Categories
Discover Africa

The Fastest Developing Countries In Africa

 

 

1. Ghana

Ghana is a tale of remarkable fortunes. In the 1980s, the country was mired in poverty. With a series of military coups, the situation was not good for the Ghanaian people. However from 1992 up to now, the country has managed to hold peaceful elections and their economy has made a strong rebound.

The discovery of major offshore oil deposits helped the recuperation of the economy. This year, Ghana is the world’s fastest growing economy as revealed by the World Bank, Brookings Institution, International Monetary Fund and the African Development Bank.

Oil prices have risen, and the country’s oil production has rapidly expanded. GDP growth at market price stands at 8.3% and is projected to reach 8.9%. In January, Ghana’s benchmark stock index achieved the world’s highest rate of growth, 19 percent.

Summary of the country’s GDP growth rate:

2015: 3.8%

2016: 3.5%

2017: 5.9%

2018: 8.3%

Cocoa production is also complementing the oil boom in creating such a fast-rising economy.

Economy snapshot:

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region. Ghana is also well-endowed with natural resources.

Ghana’s economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency.

2. Ethiopia

Ethiopia’s hold on being Africa’s fastest growing economy for years has been eclipsed by Ghana. However, the country’s economy continues to grow. According to the Gates Foundation’s report dubbed “One foot on the ground, one foot in the air”, compiled by the Overseas Development Institute, the agriculture sector has enhanced the growth and development of Ethiopia.

The real GDP growth rate for the country stands at 8.2% according to the World Bank. Despite the political turmoil that the country goes through, the IMF belive that the good times will last for some time.

Summary of the country’s GDP growth rate:

2015: 10.4%

2016: 8%

2017: 8.5%

2018: 8.2%

On average, Ethiopia’s economy is growing at 10% a year and it is expected to double within the next seven years. This means that by 2025, it will have grown to a middle-income nation. This is as reported by the World Bank.

Economy snapshot:

Ethiopia’s economy is concentrated in the services and agriculture sectors. The government has made a push to diversify into manufacturing, textiles, and energy generation. But while the country has seen and (per the World Bank) will continue to see high GDP growth, the per capita income remains one of the lowest in the world.

 

 

3. Cote d’Ivoire

In 2017, Côte d’Ivoire continued to be one of the most buoyant economies in Africa, with a growth rate expected to hold steady at around 7.6%. This time around, growth is forecasted at 7.2 %, a clear signal of a constant strong economic performance.

This positive performance is due to the recovery in and shows Côte d’Ivoire’s resilience to domestic and foreign shocks. The short- and medium-term outlook remains encouraging.

With the help of IMF, the country has been able to collect more taxes and control government spending which has lowered the budget deficit including grants.

Summary of country’s GDP growth rate:

2015: 8.9%

2016: 7.7%

2017: 7.6%

2018: 7.2%

Economy snapshot:

About two-thirds of the population works in agriculture-related industries. The country is the world’s largest producer and exporter of cocoa beans and is also a major player in the coffee and palm-oil industries.

 

 

4. Djibouti

A small port country, Djibouti’s economy hinges on services that take advantage of its strategic location at the Red Sea’s southern entrance, as well as foreign investments and financing.

The GDP of Djibouti increased in 2016 by 6.5% as a result of construction, transport services and port development. The forecast for this year puts growth at exactly 7%.

The establishment of a free zone within the country, as well as the profits from a railway leading to Ethiopia, are also drivers of growth.

Summary of country’s GDP growth rate:

2015: 6.5%

2016: 6.5%

2017: 7%

2018: 7%

Economy snapshot:

Djibouti’s economy is based on service activities connected with the country’s strategic location as a deepwater port on the Red Sea. Three-fourths of Djibouti’s inhabitants live in the capital city; the remainder are mostly nomadic herders. Scant rainfall and less than 4% arable land limits crop production to small quantities of fruits and vegetables, and most food must be imported.

5. Senegal

Senegal wrapped up 2017 with the inauguration of its new airport that authorities hope will serve 3 million passengers, a hallmark of the country’s consistent positive growth records in the past few years.

In its third quarter in 2017, the Senegalese economy grew at rate of 7.1%, its strongest since the last quarter of 2015, when it was at an all-time high. Growth for 2018 is forecast at 6.9%.

Summary for country’s GDP growth rate:

2015: 6.8%

2016: 6.7%

2017: 6.8%

2018: 6.9%

President Macky Sall has the goodwill to forge ahead, not only in his country but as a leader in francophone West Africa.

Economy snapshot:

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas. The country’s key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and it is also working on oil exploration projects. Senegal relies heavily on donor assistance, remittances and foreign direct investment. Senegal reached a growth rate of 6.5% in 2015 and surpassed that in 2016-17, due in part to a buoyant performance in agriculture because of higher rainfall and productivity in the sector.

6. Tanzania

Tanzania has achieved high growth rates based on its vast natural resource wealth and tourism with GDP growth in 2009-17 averaging 6%-7% per year. This year, growth is expected to hover around 6.8%.

Despite looming poverty in the country, the new political leader, President John Magufuli is a promising change to the country. He is already in the process of minimizing the country’s overspending by cutting cost of unnecessary government spending, although this has come with concerns that the country’s democracy is being eroded gradually due to Magufuli’s autocratic practices.

Summary of country’s GDP growth rate:

2015: 7%

2016: 7%

2017: 6.5%

2018: 6.8%

Economy snapshot:

Tanzania has recently seen high growth rates because of gold production and tourism. The economy also runs on telecommunications, banking, energy, and mining, as well as agriculture. In terms of per capita income, however, the country is one of the poorest in the world.

 

Categories
Discover Africa

The Biggest Country In Africa By Land Mass

Algeria

Algeria is the largest country in Africa and the 10th largest country in the world. Algeria gained its independence from France in 1962. Algeria exports large quantities of natural gas to Europe due to its large reservoirs of gas and oil, making the export of energy the country’s backbone. Algeria is a member of the African Union, United Nations, and the Arab Leagues. The capital city of Algeria is Algiers with Islam being the most common religion. The Sahara Desert covers the southern part of Algeria making the country a semi-desert with very hot middays and chilly nights. Algeria experienced civil war from 1991 to 1997 when a cease-fire was declared and later elections held in 1999 which saw Abdelaziz Bouteflika emerge as the president.

By landmass, Algeria is the largest country in Africa. It’s area is around 2.38 million square kilometers.2,381,741 km2 (919,595 sq mi). Around 90% of the country is part of the Sahara.

 

 

Categories
Discover Africa

Strongest Currencies In Africa 2018

Strongest Currencies in Africa 2018

No.

African Currency

Value to USD

15. Cape Verde Escudo 91.66905
14. Gambian Dalasi 47.60993
13. Mauritius Rupee 33.43710
12. Ethiopian Birr 27.35070
11. South African Rand 12.30959
10. Swaziland Lilangeni 12.30256
9. Namibian Dollar 12.30256
8. Lesotho Loti 12.30256
7. Zambian Kwacha 10.14011
6. Botswana Pula 9.84725
5. Moroccan Dirham 9.33295
4. Sudanese Pound 7.01146
3. Ghanaian Cedi 4.53594
2. Tunisian Dinar 2.48902
1. Libyan Dinar 1.35028

 

 

Categories
Discover Africa

List of African countries by GDP (PPP)

This is a list of the African nations ranked by Gross Domestic Product (GDP) at Purchasing Power Parity (PPP). Figures are given in international dollars according to the International Monetary Fund.[1]

The GDP (PPP) of the dependent or integral territories of the United Kingdom, France, Italy, Spain, Portugal, Yemen and Malta within the African continent are not included in this list. For the purpose of the data published by the International Monetary Fund, the GDP (PPP) Zanzibar is included as part of that of Tanzania, the GDP (PPP) of Western Sahara is included as part of that of Morocco, and the GDP (PPP) of Somaliland is included as part of that of Somalia.

Region
Rank
Country
Peak value of GDP (PPP) as of 2018
Billions of International dollars
Peak Year
Africa 6,906.222 2018
1  Egypt 1,292.745 2018
2  Nigeria 1,168.399 2018
3  South Africa 794.706 2018
4  Algeria 666.960 2018
5  Morocco 314.742 2018
6  Ethiopia 222.258 2018
7  Angola 198.821 2018
8  Sudan 198.356 2018
9  Libya 187.842 2010
10  Tanzania 176.465 2018
11  Kenya 175.978 2018
12  Ghana 145.387 2018
13  Tunisia 141.816 2018
14  Côte d’Ivoire 106.412 2018
15  Uganda 95.434 2018
16  Cameroon 94.540 2018
17  Zambia 73.299 2018
18  Democratic Republic of the Congo 72.638 2018
19  Senegal 47.335 2018
20  Mali 44.028 2018
21  Madagascar 42.705 2018
22  Botswana 41.556 2018
23  Burkina Faso 38.794 2018
24  Mozambique 38.679 2018
25  Gabon 38.582 2018
26  Equatorial Guinea 37.689 2012
27  Zimbabwe 35.565 2018
28  South Sudan 35.254 2011
29  Chad 30.563 2015
30  Republic of the Congo 29.749 2018
31  Mauritius 29.187 2018
32  Guinea 28.637 2018
33  Benin 27.471 2018
34  Namibia 27.444 2018
35  Rwanda 26.997 2018
36  Malawi 23.682 2018
37  Niger 23.475 2018
38  Somalia 19.568 2018
39  Mauritania 18.119 2018
40  Togo 13.886 2018
41  Sierra Leone 12.619 2014
42  Eswatini (Swaziland) 11.496 2018
43  Eritrea 9.997 2018
44  Burundi 8.184 2018
45  Lesotho 7.231 2018
46  Liberia 6.440 2018
47  Central African Republic 4.293 2012
48  Cape Verde 3.983 2018
49  Djibouti 3.964 2018
50  Gambia 3.884 2018
51  Guinea-Bissau 3.385 2018
52  Seychelles 2.873 2018
53  Comoros 1.384 2018
54  São Tomé and Príncipe 0.726 2018

 

Source: https://en.wikipedia.org/wiki/List_of_African_countries_by_GDP_(PPP)