Angola and Ethiopia have surpasses Kenya on Africa’s richest countries list, according to data from the International Monetary Fund (IMF).
According to figures despite an increase in the country’s overall gross domestic product from 100 to 117 billion USD over the same period, Kenya has dropped from sixth to eighth place in terms of wealth in Africa.
Gross domestic product (GDP) is the accepted unit of measurement for the value added produced by the production of goods and services in a nation over a specific time period.
As a result, it also accounts for the revenue generated by that production or the overall cost of the finished goods and services (less imports).
With a GDP of 135 billion, Angola is currently sixth richest country in Africa according to the most recent rankings.
The high price of fuel is thought to be a contributing factor in Angola’s rise to power in Africa. The nation in Southern Africa is the continent’s second-largest oil producer.
Due to outside factors like the conflict between Russia and Ukraine, the price of the valuable metal has practically doubled over the past year.
Ethiopia’s economy has been stabilized as a result of the calm brought about by a ceasefire in the internal conflict between the Tigray and government forces.
Ethiopia is the second most populous country in Africa, after Nigeria.
In contrast, the political season and election fears caused a slowdown in investment, which contributed to the slowdown in Kenya’s economy in 2022. Additional elements including the drought, increasing food imports, and the shilling’s depreciation versus the dollar have hurt Kenya’s economy.
The dwindling economy has made a number of Kenyans struggle to put food on the table owing to the high cost of living. Additionally, the lack of rain has made the drought to persist worsening the availability of food.
Though bogged down by a lack of amenities such as electricity, road network and security, Nigeria remains the richest African country, closely followed by Egypt and South Africa.
Nigeria’s economy is driven by the export of oil, a knowledgeable workforce, and gifted athletes and artists who send millions of dollars home every year. In the meantime, South Africa’s economy has also slowed down and has not yet fully recovered from the shocks of Covid-19, civil upheaval, and an ongoing electricity shortage.
On the richlist, Algeria and Morocco are ranked fourth and fifth, respectively.
Ivory Coast and Tanzania are placed ninth and tenth, respectively, after Kenya.
Top ten richest African countries.
Nigeria – 574 billion USD
Egypt – 471 billion
South Africa – 436 billion
Algeria – 190 billion
Morocco – 150 billion
Angola – 135 billion
Ethiopia – 126 billion
Kenya – 117 billion
Tanzania – 84 billion
Cote D’Ivorie – 72 billion
