The world over, the African continent which is one of the largest in the world also serves as home to many of the poorest countries in the world. For most, poverty is not due to a lack of minerals or even population but poor governance and corruption.
Despite this, there are some countries like Nigeria, Egypt, Algeria, and South Africa which run the length and breadth of the continent that boasts of population, GDP, and natural resources among many things which have made them the Richest African countries.
The determining factor for measuring the riches of these countries is the GDP i.e the total value of a country’s production and the Purchasing Power Parity.
A Look At The Richest African Countries
15. Uganda
- Population: 49,016,776
- GDP: $34.00 billion
- Minerals: Gold, Copper
- Foreign Reserve: $4.3 billion
This African nation is blessed with many natural attractions like the biggest freshwater lake, a source of waterfalls, and wildlife, thus, it is also the Pearl of Africa.
Despite these attractions, it is also an agricultural economy whose GDP relies on the export of coffee, tea, cotton, and copper.
14. Libya
- Population: 7,083,091
- GDP: 52.00 Billion
- Minerals: Oil
- Foreign Reserve: $22.9 billion
As one of the countries of the Mahgreb-countries north of the Sahara, Libya owns the largest oil reserves on the continent. In addition to this, the country relies on oil for exportation through its production of the commodity later fell due to the wars and the killing of its leader, Muammar Gaddafi in 2011.
Though the country is still struggling following the destruction caused by war, its GDP of
13. Tunisia
- Population: 11.82 million
- GDP: $38.50 billion
- Minerals: Phosphate
- Foreign Reserve: $7.6 million
The North African nation is the home of the Arab Spring-an uprising against the government that spread to other countries. Aside from this, it has a growing economy that depends on the exportation of electronic and mechanical parts.
Even though it has oil reserves, it is not the main export commodity driving the country’s GDP of $38.50 billion.
Also, the country is a tourist attraction due to its religious and ancient ruins like Carthage as well as beautiful beaches and landscapes.
12. Côte d’Ivoire
- Population: 26.38 million
- GDP: 64 billion
- Minerals: Diamonds, gold
- Foreign Reserve: $3.4 million
The leading producer of cocoa is also home to the third-largest population of French speakers in the world. Aside from this, the Ivorian economy is also dependent on agricultural crops like cashew and shea butter. While it is one of the richest African countries, most of its population does not tap from this.
Moreso, the country has a growing manufacturing industry that makes it one of the growing economies. In the past, the country was banned from exporting diamonds due to the blood diamond controversy and the civil war.
While the ban was lifted in 2014, the economy is still struggling like that of many others in Africa.
11. Tanzania
- Population: 59.73 million
- GDP: 70.28 billion
- Minerals: Gold
- Foreign Reserve: $5.5 billion
Like many others, the East African nation is also a major exporter of raw materials like gold and agricultural produce like tobacco, coconuts, and cashew nuts.
Also, Tanzania has a thriving tourism industry that attracts many visitors due to popular sites like Mt. Kilimanjaro and many national parks that make up 30% of the country.
10. Sudan
- Population: 43.85 million
- GDP: $189.87 billion
- Minerals: Oil
- Foreign Reserve: $8.5 billion
While it is not the largest producer of oil in Africa, Sudan’s GDP is driven by oil exportation which makes up about 80%. Moreso, the country’s oil production was reduced due to the conflict between the northern and southern parts till the country split in July 2011.
As it is, Sudan not only fought the longest civil war in Africa, but it also has more pyramids than Egypt and it is diversifying into agriculture through its cotton farming and sugar manufacturing.
9. Ghana
- Population: 31.07 million
- GDP: $193.63 billion
- Minerals: Oil, Gold
- Foreign Reserve: $5.9 billion
Formerly known as the Gold Coast, Ghana’s economy is growing at a high rate. This economic growth is traced to its agricultural sector especially cocoa exportation, natural resources, and the recently discovered oil which it exports 56% of.
The country has also been concentrating on growing its tech sector.
8. Angola
- Population: 32.87
- GDP: $217.97 billion
- Minerals: Oil, Diamonds
- Foreign Reserve: $14.7 billion
The former Portuguese colony is endowed with oil and agriculture that is contributing to the GDP. The central African country depends on its oil whose reserves are located in Cabinda.
In recent years, Angola and China have developed trade relations which has helped to boost its economy following the destruction of the Angolan civil war and Cuban occupation.
Despite its many advantages, Angola is still a developing country like many African countries.
7. Kenya
- Population: 53.77 million
- GDP: $269.29 billion
- Minerals: Soda Ash, Gold
- Foreign Reserve: $12.6 billion
Considered to be one of the safest countries on the continent, Kenya’s wealth comes from a strong economy that contributes 33% of its GDP. Due to investments in its financial and transportation sectors, Kenya is also taking a place among the fastest-growing economies.
Just from the Mombasa port, the country controls huge traffic of goods and services within East Africa.
6. Ethiopia
- Population: 115 million
- GDP: $331.542 billion (2022 estimation of PPP), $130.62 billion (nominal)
- Minerals: Gold, Platinum
- Foreign Reserve: 2.4 billion
Also a part of the four countries that make up the horn of Africa, Ethiopia is one of the richest countries in Africa due to its high GDP that comes from it agriculture, forestry, and fishing. Agriculture makes up 46% of the country’s GDP.
Aside from this, Ethiopia is the oldest independent country in Africa that has a rich history dating back to many centuries.
5. Morocco
- Population: 36.7 million
- GDP: $331.542 billion (2022 estimation of PPP), $130.62 billion (nominal)
- Minerals: Phosphate, Iron, Zinc
- Foreign Reserve: $33.3
Morocco is known to be a tourist hub and one of the most visited countries in Africa. Movies like American Odyssey, mission Impossible also helped to portray the beautiful and historical landscape of the north African monarchy.
The economy relies heavily on its mineral resources, textiles, hospitality industry, and agricultural produce. It is also the world’s third-largest producer of phosphorus as well as an exporter of electronic and vehicle parts.
4. Algeria
- Population: 44.7 million
- GDP: $532.57 Billion(2022)
- Minerals: Petroleum
- Foreign Reserve: $46.5 billion
Per the development index, Algeria is one of the richest in North Africa and the continent in general. Even though the Sahara desert, the third largest in the world covers 90% of the country’s land, Algeria explores its oil and gas sector.
Apart from being the largest country in Africa, Algeria has been an OPEC member since it joined in 1969.
3. South Africa
- Population: 59.3 million
- GDP: $861.93 billion
- Minerals: Diamond, Gold
- Foreign Reserve: $60.3 Billion
The economy of South Africa is one of the fastest growing in Africa and it is pushed by the mining sector in which gold makes up the largest chunk. Other industries that help to make the economy diversified are manufacturing, finance, and tourism.
Not only has the country moved away from the apartheid years, but it has also forged its economy to meet modern standards even as it stands competitively with other countries.
2. Nigeria
- Population: 217 million
- GDP: $1,14 Tn
- Minerals: Oil
- Foreign Reserve: $39.6 Billion
Often referred to as ‘the Giant of Africa’, it has the biggest population in Africa. Apart from this, there are many sources that describe the country as a lower middle country being that it relies heavily on its petrol while posing the potential of being an emerging market.
At the moment, it is Africa’s strongest economy. Its oil production made up the largest part of the country’s GDP. Yet, it was toppled from being the biggest oil exporter in Africa by Angola.
Other industries that are pushing the economy are manufacturing and communications.
See Also: Richest State In Nigeria: 10 States By Their IGR and GDP
1. Egypt
- Population: 107.7 Million
- GDP: $1.38 trillion (PPP)
- Minerals: Petroleum
- Foreign Reserve: $37 billion
Not only does Egypt has one of the longest histories on the continent, but it also prides itself on being one of the strongest economies and the third most populous country.
Its economy is also boosted by the high number of tourists that visit the country to see side attractions like the Great Sphinx of Giza.
Aside from this, the country’s economy is also strengthened by petroleum, agriculture, energy, and the telecommunications industry.
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