The Tanzania Times
Eastern Africa News Network

East African States Missing from IMF Tally on Top 10 Richest Countries on the continent

The International Monetary Fund (IMF) has just released the latest 2024 list of African countries with the highest Gross Domestic Product per capita.

All the eight countries making up the East African Community have been omitted including the giants, Kenya and Tanzania as well as the mineral-rich, but troubled DR Congo.

Also missing in the lineup is Nigeria, which has always been considered to be Africa’s largest economy.

On the other hand, the IMF listing of Africa’s highest GDP countries include smaller nations such as Mauritius and Libya among others. It is based on measurements of the amount of goods and services produced by a citizen in a given period.

The ranking is based on the listed countries’ purchasing power parity (PPP), which takes into account inflation and local cost variations and provides a more accurate comparison of the average standard of living in those nations.

GDP per capita plays an integral part in assessing Africa’s wealthiest countries, which measures the value of all goods and services produced per citizen.

Anyway, the International Monetary Fund (IMF) released the latest list of 10 wealthiest African countries by GDP per capita (PPP) as of February 2024 it includes these states.

Mauritius

Mauritius occupies the top spot on the IMF’s list as Africa’s most prosperous country in 2024, with a GDP per capita of USD 31,157. The country’s diverse economy has successfully moved beyond its traditional sectors, such as sugar and textiles.

Libya

Despite its political and economic challenges in recent times, the northern African country of Libya is on the list with a GDP-PPP of USD 26.527. Its wealth comes primarily from its vast oil resources, and efforts to stabilize its economy have become critical in maintaining its position among Africa’s wealthiest nations.

Botswana

With a GDP-PPP of USD 20.311, Botswana is known for its stable economic growth and successful diversification strategies. Botswana has effectively managed its diamond resources and invested in tourism and agriculture, contributing to its financial strength.

Gabon

In fourth place is the West African country of Gabon, with a GDP-PPP per capita of USD19,865, driven by its abundant natural resources, including oil and minerals. The country’s government emphasizes sustainable development and economic diversification, vital in maintaining its status as one of Africa’s wealthiest nations.

Egypt

Misr, the North African giant is in fifth place on the list with a GDP-PPP per capita of USD 17,786. Egypt’s economy is diverse, with critical sectors including tourism, agriculture, and manufacturing.

Equatorial Guinea

Boasting USD 17,237 as its GDP-PPP, Equatorial Guinea depends heavily on its vast oil wealth to drive its economic development. Oil still plays a dominant part in the country’s economy, but it is trying to diversify its economy and invest in sectors like agriculture.

South Africa

The Southern tip of the continent and Africa’s second-largest economy is at number seven on the IMF’s list with a GDP-PPP per capita of USD 16,625. South Africa’s power encompasses mining, manufacturing, and services, making it an essential player in the region.

Algeria

The North African country has a GDP-PPP per capita of USD 14,227. It relies heavily on hydrocarbons, with ongoing efforts to diversify into other renewable energy and manufacturing sectors.

Tunisia

Tunisia has a GDP-PPP per capita of $13,695 and is a strategic economic player in North Africa. Tunisia focuses on economic reforms, tourism, and manufacturing, contributing to its ranking among Africa’s wealthiest countries.

Morocco

Morocco’s GDP-PPP per capita is put at USD 10,926. The country has built a diverse economy with strengths in agriculture, tourism, and manufacturing, making it an essential player in Africa. A recent report by Bloomberg says South Africa will briefly overtake Nigeria and Egypt as Africa’s largest economy in 2024. 

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