The continent of Africa is said to be the poorest in the world, while the poverty of the continent is caused by the economic instability, insecurity, corruption, civil war and terrorist acts in the continent. The International Monetary Fund (IMF) has released the 2024 list of the richest and poorest countries in Africa. When measuring the wealthiest countries in Africa, it is important to consider GDP per capita, a measure of the value of all services provided to each resident. This list, which features small countries like Mauritius and Libya, is based on purchasing power parity (PPP), which accounts for inflation and local cost differences, providing a more accurate comparison of the average standard of living in these countries.
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Here are the 5 richest and 5 poorest
countries in Africa
1. Mauritius
Mauritius claims to be the richest country in Africa in 2024, with a GDP-PPP of 31,157 dollars. Known for its diverse economy, Mauritius has successfully diversified beyond its traditional industries such as sugar and textiles.
2. Libya
Despite facing political and economic challenges in recent years, Libya is second on the list with a GDP-PPP of 26,527 dollars. The country's wealth is primarily derived from its large oil reserves, and efforts to stabilize its economy have played an important role in maintaining its position among the wealthiest nations in Africa.
3. Botswana
Botswana, with a GDP-PPP per capita of $20,311, is recognized for its steady economic growth and successful diversification strategies. The country has properly managed its diamond resources and invested in sectors such as tourism and agriculture, thus contributing to its economic strength.
4. Gabon
Gabon, ranked 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 an important role in maintaining Gabon's status as one of the wealthiest nations in Africa.
5. Egypt
Egypt ranks fifth 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.
The 5 poorest countries in Africa
1. South Sudan
South Sudan, the youngest country in the world, gained independence in 2011 but is facing major economic challenges.
Political instability, ongoing conflicts, and limited infrastructure hinder its development.
With many relying on traditional agriculture, violence and extreme weather events often disrupt farming, perpetuating poverty in this landlocked nation of about 11 million people.
2. Burundi
Burundi, a small landlocked country in East Africa, faces serious social and economic challenges, including political instability, conflict, and poor infrastructure development.
The nation's economic challenges and the hardships of life faced by its citizens are further compounded by the rapid increase in population.
With approximately 80 percent of the population dependent on subsistence agriculture, food insecurity is very high compared to other sub-Saharan African countries.
3. Central African Republic
The Central African Republic (CAR), located in Central Africa, faces major economic challenges due to political instability, armed conflict and poor infrastructure.
The country's wealth in gold, oil, uranium and diamonds is in stark contrast to the widespread poverty of its citizens.
The combination of rising commodity prices following the war in Ukraine and severe floods and drought cycles have exacerbated the economic challenges for CAR.
4. Democratic Republic of Congo
The Democratic Republic of the Congo, or DRC, the largest country south of the Sahara Desert, faces serious economic challenges despite its wealth in natural resources such as cobalt and copper.
Most of the population lives in poverty, with approximately 62 percent of Congolese living on less than $2.15 a day.
Malnutrition, limited access to education and health services, and high birth rates exacerbate poverty and become a challenge to development.
5. Mozambique
Mozambique, a sparsely populated and resource-rich former Portuguese colony, faces poverty due to natural disasters, disease, rapid population growth, low agricultural productivity, and wealth inequality.
Despite its wealth of resources and strong GDP growth, the country remains among the world's poorest, fueled by attacks from Islamist insurgent groups in the gas-rich north.
Source:International Monetary Fund(IMF),
BBC
Cc
Africa Contribution 2024 Firstpost
World Bank Review Africa 2023-2024
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