Uganda Shilling Becomes Strongest Currency in Africa

In the past year, the Uganda Shilling has gained value by 6.1%, making it the top-performing currency in Africa. It has done better than 23 other African currencies, based on data from Bloomberg.

According to Uganda’s Ministry of Finance, one major reason for this strong performance is the large amount of US dollars coming into the country from foreign investors. These portfolio investors have sent more dollars than what companies in Uganda need to buy from abroad.

The Ministry shared this information in a report released in February 2025. It explained that this steady flow of dollars has helped support the value of the Uganda Shilling and kept it stable.