With US Fed meeting this Thursday for a much-watched meeting, the continent will be holding its breath--the outcome portends much for its economy.
Half of the 20 countries that have lost the most reserves as a proportion of the total in the past year are from Africa.
It is becoming too costly for developing nations to defend their currencies, and it may just get worse, as events in Asia this Thursday showed.
“We acknowledge the progress [Ghana's economy has made] but believe that it’s too early to declare victory”, says an economist.
These charts show just how dramatic the downward spiral in currencies has been over the past year
In Ghana, costly floods added to worries, and Angola the kwanza was hammered by the pressure of devaluation.
Ghana’s Akufo-Addo has contested the presidential vote twice before, compared to Buhari’s three times before he was successful.
The cedi was Africa’s worst-performing currency, against the dollar in 2014, and slowing agriculture dragged down Kenya’s 2014 4th quarter growth.
West African nation turned to the IMF last year as its currency plunged.