Africa’s Top 6 Richest And Poorest Countries you must know of.
It is always difficult to list and rank the Africa’s Top Richest And Poorest Countries. There are many challenges in economic growth and maintaining a healthy, wealthy, and productive society, including social-economic status, commerce, economic shifts, natural disasters, many years of colonialism, poverty and inequality, and government corruption.
Africa has 1.33 billion people living in 54 different countries, producing $2.2 trillion in nominal GDP through trade, agriculture, and energy harvesting (oil being the dominant one in certain countries). Africa was the world’s fastest-growing continent in 2013, growing at 5.6 percent per year.
The future holds great promise for the African continent, but understanding the present is critical, as we will explain in the following pages.
The African Development Bank now forecasts a 4.3 percent increase in annual growth across the continent. According to the World Bank, most African countries will have a GDP per capita of at least $1,000 (classifying them as “middle income”) by 2025.
All nominal data in this article are based on the most recent World Bank reports.
What effect would Nigeria’s oil exports have on its ranking? Does Kenya’s government’s dominance of the economy help its ranking? How do Ghana and Zimbabwe fare in comparison to Zambia and Uganda? Is South Africa’s complicated social history a hindrance to its economic growth? What countries are at the top and bottom of this list?
Our list for Africa’s Top 6 Richest And Poorest Countries begins as follow:
Angola ranks fifth among the richest countries on the continent, with a total GDP of $124.6 billion and a staggering GDP per capita of $4,101. Angola is heavily reliant on its natural oil and gas reserves, as well as hydroelectricity, diamonds, and agriculture.
Angola has a population of 32.9 million people, the majority of whom are still heavily influenced by European culture as a result of Portuguese colonialism. Angola’s official language is still Portuguese.
In 2019, President Joo Manuel Gonçalves Lourenço has focused heavily on diversifying the economy to reduce reliance on oil, and those efforts are gradually bearing fruit. Angola continues to grow in several sectors where it previously had little presence.
Rank 7 for nominal GDP
Rank in terms of nominal GDP per capita: 14
South Sudan is one of the poorest countries in Africa, with a weak and underdeveloped economy. South Sudan has a population of 11.2 million people, with only about 24% of the population literate. This makes it difficult for the country to quickly turn things around.
Its GDP is $3.15 billion, with a per capita GDP of $235.52. South Sudan’s situation is well known to be dire. Most populated areas lack electricity and drinking water.
Rank of nominal GDP: 17th
Rank in terms of nominal GDP per capita: #42
Republic of Cameroon
The Republic of Cameroon has one of the ten highest per-capita GDPs in Africa, at $1,537.61. The country’s total GDP is $39.22 billion.
As an economy based primarily on agriculture and oil, many of the 26.55 million people work to keep the industry growing.
The overall economy has grown slowly over the years. The timber reserve adds value to the country’s economy because it accounts for approximately 37% of total land mass.
During the last year, the country has attempted to overcome a lack of infrastructure in order to become a financial powerhouse in Africa. The construction of the deep-sea port in Kribi is the first of its kind in Central Africa, and it will significantly increase hydropower generation.
Rank 14 for nominal GDP
Rank in terms of nominal GDP per capita: #24
Morocco is Africa’s fifth richest and eleventh largest country. It is also one of the leading countries in Africa in terms of GDP per capita, with a GDP of $121.35 billion and a population of 36.9 million. They come in at $3,410, which ranks them 12th on the continent. Morocco is regarded as having a relatively liberal economy, with significant sectors such as tourism (which the government hopes will account for 20% of GDP by 2020), agriculture, solar and coal energy, and cannabis.
A fun fact: according to a 2016 study, Morocco accounts for roughly 70% of the cannabis consumed in Europe.
According to the World Bank, Morocco’s economy continued to operate below the potential assigned to it in 2019. With the rainfed agricultural sector contributing to volatility and the other sectors’ cautious recovery. Morocco’s net export contribution remains negative, indicating that the country imports more than it exports, reflecting low export competitiveness and reliance on energy imports.
Rank of nominal GDP: #5
Rank in terms of nominal GDP per capita: 12
Egypt has always been a major African country. It is clearly famous for iconic monuments such as the Great Pyramids, the Great Sphinx, and the ruins of Memphis and Thebe. Egypt now has the third-largest economy in Africa, with a GDP of $237.03 billion and a GDP per capita of $2,500.
It is also Africa’s third largest country, with a population of 102.3 million people. Tourism, commerce, natural gas, agriculture, sea transportation, and oil are the mainstays of the Egyptian economy. Egypt has the largest oil refinery capacity on the African continent, producing over 700,000 oil barrels per year.
As long as there is a demand for oil, Egypt’s prospects as a regional economic power are bright. The availability of hard currency has recently aided Egypt’s overall business environment.
Rank 3 for nominal GDP
Rank in terms of nominal GDP per capita: #15
Ghana has a total GDP of $68.26 billion. The country has a large and prosperous economy, ranking ninth in Africa in terms of GDP, just behind Ethiopia.
Their GDP position has improved as a result of numerous management plans implemented to improve the country’s position. Because it is endowed with natural resources, the country continues to rely on it as a source of revenue. It has a population of 31.07 million people and a GDP per capita of $2,262.
Ghana’s economy expanded further in 2019, with real GDP growth estimated to be 7.1 percent. Since 2017, Ghana has consistently ranked among Africa’s top ten fastest-growing economies.
Nominal GDP Position: 9
Rank in terms of nominal GDP per capita: #17