Core Insights - The surge in precious metal prices is aiding the rebound of several African currencies from earlier weaknesses [1] - The Zambian kwacha has appreciated approximately 8% in June, making it the best-performing currency globally [1] - Other currencies such as the Tanzanian shilling and Nigerian naira have also seen increases of 4% and 3.1% respectively [1] Currency Performance - The significant rise in prices of metals including platinum, palladium, gold, silver, and copper has preceded the appreciation of these currencies [1] - Ghana's currency, the cedi, has shown remarkable performance this year, appreciating over 43% against the US dollar, following a debt default at the end of 2022 [1] - In contrast, many African currencies experienced substantial depreciation last year, exacerbating inflation and leading to a cost-of-living crisis in countries like Nigeria, Ghana, Egypt, and Ethiopia [1] Historical Context - The depreciation of currencies in 2022 varied significantly, with Ghana's currency depreciating by 19% and Ethiopia's by 56% [1]