Africa is the world’s second largest continent, after Asia . We look in today at a list of Best Countries to Do Business in Africa.
At about 30.3 million km² including adjacent islands, it covers 6% of Earth’s total surface area and 20% of its land area.
With 1.3 billion people as of 2018, it accounts for about 16% of the world’s human population.
In addition, the ranking of the richest African countries is based on the Gross Domestic Product; Purchasing Power Parity (GDP: PPP) which gives the value of all the final goods and services produced within a country in any given specific year.
Moreso, we will look at the top richest African countries for business, their GDP and their foreign reserves.
Best Countries in Africa for Business
Africa has the reputation of a continent with fertile soils and vast natural resources.
Beyond rich resources, Africa is also home to some of the top-ranked countries according to the World Bank’s ease of doing business index.
| Rank | Country Name | GDP Per Capita (International Dollar) |
|---|---|---|
| 1 | Equatorial Guinea | $38,700 |
| 2 | Seychelles | $28,000 |
| 3 | Mauritius | $20,500 |
| 4 | Gabon | $19,300 |
| 5 | Botswana | $16,900 |
| 6 | Algeria | $15,000 |
| 7 | Libya | $14,200 |
| 8 | South Africa | $13,500 |
| 9 | Egypt | $12,100 |
| 10 | Namibia | $11,800 |
| 11 | Tunisia | 11,700 |
| 12 | Swaziland | $9,800 |
| 13 | Morocco | $8,400 |
| 14 | Angola | $6,800 |
| 15 | Republic of the Congo | $6,800 |
| 16 | Cape Verde | $6,700 |
| 17 | Nigeria | $5,900 |
| 18 | Sudan | 4,500 |
| 19 | Ghana | $4,400 |
| 20 | Mauritania | $4,400 |
| 21 | Zambia | $3,900 |
| 22 | Côte d’Ivoire | $3,600 |
| 23 | Djibouti | $3,400 |
| 24 | Kenya | $3,400 |
| 25 | Cameroon | $3,300 |
| 26 | São Tomé and Príncipe | $3,300 |
| 27 | Lesotho | $3,100 |
| 28 | Tanzania | $3,100 |
| 29 | Senegal | $2,600 |
| 30 | Chad | $2,600 |
| 31 | Mali | $2,300 |
| 32 | Benin | $2,200 |
| 33 | Uganda | $2,100 |
| 34 | Rwanda | $1,900 |
| 35 | Ethiopia | $1,900 |
| 36 | Burkina Faso | $1,800 |
| 37 | South Sudan | $1,700 |
| 38 | Zimbabwe | $1,700 |
| 39 | The Gambia | $1,700 |
| 40 | Sierra Leone | $1,700 |
| 41 | Guinea-Bissau | $1,600 |
| 42 | Comoros | $1,500 |
| 43 | Togo | $1,500 |
| 44 | Madagascar | $1,500 |
| 45 | Guinea | $1,300 |
| 46 | Eritrea | $1,300 |
| 47 | Mozambique | $1,200 |
| 48 | Niger | $1,100 |
| 49 | Malawi | $1,100 |
| 50 | Liberia | $900 |
| 51 | Burundi | $800 |
| 52 | Democratic Republic of the Congo | $800 |
| 53 | Central African Republic | $700 |
| 54 | Somalia | $400 |
Finally, since 2010, the continent has witnessed enormous innovation, particularly within the digital technology space
Its huge number of highly educated population has made it an epicentre for transformative growth.
According to the World Economic Forum, Africa is home to 50% of the world’s fastest-growing economies.
As recently as 2018, countries like Ghana and Ethiopia recorded outstanding real GDP growth north of 8%, almost three times the world average.
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