African foreign-exchange markets are moving in different directions as elections, corporate dollar demand and export inflows reshape the outlook.
Zambia’s kwacha and Ghana’s cedi are expected to face renewed pressure against the dollar next week, while Uganda’s shilling may strengthen and the Kenyan shilling and Nigerian naira remain broadly stable.
The outlook marks a change in tone for Zambia and Ghana after both currencies recorded strong gains during 2025. It also shows why a single continental currency narrative can be misleading: political risk, import demand and export inflows are pulling markets in different directions.
In Zambia, commercial banks quoted the kwacha at 18.95 per dollar on Thursday, compared with 18.54 a week earlier. Traders expect hard-currency demand and caution before the August 13 presidential and parliamentary elections to weigh on the currency.
Ghana’s cedi traded at 11.66 per dollar, compared with 11.60 a week earlier. Dollar demand from energy and commerce companies, dividend repatriation and lower central-bank supply in July are contributing to the pressure.
