Africa is a powerhouse of resources and innovation.
Some countries' economies have even risen above their expected growth rates.
Discover the 25 richest countries in Africa below.
African countries with the highest GDPs are the wealthiest nations on the continent. Photo: Facebook, @FlameTvKenya; pexels.com, @Tima Miroshnichenko (modified by author)Source: UGC
GDP (Gross Domestic Product) means a country’s total goods and services.
This provides room for most countries on the continent to attain more economic growth.
Below are the mostprosperous African countries, according to the GDP for 2022/23:
1.
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The state focuses on wholesale and retail trade, construction, tourism, and gas extractives.
Egypt’s economy is impressive.
Theyachieved a GDPof $476.75 billion in 2022/23, a 6.6% increase from 2021.
Egypt has been working hard towards positive economic growth. Photo: @Marcel Winger, @Prince Kwamiso (modified by author)Source: UGC
The nationachieved a GDPof $472.62 billion in 2022/23.
The state is bestowed with bountiful natural resources like crude oil.
For instance, Nigeria produced over 1.4 millionbarrels of oildaily in 2021.
Besides crude oil, Nigeria produces natural gas, limestone, niobium, lead, arable land, tin, iron ore, and zinc. Photo: @AyofeLiberator, @Facts, and Myths of Africa (modified by author)Source: UGC
The nation’s financial and manufacturing sectors are among the best in Africa.
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4.
Despite these challenges, the country continues to attain ahigh GDP.In 2022/23, it achieved $195 billion.
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Morocco - $130.91 billion
Morocco’s2022/23 GDP recordof $130.91 billion was a 1.3% increase.
The country’s ceremony heavily depends on agriculture and the service industries.
Meanwhile, itsautomotive industryis growing rapidly due to an increase in plant production.
South Africa’s main exports include gold, platinum, and iron ore. Photo: @Ingrid Watermeyer, @SAEmbassyPortugal (modified by author)Source: UGC
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6.
Ethiopia - $126.78 billion
Ethiopia’sGDP for 2022/23was $126.78 billion, an estimated 5.3% growth.
The nation has embraced reforms to improve its economy.
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Nonetheless, political and social instability and consumer inflationcould slow its GDPif proper care is not taken.
Thecountry’s GDPof $113.42 billion in 2022/23 was a 4.8% economic growth.
Kenya’s booming economy results from political stability, favorable laws for foreign inventors, and other factors.
Algeria is rich natural resources like oil and natural gas. Photo: pexels.com, @Abdelhak Sami Bagou, @Djamel Ramdani (modified by author)Source: UGC
Its strongholds are agriculture, technology, andfinancial services.
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8.
Morocco depends on agriculture and the service industries. Photo: pexels.com, @Moussa Idrissi; Facebook, @moroccotravel.co (modified by author)Source: UGC
Angola - $106.78 billion
Angola has been improving its structural and political reforms to balance its economy.
In 2022/23, theyachieved a GDPof $106.78 billion, a positive leap of 3%.
Tanzania - $75.73 billion
With a population of over 65 million, Tanzania’s economy has grown steadily.
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Thecountry’s GDPwas $75.73 billion.
They mainly export cashew nuts, gold, cotton, and coffee.
Besides this, Tanzania has madesignificant investmentsin tourism industry.
Ethiopia has embraced reforms to improve its economy. Photo: pexels.com, @Abdullah Alberti; Facebook, @Explore African 360 (modified by author)Source: UGC
Also, other private and government efforts have boosted their economy.
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10.
Ghana - $73.77 billion
Ghanais home to crude oil, gold, cocoa, and timber exports.
Kenya has been recording significant economic growth in the Sub-Saharan region. Photo: @Nairobi City (modified by author)Source: UGC
It is one of the world’s largest raw cashew nuts and cocoa exporters.
They also export oil and boast a large manufacturing sector.
Theireconomy hit a GDPof $70.02 billion in 2022/23.
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12.
At its independence in 1960, DRC was the second-largest economy in Africa after South Africa.
Corruption, war, and political instability have derailed the country’s growth.
Angola has been improving its structural and political reforms to balance its economy. Photo: @Africaunitezone, @destinosdemocambique (modified by author)Source: UGC
DRC’s economyattained a GDPof $64.72 billion (8.9% growth) in 2022/23.
South Sudan broke away from it in 2011 to become the 54th independent African country.
Nonetheless, the people never give up on rebuilding their country.
Tanzania exports cashew nuts, gold, cotton, and coffee. Photo: @255FANS, @Noel Chambo Johnwise (modified by author)Source: UGC
In 2022/23, Sudanhad a GDPof $51.66 billion.
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14.
They are giants in oil, phosphates, agriculturalfoodproducts, car parts manufacturing, and tourism exports.
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In 2022/23, Tunisiaachieved a GDPof $46.30 billion, a 2.4% increase.
Libya - $45.75 billion
Libya has a population of over 6 million people.
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16.
Ghana has crude oil, gold, cocoa, and timber in abundance. Photo: @blackstarofafrica (modified by author)Source: UGC
Thiseconomic dispositionresults from a moderately favorable climate for crops and livestock production.
The country achieved a $45.57 billionGDP in 2022/23.
Like the DRC, the nation has had one of the most prosperous economies in Africa since its independence.
One of Cote D’Ivoire’s major cities. Photo: @Insideafrica0, @Sublime Côte d’Ivoire (modified by author)Source: UGC
Cameroon’s $43.64 billionGDP recordis a 3.6% growth.
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18.
Zambia - $29.16 billion
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Manufacturing, mining, and tourism drive the country’s economy.
Like most countries worldwide, Zambia suffered economically in 2020 due to COVID-19.
It, however, almost bounced back andattained a GDPof $29.16 billion in 2022/23.
DRC’s minerals contribute to the country’s high GDP per capita. Photo: @myfrika, @Insideafrica0 (modified by author)Source: UGC
The country attained a $27.68 billionGDP in 2022/23.
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20.
Botswana - $20.36 billion
TheGDP of Botswanawas $20.36 billion in 2022/23.
Civil war in Sudan has drastically affected their economy. Photo: pexels.com, @Muneeb Yassir; Facebook, @khartoum.usembassy (modified by author)Source: UGC
Diamond mining and trading represent over 80 percent of Botswana’s export revenues.
Besides diamonds, the country also exports copper, nickel, beef, and textiles.
Mali - $18.83 billion
TheRepublic of Mali’s GDPwas $18.83 billion in 2022/23.
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Its great potential wealth lies in mining and farming.
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22.
Burkina Faso - $18.82 billion
TheGDP in Burkina Fasowas worth $18.82 billion in 2022/23.
Tunisia exports of oil, phosphates, and agricultural products. Photo: @100063867618535, @AfricaViewFacts (modified by author)Source: UGC
Mozambique - $18.41 billion
Mozambiqueattained a GDPof $18.41 billion in 2022/23.
The country is rich in natural resources, is biologically and culturally diverse, and has a tropical climate.
Its main source of income is agriculture.
Libya has been striving towards an improved economy since the end of Ghadaffi’s regime. Photo: @Insideafricas, @AfricaViewFacts (modified by author)Source: UGC
The sector employs more than 80 percent of the country’s labor force and provides livelihoods to most inhabitants.
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24.
Benin - $17.40 billion
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The country exports agricultural products like coffee, cloves, cocoa, cashew, and vanilla.
Madagascar’sGDP was worth$15.3 billion in 2022/23.
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Uganda’s economic growth is attributed to a moderately favorable climate for farming. Photo: @AfricaViewFacts, @prospectsestateagencyugltd (modified by author)Source: UGC
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Nigeria has the largest economy in West Africa and the entire continent.
The country is expanding its economy to manufacturing, communications and technology, financial services, and entertainment.
Cameroon has one of the best primary commodity economies in Africa. Photo: @Falonne.m.n, @Africaunitezone (modified by author)Source: UGC
Why is Nigeria the richest country in Africa?
Nigeria’s economy is supported by revenue from oil and gas reserves.
It has the largest economy in Africa, but its huge population brings its GDP per capita down.
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What is the most powerful African country?
Which country has the richest people?
Egypt has thewealthiest peoplein Africa because it is home to the highest number of billionaires.
Manufacturing, mining, and tourism drive Zambia’s economy. Photo: @Bweendoh Brighton Namundah, @Glenjazz (modified by author)Source: UGC
Thesix top Egyptian billionaireshave a combined net worth of $18.3 billion.
Investing in the richest countries in Africa may grow your wealth while also improving their economies.
Research the industry and country you are interested in before investing.
Senegal’s economy depends on various activities, including tourism, fishing, construction, mining, and agriculture. Photo: @Africaunitezone, @PourquoiJaimeDakar (modified by author)Source: UGC
If possible, see financial and legal experts for help and guidance.
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Alternatively, emulate what tycoons do and you may get rich faster.
If one income stream slows down, another can take its place.
He graduated with a degree in Mass Communication from The Polytechnic, Ibadan, Nigeria.
Diamond mining and trading represent over 80 percent of Botswana’s export revenues. Photo: @BotswanaGovernment, @africanvibetours (modified by author)Source: UGC
He has curated the facts and life hacks category since 2018.
Dr Favour is the author of several books available on Amazon.
He currently lives in Nigeria.
Mali’s great potential wealth lies in mining and farming. Photo: @Africa is Home tourism center, @African Report files (modified by author)Source: UGC
Email: favouradeaga@gmail.com
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The economy of Burkina Faso largely relies on agriculture. Photo: @Africa212, @Azimut226 (modified by author)Source: UGC
Agriculture employs over 80% of Mozambique’s labor force and provides livelihoods to most of its inhabitants. Photo: @africaishome2, @africanvibetours (modified by author)Source: UGC
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Benin exports cotton, palm oil, cocoa, and coffee to India, Malaysia, and Bangladesh. Photo: pexels.com, @ismail.konneh.164; Facebook, @African Report files (modified by author)Source: UGC
Madagascar exports agricultural products like coffee, cloves, cocoa, cashew, and vanilla. Photo: @MadagascarTourism, @Unique Africa (modified by author)Source: UGC
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