Top 10 African Countries Projected to Have the Best Access to Foreign Exchange in 2025

In Summary

• Africa loses over $100 billion annually due to foreign exchange shortages, disrupting trade and investment. Some nations, however, maintain six months' worth of reserves, stabilizing their economies. 
• By the end of 2025, at least five African countries will provide near-instant foreign currency access, reducing black-market reliance.
• In 2025, South Africa remains the African country with the best access to foreign exchange, scoring 87 due to its strong financial infrastructure.

Deep Dive!!

Did you know that over 60% of African nations impose strict foreign exchange controls, limiting access to dollars, euros, and other major currencies? This has led to parallel markets where rates are often 40–60% higher than official rates, squeezing businesses and investors. However, some African countries have built robust forex systems, allowing businesses to access foreign currency with fewer restrictions.

Forex availability is not just about government policy—it is tied to a nation’s trade balance, foreign investments, and financial infrastructure. Countries with strong export sectors, stable monetary policies, and large forex reserves make it easier for businesses and individuals to access foreign currency. In 2025, some African nations have improved their forex systems, making transactions smoother and reducing dependency on black markets. Here are the top 10 countries projected to have the best access to foreign exchange this year according to the Absa Africa Financial Markets Index.

10. Tanzania 

Tanzania has shown steady progress in its financial sector, achieving an access score of 60. This is supported by a strong tourism sector generating over $2.5 billion annually and steady exports of gold, which make up nearly 40% of its total exports. The Bank of Tanzania has maintained a relatively stable exchange rate, ensuring businesses can access forex more reliably. Despite challenges in 2024 due to global economic instability, the country’s forex reserves have remained stable at approximately 4.6 months of import cover, ensuring businesses and investors can conduct international transactions with fewer restrictions.

9. Cabo Verde

Cabo Verde maintains a stable access score of 65. The economy relies heavily on tourism, which contributes over 25% of its GDP, making access to foreign exchange essential. The country’s financial policies have ensured that banks maintain adequate foreign currency reserves, supported by inflows from international visitors and remittances, which account for around 13% of GDP. Unlike many African nations facing forex crises, Cabo Verde’s peg to the euro ensures relative stability, allowing businesses and individuals to access foreign currency without significant fluctuations. In 2025, the country will further strengthen its banking system, reducing forex shortages and improving access to international markets.

8. Morocco

Morocco shares an access score of 65 and has positioned itself as a financial hub in North Africa, with an advanced banking system that facilitates foreign exchange access. The country benefits from over $35 billion in annual exports, primarily from phosphate, automotive manufacturing, and textiles. Morocco’s central bank, Bank Al-Maghrib, has maintained sufficient forex reserves, covering nearly six months of imports. Additionally, its trade agreements with Europe and increasing foreign investments have boosted foreign currency inflows, making forex transactions smoother for businesses and individuals. The country’s stable monetary policies have ensured that in 2025, accessing foreign currency remains relatively easy compared to other African nations.

7. Uganda

Uganda's access score of 67 reflects its efforts to enhance foreign exchange availability. Its forex access has improved significantly, thanks to its robust agricultural exports and expanding services sector. The country’s foreign exchange reserves stand at approximately $4 billion, covering five months of imports, giving businesses access to essential forex liquidity. The Bank of Uganda’s monetary policies have helped stabilize the exchange rate, reducing reliance on black-market forex dealers. In 2025, increased foreign direct investment (FDI) and remittance inflows, which contribute nearly 5% of GDP, continue to enhance forex availability, ensuring businesses can engage in international trade more efficiently.

6. Egypt

Egypt also scores 67. The forex market has seen fluctuations, but its diversified economy and massive foreign remittances, which totaled over $30 billion in 2024, have kept forex reserves stable. The country’s Suez Canal revenues alone generate over $9 billion annually, adding to its forex inflows. Despite periodic currency devaluations, Egypt has implemented policies to improve forex availability in 2025, making it easier for businesses to obtain foreign currency. The banking sector has also benefited from increased foreign investments and international partnerships, ensuring smoother forex transactions for both businesses and individuals.

5. Botswana

Botswana's prudent fiscal management and diamond exports have earned it an access score of 68. The strong mining industry, particularly diamond exports, has kept its forex reserves among the most stable in Africa. The country holds over $7 billion in reserves, covering more than six months of imports, ensuring businesses can access forex without major restrictions. Its central bank has maintained a floating exchange rate policy that allows market-driven forex pricing, reducing artificial shortages. With its low external debt levels and robust banking sector, Botswana continues to offer reliable forex access in 2025, making it a preferred destination for investors and businesses.

4. Kenya

Kenya's growing financial market and significant remittance inflows have resulted in an access score of 70. Kenya’s financial sector is among the most developed in East Africa, with a strong mobile money ecosystem contributing to forex accessibility. The country’s exports, particularly in tea, coffee, and horticulture, generate over $6 billion annually, ensuring steady forex inflows. The Central Bank of Kenya has implemented policies to curb forex shortages, keeping reserves at over 4.5 months of import cover. In 2025, increased diaspora remittances, which exceeded $4 billion in 2024, continue to bolster the forex market, allowing businesses and individuals to access foreign currency more efficiently.

3. Mauritius

Mauritius ranks third with an access score of 76 and has consistently ranked among the best African countries for forex access due to its strong financial services sector and foreign investment policies. The country’s reserves cover over seven months of imports, ensuring businesses face minimal forex restrictions. As a global financial hub, Mauritius attracts significant offshore investments, further increasing forex liquidity. In 2025, the country will continue to maintain a liberalized forex market, making it easier for investors and businesses to access foreign currency without major restrictions.

2. Madagascar

Madagascar secures the second position with a score of 79 and has emerged as one of Africa’s most forex-friendly nations, thanks to steady economic reforms and a focus on export-led growth. Its reserves now cover nearly six months of imports, allowing for stable forex transactions. The government has also streamlined forex policies to attract foreign investors, particularly in agriculture and mining. By 2025, the country has managed to stabilize its exchange rate, reducing volatility and ensuring businesses and individuals can access forex more easily.

1. South Africa

Leading the list is South Africa, with an access score of 87, which leads the continent in forex accessibility thanks to its sophisticated banking sector, large forex reserves, and strong trade relations. The country’s reserves exceed $50 billion, covering over six months of imports, ensuring businesses face minimal forex shortages. Johannesburg’s financial hub status further enhances forex liquidity, allowing seamless international transactions. South Africa’s trade surplus, driven by mining and manufacturing, continues to keep forex reserves high, making it the best African country for accessing foreign exchange in 2025.