However, it has also increased their external debt burden as most of the region’s currencies have come under pressure. The trend towards currency depreciation that was witnessed throughout most of the emerging world has not spared sub-Saharan Africa.
Since the start of the year, for example, the currencies of countries such as Angola, Ghana, Kenya and South Africa depreciated by between 10 and 25 per cent against the US dollar. In the case of others, like Zambia, the currency-value loss has been close to 50 per cent.