Ghana adjudged Africa’s 8th richest country
Ghana has been ranked the eighth richest country on the African Continent.
The ranking published on the website of worldpopulationreview.com, indicates that Ghana’s economy as at the end of 2021, was valued at $74.26bn, putting it ahead of Ivory Coast and Angola whose economies were valued at $70.99bn and $66.49bn respectively.
Ivory Coast and Angola were ranked the 9th and 10th richest countries on the continent.
With an economy valued at $514bn, Nigeria was ranked the richest country on the African Continent.
Following Nigeria in the second and third places were Egypt and South Africa with total GDP of $394bn and $329bn respectively.
Here are the 10 richest countries in Africa:
- Nigeria ($514.05 Bn)
- Egypt ($394.28 Bn)
- South Africa ($329.53 Bn)
- Algeria ($151.46 Bn)
- Morocco ($124.00 Bn)
- Kenya ($106.04 Bn)
- Ethiopia ($93.97 Bn)
- Ghana ($74.26 Bn)
- Ivory Coast ($70.99 Bn)
- Angola ($66.49 Bn)
However, making comparisons with reference to Purchasing Power Parity (PPP) which modifies countries’ GDP relative to local prices and expressed in a fictional currency called international dollars (INT), Ghana, with a total GDP of $193bn was ranked as the ninth (9th) richest African country.
Egypt, however, was ranked ahead of Nigeria as the richest African country.
Per the PPP comparison, Egypt had a GDP of $1.38 trillion as compared to the $1.14 trillion GDP of Nigeria.
Top 10 Richest African Countries by Overall GDP (INT$ at PPP — International Monetary Fund 2021)
- Egypt – $1.38 trillion
- Nigeria – $1.14 trillion
- South Africa – $861.93 billion
- Algeria – $532.57 billion
- Morocco – $302.77 billion
- Ethiopia – $298.57 billion
- Kenya – $269.29 billion
- Angola – $217.97 billion
- Ghana – $193.63 billion
- Sudan – $189.87 billion
Ghana fails to make top 10 list of African countries with highest GDP per capita
Meanwhile, Ghana, failed to make the list of top ten African countries with the highest Gross Domestic Product (GDP) per capita.
The list put together by Statista saw Seychelles emerged as the African country with the highest GDP per capita.
Seychelles had a per capita income of $9,670. Tunisia was the tenth African country with a per capita income of $3,690.
With a GDP valued at $72bn and a total population of over 31 million, Ghana’s current per capita income stands at $2,322. Hence the country’s inability to make the list.
GDP per capita is an important economic metric used globally by economists to gauge/analyse a country’s prosperity based on its economic growth.
It specifically measures how much of a country’s overall economic production value can be attributed to each of its citizens.
GDP per capita is calculated by dividing a country’s gross domestic product (GDP) by the total number of people that make up the country’s population.
Some economists and development experts argue that GDP per capita is more important than GDP itself, because it reflects how much of a country’s overall wealth actually trickles down to every one in the country.
African countries typically have some of the lowest GDP per capita in the world, compared to countries like Luxembourg, Switzerland and Norway where GDP per capita are as high as $137,950, $98,770 and $84,120, respectively.
According to Statista – the global markets and consumer data company based in Hamburg, Germany – the top ten African countries with the highest GDP per capita are:
- Seychelles: At $9,670, this island nation currently has the highest GDP per capita in Africa.
- Mauritius: The second position is occupied by yet another island African country —Mauritius. This country has a GDP per capita of $9,640.
- Gabon: This oil-rich country comes in at third position with a GDP per capita of $8,600.
- Equatorial Guinea: This country has a GDP per capita of $8000.
- Botswana: This Southern African country has a GDP per capita of $7,820.
- South Africa: This country is one of Africa’s leading economies. And it has a GDP per capita of $5, 440.
- Namibia: Namibia has a GDP per capita of $4, 370, according to Statista.
- Egypt: This is one of only two North African country that made it to the top 10 list, and it has a GDP per capita of $3,830.
- Eswatini: Formally known as Swaziland, this Southern African country has a GDP per capita of $3,710.
- Tunisia: Finally, we have Tunisia which has a GDP per capita of $3,680.
