Top 10 Richest Countries in Africa. Africa is the world’s second largest continent.
The African continent is formally divided into 54 countries, according to the United Nations. Based
on GDP, we’ve prepared a list of Africa’s top ten wealthiest countries. Africa is home to many of
the world’s poorest countries. Several African economies are in trouble, poverty is pervasive,
and the continent’s recovery from the COVID-19 pandemic is being slowed by a lack of vaccines.
Many African countries, such as Cameroon, Chad, Nigeria, and Somalia, are at war
with either terrorist insurgencies or one another, putting further burden on their economies. Despite
these obstacles, Africa’s 54 countries have among of the world’s fastest-growing economies.
Agriculture, trade, and natural resources are predicted to drive the African economy to a
GDP of $29 trillion by 2050. Agriculture, trade, and natural resources are predicted to drive
the African economy to a GDP of $29 trillion by 2050. With 20 million new job seekers per year in
Sub-Saharan Africa alone, the region has an eager and expanding workforce. Africans are catching up
with the rest of the world in terms of technology: every day, over 90,000 people in Sub-Saharan
Africa use the internet for the first time. Africa may be the least developed of the continents,
even the wealthiest African countries lag far behind the world’s wealthiest
but its potential is tremendous and indisputable. Hello there. Welcome to Africa Reloaded. Thanks
for joining us. Today we take you on a tour to find out more about Africa’s
richest countries. Stay connected as we go through with the countdown.
10. Angola ($66.49 billion). Angola drops from seventh to tenth place in 2020.
Since the end of the Angolan Civil War in 2002, the government has made progress in political
and structural changes to assist stabilize its oil-based economy. Crude oil sales accounted
for more than a third of its GDP in 2020, and 90% of its export profits in the same year. Its
recent attempts have been unsuccessful, despite its reputation as a candidate for considerable
economic growth in Africa. Its GDP decreased from $91,527 billion in 2017 to $66.49 billion
in 2021. However, recent news suggests that the country may be emerging from a multi-year slump.
9. Côte D'Ivoire.($70.99 Billion).
Côte d’Ivoire is a West African country known for its beaches, rainforests, and French colonial
history. Abidjan, on the Atlantic coast, is the country’s primary urban hub. For the first time,
the Ivory Coast has entered the top ten wealthiest countries in Africa by GDP,
ranking ninth. The country’s strongest industries include services, industry, and agriculture,
which account for the majority of the country’s consistent growth despite two civil wars
in the last 20 years. 8. Ghana. ($74.26 billion).
Ghana is one of Africa’s economic dark horses, having quietly stepped up its efforts to increase
its GDP from $67,077 billion to $74.26 billion by 2021, moving up one rank on the list.
Ghana’s primary exports include cocoa, crude oil, gold, and lumber. In the first quarter of 2019,
the country’s economy grew by 6.7 percent, with non-oil growth of 6 percent. Last year,
Ghana was put to the test as concerns about its energy sector grew due to high costs and a lack of
natural gas supply, but it successfully navigated the COVID-19 outbreak and other problems.
7. Ethiopia. ($93.97 billion).
Ethiopia replaces Angola, which dropped to the bottom of Africa’s wealthiest countries by GDP
last year. Recent purchases in Ethio Telecom and other state-owned firms have allowed the Ethiopian
government to open up its notoriously tight-knit economy to international investors. However,
the government of Ethiopia and its Prime Minister have recently been under international scrutiny
for their apparent inaction in the face of alleged war crimes in the country’s Tigray area.
6. Kenya. ($106.04 billion). An East African country with an Indian Ocean
coastline. Kenya, one of Africa’s fastest-growing economies, maintains its position on the
list after being hit by the COVID-19 outbreak, which cost the country over 700,000 jobs
and sent it into its first economic downturn since 1992. Recent investments and emphasis have aided
Kenya’s economy in recent years and entrenched it as one of Africa’s future governments,
but the country’s agriculture sector remains largely reliant on it to keep it afloat. Coffee,
tea, and corn are among the crops grown in the country’s agricultural (which accounts for around
35% of GDP), while the rest of the country’s GDP is generated by its industrial sector.
5. Morocco. ($124 billion). Located in North Africa and bordering
the Atlantic Ocean and the Mediterranean Sea, Morocco is known for its Berber,
Arabian, and European cultural influences. The Djemaa el-Fna square in Marrakesh’s medina,
a mazelike medieval enclave, offers entertainment as well as souks (marketplaces) offering pottery,
jewelry, and metal lanterns. Morocco has remained unchanged from last year’s
ranking, keeping its position as Africa’s wealthiest country. Morocco’s powerful service
sector generates the majority of the country’s GDP, followed by manufacturing and agriculture.
4. Algeria. ($151.46 billion). Algeria is a country in North Africa having a
Mediterranean coast and a Saharan desert interior. Many empires have left legacy in Tipaza, such as
the old Roman remains. Algeria maintains its position on the list from last year.
The hydrocarbons industry accounts for more than 70% of the North African country’s GDP.
Non-hydrocarbon development is still being driven by the commercial services, industrial,
construction and public works, and agriculture sectors. Recent tensions with Morocco and France,
notably the closure of a major gas pipeline, may have an impact on the
country’s economy in the coming year. 3. South Africa. ($329.53 billion).
Being a country on the African continent’s southernmost tip, South Africa is blessed
with various unique ecosystems. The country dropped to third place on the
list of Africa’s wealthiest countries in terms of GDP. After two quarters of negative GDP growth,
South Africa entered a recession in 2020. The COVID-19 outbreak and subsequent lockdowns wreaked
havoc on its economy, and chronic power outages at its main power provider, Eskom, have been
blamed for contributing to the country’s dwindling economy, which was once the continent’s leader.
2. Egypt. ($394.28 billion). Egypt, which connects northeast Africa
and the Middle East, dates back to the pharaohs. Ottoman landmarks such as Muhammad Ali Mosque
and the Egyptian Museum, a treasure mine of antiquities, may be found in Cairo,
the capital. In 2021, Egypt surpasses South Africa as Africa’s second wealthiest country,
according to GDP. The key drivers of growth for Egypt’s GDP have been gas extractives, tourism,
wholesale and retail commerce, real estate and construction,
and coupled with economic reform programs and rising employment levels,
the country continues to be a remarkable example of an African powerhouse nation.
1.Nigeria. ($514.05 billion). A country in Africa on the Gulf of Guinea,
which is home to numerous natural wonders and animal reserves. Since
Nigeria was first noted the leadership board of the continent in 2018, she has been Africa’s
wealthiest and largest country in terms of GDP. Despite the hardships of the COVID-19
epidemic, the country managed to boost its GDP from $446,543 billion to $514.04 billion.
Nigeria is Africa’s largest crude oil supplier, as well as having one of the continent’s most
prosperous agricultural sectors. Nigeria leads Africa in agricultural output, with
cocoa, peanuts, rubber, and palm oil as its key agricultural exports. Nigeria’s
oil and petroleum industry accounts for over 10% of the country’s GDP.
The African community based on the G20 dept restructuring forum, have agreed to move to reform
international tax regulations, namely by making major adjustments to the allocation of taxation
rights, in order to address the current imbalance that benefits rich countries (residents) at the
expense of poor countries. They are also urging the international community to work together to
find a long-term, multilateral, consensus-based solution to the fiscal issues posed by
the digitalization of the economy. Thanks for watching. If you found this
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