Government overspending, particularly on defense, resulted in a growing deficit and high inflation during the 2000s. The Guinean franc dropped sharply against the US dollar and apart from modest recoveries in 2006 and 2012, the currency fell markedly until 2016. The depreciation has since been much slower, and the rate has stabilized at certain points. Since 2014, the currency has lost 18.3% of its value, the second smallest drop in our round-up.

The currency's new-found stability is courtesy of Guinea's stronger economy, which recently propelled the country from low to lower-middle-income status. According to the African Development Bank, Guinea's economy has become “one of the most resilient in Africa”, mainly thanks to impressive growth, which climbed to an estimated 5.7% last year, and lower inflation.

Ranked: Countries With The Weakest Currencies In 2024