Africa’s economic trajectory is increasingly defying expectations, with many countries experiencing economic growth. Despite the country’s numerous challenges, Africa has emerged as a promising investment destination, second only to Asia concerning rapid regional economic growth. Factors such as tech adoption, abundant mineral reserves and a young population contribute to the region’s economic growth.
While on the surface Africa’s socio-economic reality seems bleak, a deeper dive into the subject shows that the continent has become a hub for innovative solutions.
Standing as the second fastest growing continent on the planet, and boasting the youngest population of any region, Africa is prime to becoming one of the most prominent players on the economic stage.
One only needs to look at the burgeoning tech ecosystem in Africa, to corroborate the aforementioned point. In recent years, African entrepreneurs have taken to harness technology to address pressing challenges and drive inclusive growth.
Additionally, Africa houses the world’s most enviable human resources, boasting the world’s largest free trade area with a total market of 1.2 billion people.
And of course, it is hard to mention Africa’s advantages without touching on its natural resources. The continent is home to a vast array of natural resources, all of which are vital for the development of our world today. Of the world’s most valuable minerals, Africa boasts some of the rarest.
Considering all these factors, it’s easy to see why Africa is on its way to the top. The continent is in the perfect position to become the most economically respected region.
Currently, there are countries in Africa that are already commanding respect. According to Yahoo Finance, The economic situation in Africa may appear grim at first glance, however, the continent has tremendous potential and offers several prospects for expansion.
Yahoo Finance also ranked the African countries it believed to be the most respected. With that said, here are the 10 most respected African countries.
- South Africa: This is the most reputable country in Africa according to Yahoo Finance. They export a lot of platinum and gold. The mining sector is the most important part of the South African economy. The country has enormous export potential, which would be fully realized with sufficient infrastructural development.
South Africa
2. Egypt: The Egyptian economy is one of the largest in Africa. The country manufactures a wide range of items, including textiles and cars. Every year, the country receives a considerable number of tourists, which helps to boost the economy. Egypt is the second most respected country on this list.
Cairo Egypt
3. Algeria: Algeria makes this list owing to its large reserves of petroleum gas and crude oil. Developing these sectors could increase exports and by extension bolster its economy. Its high export volume demonstrates why it is one of Africa’s most respected countries.
Algiers, the capital of Algeria
4. Morocco: This North African country boasts an abundance of phosphate minerals. The country’s economy also benefits greatly from tourism, making it fourth on this list.
Tanger Med, Morocco
5. Nigeria: Owing to its large oil reserves, its immense population and a vast array of exports including the arts, this West African country aptly dubbed the giant of Africa has earned a spot on this list.
Nigerian
6. Angola: This country located in the Southern part of the continent is among Africa’s top oil-producing nations. As a result, oil serves as its primary export. and the export market for the nation appears bright.
Luanda the capital of Angola and a former Portuguese colony
7. Democratic Republic of Congo: This country is home to a vast array of natural resources including copper, cobalt, and diamonds, and despite the complications these resources have brought, the country boasts significant potential to drive economic growth and development.
DRC
8. Tunisia: The nation’s export industry is booming. The two main exports from this North African country are apparel and textiles. The mining and phosphate industries also substantially boost the nation’s GDP as a whole.
Tunisia’s
9. Ghana: The nation exports a wide range of goods, including cocoa beans, crude oil, and of course gold, which has earned it the nickname the Gold Coast. The nation’s manufacturing industry is likewise growing quickly.
Villagio, Accra-Ghana
10. Côte d’Ivoire: Nestled in West Africa, Côte d’Ivoire, also known as Ivory Coast is the world’s largest producer of cocoa, a vital export commodity, and has successfully diversified its economy into sectors such as mining, energy, and telecommunications. It ranks 10th in this list.
Le 5e pont d’Abidjan
Methodology
To compile this list Yahoo Finance made a list of all African countries and separated the top 30 biggest economies based on total GDP in 2022. After this, they extracted the data for total GDP from the World Bank. Higher exports as an indicator for “respected countries” were also considered.
“The filtering was done based on the hypothesis that more respected countries have better trade relations with other countries and, consequently, higher exports. The export data has also been extracted from the World Bank for either 2022 or 2021, depending on the latest available year.”
Source: Business Insider
