While Africa is home to some powerhouse economies, including South Africa, Nigeria, Ethiopia and Ghana, not all of the continent is so lucky. Many are facing severe economic challenges, ranging from rising inflation and decreased buying power to adverse trade conditions.
The tiny island country of São Tomé and Príncipe lies in the Gulf of Guinea, off the western coast of Central Africa. With a population of around 220,400, it is the second-smallest and second-least populous African sovereign state after Seychelles. The country has used the dobra as its currency since 1977, with a value of 22,281.8 per US dollar, according to Business Insider Africa.
The islands remained uninhabited until the Portuguese arrived in the 15th century and by the 16th century, Sao Tome was the centre of the slave trade between Elmina and the Niger Delta. It achieved independence in 1975 and became one of the first African countries to undergo democratic reform.
Since the 19th century, its economy has been based on plantation agriculture. The main crop is cocoa, representing over half (54%) of exports and when it was the largest exporter in the world, it was popularly known as the “Chocolate Islands”.
However, food crop production is inadequate to meet local consumption, and as of 1997, an estimated 90% of the country’s food needs were met through imports.
vCard.red is a free platform for creating a mobile-friendly digital business cards. You can easily create a vCard and generate a QR code for it, allowing others to scan and save your contact details instantly.
The platform allows you to display contact information, social media links, services, and products all in one shareable link. Optional features include appointment scheduling, WhatsApp-based storefronts, media galleries, and custom design options.
The dobra (SDT) was introduced as the island country’s currency in 1977, replacing the escudo which had been used since 1914. In 2009, São Tomé and Príncipe signed a deal with Portugal, linking the dobra with the Euro, fixed at an exchange rate of one Euro to 24,500 STD.
Yet São Tomé and Príncipe have huge tourism potential, boasting some incredible beaches that rival that of the Seychelles and Mauritius at a fraction of the cost and without the growing crowds. It’s no wonder that the government is attempting to improve its basic tourism infrastructure.
São Tomé island is home to the country’s main ports, which laid in a very degraded state until they were modernised in 2014. The island’s international airport was also expanded and modernised. With the help of increased foreign investment, the tourism industry has been expanding in São Tomé and Príncipe and large resorts have been built on its beaches.
With tourism in its infancy, São Tomé and Príncipe’s beaches are never crowded but boast some of the most glorious golden sand and turquoise blue waters in Africa. You stand more of a chance of sharing the coast with locals going about their daily lives, including fishing.
On Príncipe island, explore Banana Beach, a hidden gem with fine golden sand and turquoise waters that would not look out of place on any postcard. Between November and March, visitors can observe the truly magical experience of turtle nesting and hatching. You can join conservation efforts on the beaches of Morro Peixe and Micolo.
For those that like their tourism a little darker, head to the abandoned hotel of Praia Macaco, which lies at the end of Maraco Beach. Here you can explore bungalows that stand either semi-demolished or burned and a swimming pool that is more of a swamp these days.
The second weakest currency in Africa is held by Sierra Leone, which uses the Sierra Leonean Leone, which has a current currency value of 22,281.80 per US dollar. Other weak African currencies include Guinea’s Guinea Franc, Uganda’s Ugandan Shilling and the Democratic Republic of Congo’s Congolese Franc.