DISCLAIMER: The information contained in this article isn’t the list of the richest African countries. Its based on certain criteria that’s arguable. Writer credibility isn’t accurate.
Africa is often seen as the least economically developed continent in the world, and that’s unfair. Its bar none the richest in terms of natural resource — talk of minerals, timber, oil, and several cash crops, then you’ll find venture capitalists trekking all over for gains. Africa isn’t far behind in the 21st century; the continent is steadily making some tremendous progress over the years. Here’s the list of the top ten prosperous countries in Africa in 2021.
Related media: Top 10 Richest Countries In Africa In 2021 By GDP
#10. Rwanda 🇷🇼
Name: Republic of Rwanda;
Capital: Kigali; Other cities: Butare, Gitarama;
Population: approx. 13 million as of 2020;
GDP: US$797.86, and GNI: US$2,160 PPP per capita;
Global Stratification: Lower-Middle Income.
Rwanda has over the past decade been seen as one of Africa’s emerging innovative economies, a new UNCTAD report says. The Vision 2020 agenda laid out some governmental development strategies that focus on a restructured economy, where emphasis was placed on industry and services for almost three-fourths of its gross domestic product (GDP). The fiscal deficit of Rwanda is projected to narrow to 7.8 percent of GDP in 2021 to 7.2 percent in 2022, according to the World Bank.
Rwanda ranks as the 10th prosperous country in Africa in 2021.
#9. Ghana 🇬🇭
Name: Republic of Ghana;
Capital: Accra; Other cities: Kumasi, Tamale;
Population: approx. 31.1 million as of 2020;
GDP: US$2,328.53, and GNI: US$5,470 PPP per capita;
Global Stratification: Lower-Middle Income.
Ghana is seen as one of the best economies in Africa bar none, and its projected growth gradually is over the medium term, thanks to commodity price growth and strong domestic demand. New policies have shape the economy, with real per capita GDP growth expected to average 5.1 percent yearly in 2021 to 2023 — after declining by 1.7 percent in 2020, its projected to return to its pre-pandemic level by 2022. The country scored an economic freedom index of 59.2, making its economy the 101st freest in the 2021 Index.
Ghana ranks as the 9th prosperous country in Africa in 2021.
(Fun fact: Did you know that The Factionary is proudly made in Ghana?)
#8. Tunisia 🇹🇳
Name: Republic of Tunisia;
Capital: Tunis; Other cities: Sfax, Sousse;
Population: approx. 11.8 million as of 2020;
GDP: US$3,319.82, and GNI: US$9,990 PPP per capita;
Global Stratification: Lower-Middle Income.
This is the first North African nation in this list, and certainly not the last. Tunisia’s economy of the past decade was very robust. However, its economic outlook remains highly uncertain, according to African Development Bank (AFDB), and its economic recovery is less robust than previously expected given the escalation since the pandemic amid political uncertainty. This didn’t stop the Legatum Prosperity Index from listing Tunisia in this list.
Tunisia ranks as the 8th prosperous country in Africa in 2021.
#7. Morocco 🇲🇦
Name: Republic of Morocco;
Capital: Rabat; Other cities: Casablanca, Fes;
Population: approx. 36.9 million as of 2020;
GDP: US$3,009.25, and GNI: US$7,190 PPP per capita;
Global Stratification: Lower-Middle Income.
This is the second North Africa nation in this list. According to a World Bank report, Morocco has improved by more than 50 places its position in the World Bank’s Doing Business ranking, and in 2020, it was ranked 53 out of 109 countries in the world. Its real per capita GDP is projected to 5.3 percent in 2021 as the economy recovers from a severe contraction and agriculture thrives, and its poverty indicators should resume their declining trajectory this year, but its poverty threshold is only expected to return to pre-pandemic level by 2023.
Morocco ranks as the 7th prosperous country in Africa in 2021.
#6. Namibia 🇳🇦
Name: Republic of Namibia;
Capital: Windhoek; Other cities: Rundu, Walvis Bay;
Population: approx. 2.6 million as of 2020;
GDP: US$4,211.05, and GNI: US$9,220 PPP per capita;
Global Stratification: Lower-Middle Income.
Namibia hasn’t been the favorite of emerging African economies, and its progress towards reducing inequality has been steadily slow. However, real per capita GDP is projected to grow by 2.6 percent in 2021 and 3.3 percent in 2022, as the country recovers by the financial services, tourism, retail and wholesale trade, and the mining industries. But its past economic growth hasn’t been able to tackle high level of poverty, inequality, and unemployment.
Namibia is ranked as the 6th prosperous country in Africa in 2021.
#5. South Africa 🇿🇦
Name: Republic of South Africa;
Capital: Pretoria; Other cities: Cape Town, Johannesburg;
Population: approx. 59.3 million as of 2020;
GDP: US$5,090.72, and GNI: US$11,870 PPP per capita;
Global Stratification: Upper-Middle Income.
South Africa didn’t make the top of this list, despite being one of Africa’s most developed countries. Over the past decade, its real per capita GDP was below one percent as at 2019, and the pandemic together with containment measures to curb the spread of the virus has even made the economy worse overall. Real per capita GDP declined by 8.2 percent in 2020 with decline in the construction, transportation, telecommunication, manufacturing, and mining industries due post-pandemic job losses. South Africa’s economy is projected to rebound.
South Africa is ranked as the 5th prosperous country in Africa in 2021.
#4. Botswana 🇧🇼
Name: Republic of Botswana;
Capital: Gaborone; Other cities: Francistown, Molepolole;
Population: approx. 2.3 million as of 2020;
GDP: US$6,710.99, and GNI: US$15,570 PPP per capita;
Global Stratification: Upper-Middle Income.
Botswana has historically enjoyed strong and stable growth in its economy since its independence, and sizable fiscal buffers and prudent policies has played a major role shielding the economy. However, the economy declined by an estimated 8.9 percent in 2020, after a growth of 3 percent in 2019, containment measures and lockdown protocol slowed down economic progress. Its real per capita GDP is projected to 6.6 percent in 2021, and 5.6 percent in 2022. According to the BEA, this reflects a continued economic recovery.
Botswana ranks as the 4th prosperous country in Africa in 2021.
#3. Cabo Verde 🇨🇻
Name: República de Cabo Verde;
Capital: Praia; Other cities: Mindelo, Santa Maria;
Population: approx. 555,988 as of 2020;
GDP: US$3,064.27, and GNI: US$6,230 PPP per capita;
Global Stratification: Low Income.
Of course, Cabo Verde is classed as a poor country, however, the quality of life ranks the off shore West African nation as highest, according to the United Nations. In recent years, the economy was significantly rising until the pandemic struck and shrunk it by 8.9 percent in 2020, but previously, it grew by 5.7 percent due to industries such as the transport, tourism, construction, and retail trade. Despite this decline in economic activity, the country is still seen as prospering. Nonetheless.
Cabo Verde ranks as the 3rd prosperous country in Africa in 2021.
#2. Seychelles 🇸🇨
Name: Republic of Seychelles;
Capital: Victoria; Other cities: Anse Boileau, Bel Ombré;
Population: approx. 98,462 as of 2020;
GDP: US$11,425.09, and GNI: US$24,310 PPP per capita;
Global Stratification: High Income.
This archipelago nation is now seen as a rich country. Its medium-term economic outlook is positive. Its real per capita GDP is projected to grow by 4.6 percent in 2021, and by 5.8 percent in 2022; as economic activity increases and tourist arrivals rebound. The fiscal and current account deficits are projected to narrow to 1.0 percent and 31.1 percent respectively in 2021 and to 1.3 percent and 27.9 percent in 2022. And according to the World Bank, Seychelles reached “high-income” status in 2015 — the second African country to be included in that category.
Seychelles ranks as the 2nd prosperous country in Africa in 2021.
#1. Mauritius 🇲🇺
Name: Republic of Mauritius;
Capital: Port Louis; Other cities: Beau Bassin-Rose, Vacoas;
Population: approx. 1.2 million as of 2020;
GDP: US$8,622.68, and GNI: $10,230 PPP per capita;
Global Stratification: High Income.
The World Bank, as of July 2020, officially classified Mauritius as a high-income country. Possible reasons include low taxes — no inheritance and capital gains tax. The medium-term outlook is for a strong recovery with real per capita GDP growth projected to average 7.1 percent over the couple of years. Its fiscal deficit is projected to widen to 10.8 percent of real per capita GDP in 2021; and the International Monetary Fund (IMF) forecasts Mauritius’ growth to stabilize around 5.2 percent in 2022.
Mauritius ranks as the 1st prosperous country in Africa in 2021.
Source: Legatum Prosperity Index
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Written by: Nana Kwadwo, Wed, Oct 06, 2021.