• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
61
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

Dangote Plans Refinery Upgrade to Dethrone India and Lead the Global Refining Market

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

The International Monetary Fund (IMF) has recently projected that the economies of Ethiopia and Angola are set to overtake Kenya in terms of size, potentially weakening Kenya’s ability to attract investors with its growing consumer market.

According to the IMF, faster GDP growth in Angola and Ethiopia will see Kenya relegated to the fifth spot in sub-Saharan Africa’s economic rankings. Nigeria is projected to remain the largest economy on the continent, while Angola’s return to growth, linked to higher oil prices, saw the country overtake Kenya last year, ending years of recession.

On the other hand, Ethiopia is set to replace Kenya in fourth position this year, driven by the easing of armed conflict in the country and the continuation of ambitious economic reform efforts aimed at opening up one of Africa’s fastest-growing but most closed economies.

The IMF expects the economies of Ethiopia and Angola to expand by 13.5 per cent and 8.6 per cent, respectively, on dollar terms this year. However, Kenya is projected to record a slower growth of 2.4 per cent in the review period as the country grapples with the aftershocks of the Covid-19 pandemic, drought, election jitters, and disruption of global supply chains by the Russia-Ukraine war.

It’s worth noting that the relegation of Kenya to the fifth position will weaken its hand in the race for foreign direct investment (FDI), which is critical in easing the growing youth unemployment on the continent. So far, South Africa and Ethiopia have fared better than Kenya in attracting foreign investments, with investors eyeing a population that has more cash to spend. The IMF projects Kenya’s GDP to hit $117.6 billion this year, behind Nigeria ($574 billion), South Africa ($422 billion), Angola ($135 billion) and Ethiopia ($126.2 billion).

Multinational companies are increasingly interested in Africa as a market with many opportunities, from mobile phones, cars, food, and clothes to financial services and entertainment, as millions of Africans aspire to claw their way out of widespread poverty.

Oil-rich Angola will reclaim its third position, which it lost to Kenya in 2020 following years of contraction due to a slump in oil prices. According to OPEC, Angola is the continent’s second-largest oil producer after Nigeria, while Kimberley Process data ranks it as the world’s seventh-biggest producer of rough diamonds. After five years of recession, Angola’s GDP increased by 0.7 per cent in 2021, according to the World Bank.

No Result
View All Result

Highlights

FirstBank Ghana Concludes Third Junior Internship Programme to Nurture Future Leaders

Regulatory Weakness, Capped Stabilisation Fund Undermining Ghana’s Petroleum Revenue Management – PIAC

MLS Playoffs 2025: A Look Ahead to the Exciting Postseason

Michael Jordan Rookie Card Sets New Record with $2.7 Million Sale

BoG Pegs Ghana Gold Coin at GHS 47,551 per Ounce

UEFA Champions League: Paris, Inter and Arsenal Win in Style to Stay Perfect, Barcelona Score Six

Trending

Business

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

October 22, 2025

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development Parliament is set...

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

October 22, 2025

Dangote Plans Refinery Upgrade to Dethrone India and Lead the Global Refining Market

October 22, 2025

FirstBank Ghana Concludes Third Junior Internship Programme to Nurture Future Leaders

October 22, 2025

Regulatory Weakness, Capped Stabilisation Fund Undermining Ghana’s Petroleum Revenue Management – PIAC

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.