The largest components of the African economy are agriculture, trade, and natural resources, and by 2050, it is expected that the African economy will reach a GDP of KSh 3,263 trillion ($29 trillion).
Six African countries have GDPs of over KSh 11,250 billion ($100 billion).
The top ten wealthiest African countries are:
1. Nigeria –
$514.05 billion (KSh 57,830 billion) Nigeria’s mixed economy is the largest in Africa, the 26th-largest in the world by nominal GDP, and 25th-largest by PPP. It is a lower-middle-income economy, with its abundant supply of natural resources, well-developed financial, legal, communications, transport sectors and Nigerian Stock Exchange.
2. Egypt –
$394.28 billion (KSh 44,395 billion) Egypt’s economy depends mainly on agriculture, media, petroleum imports, natural gas, and tourism. There are also more than three million Egyptians working abroad, mainly in Libya, Saudi Arabia, the Persian Gulf and Europe.
3. South Africa –
$329.53 billion (KSh 37,105 billion) South Africa has a mixed economy, the third largest in Africa after Egypt. It also has a relatively high gross domestic product (GDP) per capita compared to other countries in sub-Saharan Africa.
4. Algeria –
$151.46 billion (KSh 17,054 billion) Algeria’s economy remains dominated by the state, a legacy of the country’s socialist post-independence development model. In recent years, the Algerian government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy.
5. Morocco –
$124 billion (KSh 13,962 billion) Morocco’s economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatisation of certain economic sectors which used to be in the hands of the government.
6. Kenya –
$106.04 billion (KSh 11,962 billion) Kenya’s macroeconomic outlook has steadily posted robust growth over the past few decades mostly from road, rail and water transport infrastructure projects. However, much of this growth has come from cash flows diverted from ordinary Kenyan pockets at the microeconomic level through targeted monetary and fiscal measures.
7. Ethiopia –
$93.97 billion (KSh 10,574 billion) Ethiopia registered the fastest economic growth under Meles Zenawi’s administration. According to the IMF, Ethiopia was one of the fastest-growing economies in the world, registering over 10% economic growth from 2004 through 2009.
8. Ghana –
$74.26 billion (KSHh 8357 billion) Ghana is an average natural resource enriched country possessing industrial minerals, hydrocarbons and precious metals. It is an emerging designated digital economy with mixed economy hybridisation and an emerging market.
9. Ivory Coast
– $70.99 billion (KSh 7,989 billion) Ivory Coast has, for the region, a relatively high income per capita and plays a key role in transit trade for neighbouring, landlocked countries. The country is the largest economy in the West African Economic and Monetary Union, constituting 40% of the monetary union’s total GDP.
10. Angola –
$66.49 billion (KSh 7,483 billion) Angola has diamonds, oil, gold, copper and rich wildlife (which was dramatically depleted during the civil war), forest and fossil fuels.