10 Richest African Countries by Overall GDP in 2022.
The overall economy of Africa stands at about . Some African Nations hold the greatest share
of this money while a majority suffers in poverty.
Africa is home to many of the world's poorest countries.
Numerous African economies are in disarray, poverty is widespread, and a lack of vaccine
access is slowing the continent's recovery from the COVID-19 pandemic.
Furthermore, many African countries, including Cameroon, Chad, Nigeria, and Somalia, are
at war with either terrorist insurgencies or with one another, putting additional strain
on their economies.
Despite these challenges, Africa's 54 countries have some of the world's fastest-growing economies.
10 | GHANA (GDP: $73.89 Billion) Ghana rounds out the top ten richest African
countries, with a GDP of just under $74 billion in the previous year.
Ghana, located in West Africa, has a diverse and resource-rich economy.
The country was the first in Sub-Saharan Africa to be liberated from colonial rule and the
first to achieve the goal of halving extreme poverty.
Because of its overall favorable business environment, the country has attracted foreign
investment and experienced economic growth of slightly more than 6% over the last two
years.
Services account for roughly half of Ghana's GDP and employ nearly 30% of the labor force.
Agriculture is the next largest contributor to GDP, accounting for just under 25%.
Ghana has an abundance of natural resources, which contributes to the country's economic
boom.
The country's main export is gold.
This is followed by petroleum, which accounts for half of the country's foreign exchange.
Cocoa beans, timber, and gold are also important exports.
9 | TANZANIA (GDP: $77.51 Billion) Tanzania, with a GDP of more than $75 billion,
just makes the list of the wealthiest countries on the African continent, ranking ninth.
The country has a lower-middle mixed income economy and is home to some of the continent's
most famous national parks, including Kilimanjaro.
Agriculture dominates the country's economy, accounting for nearly 25% of GDP and employing
half of the workforce.
Mining, manufacturing, construction, electricity, natural gas, and water supply are all growing
sectors of the economy, accounting for nearly 30% of GDP.
Gold, coffee, cashew nuts, and cotton are the most important exports.
Tanzania has experienced relatively high economic growth in recent years, with a 5.6% growth
rate, but this appears to be slowing.
The medium-term economic outlook is positive, supported by large infrastructure spending,
with real GDP expected to grow 5.8 percent in 2022 as trade corridors reopen and tourism
sector performance improves.
8 | ETHIOPIA (GDP: $105.32 Billion) Ethiopia, a landlocked country in the Horn
of Africa divided by the Great Rift Valley, is Africa's eighth richest country.
This ancient land is famous for being the origin of the coffee bean, with archaeological
finds dating back over 3 million years.
The country is Africa's largest producer of coffee and honey, which account for a large
portion of the country's foreign exchange.
Legumes, oily seeds, and cut flowers are also exported.
Agriculture, construction, manufacturing, tourism, food processing, resources, and energy
account for more than $100 billion in GDP.
Agriculture is the region's most promising resource, accounting for more than 40% of
GDP, 60% of exports, and more than 80% of total employment.
Since 2008, Ethiopia's economic growth has averaged 9.9 percent year on year.
This consistent annual growth, which few African countries have achieved, has begun to attract
foreign investment.
In 2018, the government launched an ambitious economic reform to further open up the economy
and drive transformation.
The country's poverty rate fell to 31% in 2015, and it aims to be a middle-income economy
by 2025.
7 | KENYA (GDP: $114.68 Billion) Kenya, a country in East Africa known for
its vast landscapes and wildlife, is the next richest country in Africa, with a GDP of more
than $100 billion.
This country is the wealthiest in Southeast and Central Africa, thanks to its stable living
conditions, established coffee and tea sectors, and rapidly growing agricultural sector.
For centuries, its coastline has been home to a number of strategic ports for Asian and
Arabian traders, becoming a regional trade hub.
Kenya's economy, unlike many other countries on this list, is not based on the oil industry,
but it is experiencing diverse positive growth.
Kenya has emerged as one of the fastest growing economies in Sub-Saharan Africa, with GDP
increasing by 5.7 percent in 2019.
This is due to strong investor confidence, a stable political climate and service sector,
a favorable macroeconomic environment, and a well-defined business agenda.
6 | ANGOLA (GDP: $124.86 Billion) Angola has one of the largest reserves of
raw materials in Africa.
In essence, it could be higher up on this list of Africa's richest countries.
However, the country's economy has suffered as a result of resource mismanagement and
internal corruption.
It ranks sixth on this list, with a GDP of more than $124 billion.Angola's economy is
based on oil, with large reserves of natural gas and oil accounting for more than one-third
of the country's GDP.
Crude oil production and export contribute significantly to foreign exchange.
In fact, the sale of crude oil accounts for 90% of the country's export revenue.
Diamonds and cargo ships are two other notable exports.
Agriculture is also expected to become an important economic sector in the future.
Angola's civil war ended in 2002.
Positive steps have been taken since then, with the goal of achieving economic advancement
and stability.
Along with the IMF and the World Bank, work has been done on both political and structural
reforms.
Since then, the country has had one of the world's fastest growing economies and has
become one of the richest African countries.
5 | MOROCCO (GDP: $133.06 Billion) Morocco ranks fifth on this list of Africa's
richest countries, with a GDP of more than $130 billion.
This North African country's economy is versatile and stable, with growth in a variety of industries
over the last decade.
It is Africa's second-richest non-oil producing country.
Mining and manufacturing drive the country's economy.
Industry accounts for 30% of Moroccan GDP, agriculture for 15%, and services account
for 55%.
This is supplemented by a growing tourism sector, with locals welcoming tourists and
the government emphasizing attracting visitors to the country known for its attractions.
Morocco is heavily reliant on agriculture and is the world's third largest producer
of phosphorus.
The country has reaped significant benefits from its diverse exports, which include, but
are not limited to, electrical equipment, vehicles, and vehicle parts.
Furthermore, the telecom and textile industries contribute significantly to the economy.
4 | ALGERIA (GDP: $193.60 Billion) Algeria, the continent's largest country in
the north, ranks fourth on this list of Africa's wealthiest countries.
With a significant economy and available infrastructure, as well as a GDP of more than $190 billion,
the country has achieved a notable achievement of reducing poverty by 20% in the last 20
years.
This developing Saharan country has an abundance of crude oil reserves, and the economy is
heavily reliant on it.
So much so that hydrocarbons (oil and natural gas) account for nearly 70% of the country's
income.
More crude oil reserves discovered recently have boosted this rapidly growing industrial
country.
Agriculture, industrial works, commercial services, and construction are some of the
other sectors that contribute to the Algerian economy.
The country is also one of Africa's largest suppliers of ammonia.It is worth noting, however,
that the recent depression and volatility in oil prices have resulted in a decrease
in the country's currency reserves.
Furthermore, political unrest and scandals in the hydrocarbon industry have slowed Algeria's
economic growth.
3 | SOUTH AFRICA (GDP: $426.16 Billion) As the continent's third richest country,
this southernmost country is also a significant player.
With a highly developed economy, advanced infrastructure, and a GDP of more than $400
billion, the country is regarded as one of the world's fastest developing.
South Africa, also known as the rainbow nation, is one of the few countries on this list that
does not rely on a single source of revenue.
Mining, manufacturing, financial services, and tourism are all important industries in
the country.
It also has a wealth of natural resources and raw material exports such as gold, diamonds,
platinum, coal, and iron ore.
It is a significant exporter of these commodities, particularly gold and platinum.
The country is well-known around the world as a major tourist destination and places
a high value on tourism as a source of revenue.
2 | EGYPT (GDP: $435.62 Billion) For many years, this ancient land in Northern
Africa was Africa's richest country.
However, the economy suffered greatly and foreign exchange reserves plummeted following
the 2011 Arab uprising.
Egypt is now the second richest country in Africa, with a recent GDP of more than $400
billion.
Over the last decade, economic activity has improved and stabilized, resulting in positive
economic growth.
The government recently completed an economic reform program with the IMF to reform and
strengthen the economy.
In 2019, real GDP growth increased to 5.6%, up from 5.3% in 2018.
The country has also seen a decrease in unemployment, an increase in foreign exchange reserves,
increased exports of goods and services, and a strengthened tourism sector, all of which
have contributed to its development.
1 | NIGERIA – THE RICHEST COUNTRY IN AFRICA (GDP: $510.58 Billion)
With a population of over 200 million people, this West African country is vital to the
African economy.
Nigeria is the richest country in Africa, with a GDP of slightly more than $510 billion.
Finance, transportation, infrastructure, tourism, and an abundance of crude oil drive the substantial
GDP.
According to OPEC, the country exports approximately 1.6 million barrels of crude oil per day,
making it Africa's largest crude oil exporter.
Petroleum exports account for 10% of total GDP and more than 80% of export sector revenue.
Nigeria has an abundance of raw materials and natural resources, in addition to petroleum,
which contributes to the region's wealth.
Coal, limestone, zinc, lead, tin, natural gas, niobium, and iron ore are among them.
There is also enough fertile land for agriculture, which accounts for more than 20% of the GDP
and produces cocoa and rubber.
Nigeria's large population has helped propel the country to the position of largest consumer
retailer in Africa, and the country's digitally savvy residents have contributed to the country's
rapidly growing tech sector.
Nigeria, known for its vibrant cultural heritage, diverse ethnicities, natural splendor, and
large population, remains the continent's top producer in terms of GDP output and Africa's
wealthiest country.
As stated earlier, these are the top ten African countries in terms of GDP ownership.
These countries' economies are primarily driven by raw materials such as cocoa, rubber, and
petroleum.
Which country did you expect to see that isn't in this video?
Make a note of it in the comments section.
Please like this video and follow us on YouTube for more updates.