• Home
  • News
  • Global: IMF lists richest countries in Africa

Global: IMF lists richest countries in Africa

When assessing the wealthiest countries in Africa, it’s crucial to consider the GDP per capita, a measure of the value of all goods and services produced per resident.

This list, featuring smaller nations like Mauritius and Libya, is based on purchasing power parity (PPP) which accounts for inflation and local cost variations, providing a more accurate comparison of the average standard of living in these countries.

According to the International Monetary Fund (IMF), Here are the 10 richest countries in Africa by GDP per capita (PPP) in Africa 2024 – IMF as of February 22.

Mauritius claims the top spot as the richest country in Africa in 2024, with a GDP-PPP per capita of $31,157. Known for its diverse economy, Mauritius has successfully diversified beyond its traditional sectors like sugar and textiles.

Despite facing political and economic challenges in recent years, Libya is second on the list with a GDP-PPP per capita of $26,527. The country’s wealth is primarily derived from its vast oil reserves, and efforts to stabilize its economy have played a crucial role in maintaining its position among Africa’s richest nations. Botswana
Botswana, with a GDP-PPP per capita of $20,311, is recognized for its stable economic growth and successful diversification strategies. The country has effectively managed its diamond resources and invested in sectors such as tourism and agriculture, contributing to its economic resilience.

Gabon, ranking fourth, boasts a GDP-PPP per capita of $19,865, driven by its abundant natural resources, including oil and minerals. The government’s emphasis on sustainable development and economic diversification has played a pivotal role in maintaining Gabon’s status as one of Africa’s wealthiest nations. Egypt
Egypt secures the fifth position on the list with a GDP-PPP per capita of $17,786. As one of the most populous countries in Africa, Egypt’s economy is diverse, with key sectors including tourism, agriculture, and manufacturing.

Equatorial Guinea
With a GDP-PPP per capita of $17,237, Equatorial Guinea relies heavily on its oil wealth to drive economic development. While oil remains a dominant factor, efforts to diversify the economy and invest in sectors like agriculture and infrastructure have contributed to its economic success.

South Africa
South Africa, the continent’s economic powerhouse, ranks seventh with a GDP-PPP per capita of $16,625. Despite facing challenges such as inequality and unemployment, South Africa’s diverse economy encompasses mining, manufacturing, and services, making it a key player in the region. Algeria
In eighth place, Algeria has a GDP-PPP per capita of $14,227. The country’s economy is heavily reliant on hydrocarbons, but efforts to diversify into other sectors, such as renewable energy and manufacturing, have been underway to ensure sustained economic growth.

Tunisia, with a GDP-PPP per capita of $13,694, has positioned itself as a strategic economic player in North Africa. The country’s focus on economic reforms, tourism, and manufacturing has contributed to its ranking among the top 10 richest nations in Africa.

Morocco secures the tenth position with a GDP-PPP per capita of $10,926. Renowned for its stability and strategic geographic location, Morocco has built a diverse economy with strengths in agriculture, tourism, and manufacturing, making it a key player in the region.

Related Posts

African Development Bank Opens new office in Yaoundé, Cameroon

The African Development Bank Group, has announced the opening of its newest office for Central Africa. The office…

Nigeria: LCCI calls for government backing for key industries

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to implement special support mechanisms…

Mastercard Partner with Women Choice to Empower Women Entrepreneurs Across Middle East and Africa

Mastercard and Women Choice have expanded their partnership to launch two programs – ImpactHer and EmpowerHer – to…

Ghana: CalBank’s Board approves GHC600m rights issue

The Board of CalBank Ghana PLC has greenlit a GHS 600 million renounceable rights issue, to be secured…

MoneyGram, Fintech App barraq partner in Saudi Arabia

MoneyGram International, Inc., a leading global financial technology company that connects the world’s communities has partnered with innovative…

CFO Glen Zulu encourages public and private sector collaboration

To address some of South Africa’s biggest challenges at the moment, including the power, water and transport issues,…

PremierCredit partner with Airtel Money to offer Loans to customers

PremierCredit has partnered with Airtel Zambia PLC Mobile Commerce (Airtel Money) to provide loans to customers through the…

Tony Elumelu Foundation Empowers 20,000 African Entrepreneurs

The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs from all 54 African countries, has…

Kenya: Longhorn Publishers Plc ventures into digital content provision

Longhorn Publishers Plc has formed a strategic alliance aimed at delivering educational materials via its LoHo digital learning…