Last year proved economically turbulent for many African countries. According to the World Bank’s Global Economic Prospect Report, growth in Sub-Saharan Africa (SSA) decelerated to an estimated 2.9 percent in 2023.
Intense and prolonged conflicts hampered growth in several countries. More broadly, post-pandemic recoveries were slowed by weakening external demand and domestic policy tightening to address persistent inflation.
Growth in the region’s three largest economies—Nigeria, South Africa, and Angola—slowed to an average of 1.8 per cent last year, holding back the region’s overall growth.
Nigeria, the largest economy in the region, experienced a softened growth rate of around 2.9% partially influenced by a disruptive currency demonetization policy.
Similarly, South Africa saw a deceleration in growth to an estimated 0.7 per cent in 2023, influenced by tightening monetary policy, the effects of the energy crisis, and transport bottlenecks. Angola also experienced weakened growth at around 0.5 per cent, with maturing oil fields contributing to lower oil production, leading to revenue shortfalls and necessitating cuts in public expenditure.
However in 2024, growth in SSA is expected to accelerate to 3.8 percent in 2024 and firm further to 4.1 percent in 2025 as inflationary pressures fade and financial conditions ease.
According to the World Bank’s global economic prospects report, Niger, Senegal, and Rwanda are expected to be among the fastest-growing economies in the world in 2024.
Niger is projected to achieve a growth rate of 12.5% in the current year, primarily attributed to its oil sector, compensating for lower uranium production.
Three other African countries expected to be in the top 10 of highest growth economies are the Democratic Republic of Congo, Cote d’Ivoire and Ethiopia.
However, Ghana, the black rising star of Africa, could not make the list due the economic challenges it’s currently battling with. The IMF is currently implementing a three year economic recovery programme to help the country to stand on its feet again.
In the 2024 Budget, the Government of Ghana projected a growth rate target of 2.8%.
The World Bank report further showed that the economy will pick up strongly in 2025, with growth projected at 4.4%.
There are also projections that the country may record a higher economic growth in 2023 after third quarter data showed the economy grew above target.
The IMF is also projecting a 2.7% growth for Ghana in 2024.
Below are 10 African countries with the highest economic prospect in 2024 according to the World Bank:
Rank Country Economic forecast
1 Niger 12.8%
2 Senegal 8.8%
3 Rwanda 7.5%
4 DRC 6.5%
5 Côte d’Ivoire 6.5%
6 Ethiopia 6.4%
7 Benin 6%
8 Uganda 6%
9 Guinea 5.8%
10 Guinea Bissau 5.6%
Source: BusinessWeek with additional files from Businessinsiderafrica