ghana’s exposure to external financing conditions and import dependence.
Tanzanian shillings
The value of the currency against the dollar depreciated by 3.04 percent from TSh2527.16 on March 1 2026 to TSh2604 on April 9.
Despite low inflation, Tanzania has a rate standing at 3.2 percent in March 2026, unchanged from the prior month. The Tanzanian shilling still came under notable pressure from the US-Iran war—particularly for fuel—driving demand for foreign exchange and weakening the currency.
