In this article I will be sharing with you the top 10 richest countries in Africa in 2023. Despite its image as the world’s most undeveloped continent, Africa without any doubt has the most valued natural resource in the world. While no nation on the continent is among the world’s 30 Largest Economies, it is essential to explore the richest countries in Africa. So therefore after a careful study and research I present to you the top 10 richest countries in Africa in 2023.
Making the number 10 on our list of the top 10 richest countries in Africa in 2023 is Ghana with a Gross Domestic Product (GDP) of $76 billion. Ghana is a producer of petroleum and natural gas with the sixth-largest crude oil reserves in Africa and the twenty-fifth largest in the world. Ghana has poultry, fish, and beef, but agriculture, particularly cocoa and gold, contributes about half of the country’s gross domestic product. Ghana is also a producer of palm oil, coconuts, pineapples, cashew nuts, black pepper, yams, cassava, and bananas, which have enhanced its position as one of the richest countries in Africa.
Making the number 9 on our list of the top 10 richest countries in Africa in 2023 is Tanzania with a Gross Domestic Product (GDP) of $76.6 billion. Tanzania is relying heavily on agricultural processing and certain consumer goods. Agriculture accounts for a quarter of the country’s gross domestic output, employing around 80% of the labour force, and accounts for approximately 85% of exports. Tanzania also has mineral resources which include gold, diamonds, iron, coal, nickel, tanzanite, uranium, and natural gas. The country also has telecommunications, banking, energy, and mining industries which have enhanced its position as one of the richest countries in Africa.
Making the number 8 on our list of the top 10 richest countries in Africa in 2023 is Ethiopia with a Gross Domestic Product (GDP) of $111.2 billion. With one of the highest GDP growth rates in the world, at over 10 per cent per year, Ethiopia is the eighth richest country in Africa. Its remarkable GDP growth has allowed a substantial section of the population to transcend severe poverty, dropping from 55.5% in 1999 to 26.7% in 2016. Droughts, food shortages, and political disputes have hampered Ethiopia’s agricultural economy, but the country is rapidly moving to an industrial and exporting economy. Despite being one of the richest country in Africa, Ethiopia is not a member of the World Trade Organization (WTO).
Making the number 7 on our list of the top 10 richest countries in Africa in 2023 is Kenya with a Gross Domestic Product (GDP) of $114.9 billion. Kenya the only lower-middle-income nation in East Africa according to World Bank is the seventh richest country in Africa. The government maintains an open foreign economic exchange system and a market economy with a few state-owned firms. The primary economic sectors are agriculture, forestry, mining, manufacturing, energy, tourism, and financial services. Kenya, the richest country in East Africa, has sub-Saharan Africa’s third-largest economy, after Nigeria and South Africa.
Making the number 6 on our list of the top 10 richest countries in Africa in 2023 is Angola with a Gross Domestic Product (GDP) of $124.8 billion. With an economy highly reliant on the extraction and sale of natural commodities such as oil and minerals, Angola is the sixth richest country in Africa. Despite four decades of independence and civil conflicts, economic development skyrocket between 2002 and 2016. On the one hand, Angola’s economy is characterized by its vast economic potential and, on the other, by its recovery from the lengthy civil conflict that afflicted the country from 1975 to 2002.
Making the number 5 on our list of the top 10 richest countries in Africa in 2023 is Morocco with a Gross Domestic Product (GDP) of $142.9 billion. The Kingdom of Morocco is a market economy that has developed at an average annual rate of 4% over the previous decade, with a projected GDP of $142.9 billion in 2023, making it the fifth richest country in Africa. The country’s major primary export industries include the automobile industry, the agricultural industry and phosphates. Tourism, which accounts for 7% of the country’s GDP, contributes significantly to Morocco’s status as one of the richest countries in Africa.
Making the number 4 on our list of the top 10 richest countries in Africa in 2023 is Algeria with a Gross Domestic Product (GDP) of $187.1 billion. Algeria is one of Africa’s primary oil and gas producers, the continent’s third economic power in terms of GDP, and the fourth richest country in Africa. Like many OPEC countries, Algeria is extremely reliant on its oil exports and worldwide market volatility. Since gaining independence in 1962, Algeria has established a dense industrial base through significant economic initiatives. Notwithstanding enormous accomplishments in the form of roads, highways, colleges, hospitals, industries, housing, amongst others which now cements its position as one of the richest countries in Africa.
3. South Africa
Making the number 3 on our list of the top 10 richest countries in Africa in 2023 is South Africa with a Gross Domestic Product (GDP) of $411.5 billion. South Africa the most industrialized and technologically sophisticated nation on the continent, is the third richest country in Africa. Chromium, Manganese, Gold, and Platinum remains one of the largest in the country, contributing 13.5 billion dollars annually to the country’s gross domestic product. South Africa’s economy has diversified since the end of apartheid, particularly in the service sector. Being the richest country in Southern Africa, South Africa accounts for 25 per cent of the continent’s economy and plays a significant role in the region’s growth. In 2019, the financial sector of South Africa contributed $41.4 billion to the country’s gross domestic product, and by 2021, South African financial institutions were handling more than $1.41 trillion in assets.
Making the number 2 on our list of the top 10 richest countries in Africa in 2023 is Egypt with a Gross Domestic Product (GDP) of $469.1 billion. Egypt is the leading economic force on the African continent in terms of GDP and the second richest country in Africa. Egypt’s reform and economic openness program, undertaken between 2006 and 2008 to attract international investment and drive development, helped the country attain record-high annual growth rates of 7%, catapulting it into the ranks of Africa’s richest nations. This boom may have lasted longer if not for the global financial crisis of the late 2000s, which lowered growth to 4.7% and negatively impacted export-driven industries, notably manufacturing and tourism.
Making the number 1 on our list of the top 10 richest countries in Africa in 2023 is Nigeria with a Gross Domestic Product (GDP) of $504.2 billion. Nigeria is the richest country in Africa due to its human potential, abundance of natural resources, and its GDP in purchasing power parity of $1.3 billion, which is the second largest on the continent. Despite a per capita gross domestic product far below pre-independence levels, Nigeria remains the continents most populous and main oil producer. Although Nigeria is Africa’s strongest economic power, its economic structure is akin to that of many other nations on the continent.
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