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Economy of Africa

February 16, 2024

The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. As of 2019, approximately 1.3 billion people[11] were living in 53 countries in Africa. Africa is a resource-rich continent.[12][13] Recent growth has been due to growth in sales, commodities, services, and manufacturing.[14] West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050.[15]

Economy of Africa
Lagos is the largest city in Africa.
Statistics
Population1.39 billion[1][2]
GDP
GDP rank
GDP growth
3.7% (2023 est.)[5]
GDP per capita
  • $1,740 (nominal; 2023 est)[6]
  • $5,360 (PPP; 2023 est)[7]
GDP per capita rank
15.5% (2023 est.)[8]
352,000 (2022)[9]
Public finances
62.4% of GDP (2023 est.)[10]
Most numbers are from the International Monetary Fund. IMF Africa Datasets

All values, unless otherwise stated, are in US dollars.

In March 2013, Africa was identified as the world's poorest inhabited continent; however, the World Bank expects that most African countries will reach "middle income" status (defined as at least US$1,025 per person a year) by 2025 if current growth rates continue.[16] There are a number of reasons for Africa's poor economy: historically, even though Africa had a number of empires trading with many parts of the world, many people lived in rural societies; in addition, European colonization and the later Cold War created political, economic and social instability.[17]

However, as of 2013, Africa was the world's fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023.[12][18] In 2017, the African Development Bank reported Africa to be the world's second-fastest growing economy, and estimates that average growth will rebound to 3.4% in 2017, while growth is expected to increase by 4.3% in 2018.[19] Growth has been present throughout the continent, with over one-third of African countries posting 6% or higher growth rates, and another 40% growing between 4% and 6% per year.[12] Several international business observers have also named Africa as the future economic growth engine of the world.[20]

History edit

Further information: Economic history of Africa and Scramble for Africa
 
Old Kingdom market scene: Two of the customers are seen carrying little boxes on their shoulders, suspected to have contained pieces of metal used as payment.

For millennia, Africa's economy has been diverse, driven by extensive trade routes that developed between cities and kingdoms. Some trade routes were overland, some involved navigating rivers, still others developed around port cities. Large African empires became wealthy due to their trade networks, for example Ancient Egypt, Nubia, Mali, Ashanti, the Oyo Empire and Ancient Carthage Some parts of Africa had close trade relationships with Arab kingdoms, and by the time of the Ottoman Empire, Africans had begun converting to Islam in large numbers. This development, along with the economic potential in finding a trade route to the Indian Ocean, brought the Portuguese to sub-Saharan Africa as an imperial force. Colonial interests created new industries to feed European appetites for goods such as palm oil, rubber, cotton, precious metals, spices, cash crops other goods, and integrated especially the coastal areas with the Atlantic economy.[21]

A significant factor on economic development was the gain of human capital by the elite. Between the 14th and 20th century, it can be observed that in regions with more elite violence and hence higher chances to die at a younger age the elite did not invest much in education. Therefore, their numeracy (as a measure of human capital) tends to be lower than in less safe countries and vice versa. This can explain the difference in economic development between the African regions.[22]•

20th century upheaval edit

Following the independence of African countries during the 20th century, economic, political and social upheaval consumed much of the continent. An economic rebound among some countries has been evident in recent years, however.[23]

The dawn of the African economic boom (which is in place since the 2000s) has been compared to the Chinese economic boom that had emerged in Asia since late 1970s.[24] In 2013, Africa was home to seven of the world's fastest-growing economies.[25]

As of 2018, Nigeria is the biggest economy in Africa by nominal GDP, followed by South Africa; in terms of PPP, Egypt is second biggest after Nigeria.[26] Equatorial Guinea has Africa's highest GDP per capita. Oil-rich countries such as Algeria, Libya and Gabon, and mineral-rich Botswana have emerged among the top economies since the 21st century, while Zimbabwe and the Democratic Republic of Congo are potentially among the world's richest nations by natural resources, but have sunk into the list of the world's poorest nations due to pervasive political corruption, warfare, and emigration. Botswana stands out for its sustained strong and stable growth since independence.[27][28]

Current conditions edit

 
The National Cement Share Company of Ethiopia's new plant in Dire Dawa

The United Nations predicts Africa's economic growth will reach 3.5% in 2018 and 3.7% in 2019.[29] As of 2007, growth in Africa had surpassed that of East Asia. Data suggest parts of the continent are now experiencing fast growth, thanks to their resources and increasing political stability and 'has steadily increased levels of peacefulness since 2007'. The World Bank reports the economy of Sub-Saharan African countries grew at rates that match or surpass global rates.[30][31] According to the United Nations Department of Economic and Social Affairs, the improvement in the region's aggregate growth is largely attributable to a recovery in Egypt, Nigeria and South Africa, three of Africa's largest economies.[29]

Sub-Saharan Africa was severely harmed when government revenue declined from 22% of GDP in 2011 to 17% in 2021. 15 African nations hold significant debt risk, and 7 are currently in financial crisis according to the IMF. The region went on to receive IMF Special Drawing Rights of $23 billion in 2021 to assist critical public spending.[32][33][34]

The economies of the fastest growing African nations experienced growth significantly above the global average rates. The top nations in 2007 include Mauritania with growth at 19.8%, Angola at 17.6%, Sudan at 9.6%, Mozambique at 7.9% and Malawi at 7.8%.[35] Other fast growers include Rwanda, Mozambique, Chad, Niger, Burkina Faso, Ethiopia. Nonetheless, growth has been dismal, negative or sluggish in many parts of Africa including Zimbabwe, the Democratic Republic of the Congo, the Republic of the Congo and Burundi. Many international agencies are increasingly interested in investing in emerging African economies,[36] especially as Africa continues to maintain high economic growth despite current global economic recession.[37] The rate of return on investment in Africa is currently the highest in the developing world.[38]

Debt relief is being addressed by some international institutions in the interests of supporting economic development in Africa. In 1996, the UN sponsored the Heavily Indebted Poor Countries (HIPC) initiative, subsequently taken up by the IMF, World Bank and the African Development Fund (AfDF) in the form of the Multilateral Debt Relief Initiative (MDRI).[39] As of 2013, the initiative has given partial debt relief to 30 African countries.[40]

In early 2021, the European Investment Bank, with the help of the Making Finance Work for Africa Partnership (MFW4A), surveyed 78 banks in Sub-Saharan Africa for the EIB Banking in Africa study. The banks that took part control nearly 30% of the continent's assets.[41][42] Almost two-thirds of Banks surveyed tightened lending rules, but more than 80% expanded their use of restructuring or loan moratoriums. Few banks were required to modify their employee levels, while slightly under one-third adjusted their prices. Approximately half of the answering banks had employee guarantees, the majority of which came from the central bank, the government, or an international financial institution.[41]

 
Probability of going bankrupt due to COVID-19 - difference between female-led firms and male-led firms. (as of 2023)[43]
 
Probability of experiencing permanent closures due to COVID-19 (in %)[44]

Fiscal stimulus packages in African countries through to mid-2020 amounted to roughly 1–2% of GDP, with monetary stimulus amounting to about 2% of GDP. This is close to the IMF's global average for low-income developing nations, which is around 2% of 2020 GDP over a one-year period from the start of the COVID-19 pandemic. At the same time, developing markets adopted a package worth around 4% of GDP, whereas advanced countries executed a package worth approximately 16% of GDP.[41][45][46] As African nations struggled to address the health and economic repercussions of the pandemic, the average fiscal deficit throughout Africa increased from 5% of GDP in 2019 to over 8% in 2020. Due to a lack of fiscal headroom, the deficit resulted in increasing borrowing, which African countries have less capacity to absorb than other developed economies.[41][47]

Northern and Southern African countries have taken the most total measures to address the financial sector crisis resulting from the pandemic, with an average of 14 measures per country.[48][49] 34 African nations have adopted steps to increase liquidity and lower borrowing costs, mostly through lowering the policy rate. South Africa, for example, has decreased policy rates by 200 basis points or more.[48] The most used measure has been to modify the handling of nonperforming loans by lowering provisioning requirements. To help banks get through the COVID-19 crisis, authorities have limited dividends or other uses of earnings, permitted the temporary release of capital buffers, eased capital or liquidity requirements, or made other temporary adjustments to prudential standards.[48][50] Despite the COVID-19 pandemic, African private investment was steady in 2020, rising to $4.3 billion from $3.9 billion in 2019 as pipeline and current transactions were closed.[32] For resource-intensive nations, real per capita GDP is anticipated to stay below pre-pandemic levels until at least 2024, with growth of barely 1% per year in 2022 and

2023. Before the pandemic, 2% or more of growth had been anticipated.[51][52]

In 2023, East Africa has the largest crowding out pressures, whereas North Africa has the lowest.[53] In a recent report, female-led businesses were found more likely to invest in innovation, export goods and services, and provide employee training. Over half of the banks studied in this report indicated a lower percentage of non-performing loans among enterprises run by women than males.[54][55][56] Female-led firms also had lower rates of bankruptcy and were less likely to be affected by the COVID-19 pandemic.[57][58] 65% of banks in Africa were found to have a gender focused strategy in place.[54]

 
Outstanding sovereign debt in Africa ($ bn) in 2023.

Trade growth edit

Trade has driven much of the growth in Africa's economy in the early 21st century. China and India are increasingly important trade partners; 12.5% of Africa's exports are to China, and 4% are to India, which accounts for 5% of China's imports and 8% of India's. The Group of Five (Indonesia, Malaysia, Saudi Arabia, Thailand, and the United Arab Emirates) are another increasingly important market for Africa's exports.[59]

Future edit

 
A mobile phone advertisement on the side of a van, Kampala, Uganda

Africa's economy—with expanding trade, English language skills (official in many Sub-Saharan countries), improving literacy and education, availability of splendid resources and cheaper labour force—is expected to continue to perform better into the future. Trade between Africa and China stood at US$166 billion in 2011.[60]

Africa will only experience a "demographic dividend" by 2035, when its young and growing labour force will have fewer children and retired people as dependents as a proportion of the population, making it more demographically comparable to the US and Europe.[61] It is becoming a more educated labour force, with nearly half expected to have some secondary-level education by 2020. A consumer class is also emerging in Africa and is expected to keep booming. Africa has around 90 million people with household incomes exceeding $5,000, meaning that they can direct more than half of their income towards discretionary spending rather than necessities. This number could reach a projected 128 million by 2020.[61]

During the President of the United States Barack Obama's visit to Africa in July 2013, he announced a US$7 billion plan to further develop infrastructure and work more intensively with African heads of state. A new program named Trade Africa, designed to boost trade within the continent as well as between Africa and the U.S., was also unveiled by Obama.[62]

With the introduction of the new economic growth and development plan introduced by the African Union members about 27 of its members who average some of the most developing economies of the continent will further boost economic social and political integration of the continent. The African Continental Free Trade Area will boost business activities between member states and within the continent. This will further reduce too much reliance on importation of finished products and raw materials in to the continent.[63]

The gap between rich and poor countries is predicted to continue to grow over the coming decades.[64]

Entrepreneurship edit

Entrepreneurship is key to growth. Governments will need to ensure business friendly regulatory environments in order to help foster innovation. In 2019, venture capital startup funding grew to 1.3 billion dollars, increasing rapidly. The causes are as of yet unclear, but education is certainly a factor.[65]

Climate change edit

This section is an excerpt from Climate change in Africa § Economic impacts.[edit]
Africa is warming faster than the rest of the world on average. Large portions of the continent may become uninhabitable as a result and Africa's gross domestic product (GDP) may decline by 2% as a result of a 1 °C rise in average world temperature, and by 12% as a result of a 4 °C rise in temperature. Crop yields are anticipated to drastically decrease as a result of rising temperatures and it is anticipated that heavy rains would fall more frequently and intensely throughout Africa, increasing the risk of floods.[66][67][68][69]

Causes of the economic underdevelopment over the years edit

The seemingly intractable nature of Africa's poverty has led to debate concerning its root causes. Endemic warfare and unrest, widespread corruption, and despotic regimes are both causes and effects of the continued economic problems. The decolonization of Africa was fraught with instability aggravated by cold war conflict. Since the mid-20th century, the Cold War and increased corruption, poor governance, disease and despotism have also contributed to Africa's poor economy.[70][71][72][73]

According to The Economist, the most important factors are government corruption, political instability, socialist economics, and protectionist trade policy.[65]

Infrastructure edit

 
The Trans-African Highway network

According to the researchers at the Overseas Development Institute, the lack of infrastructure in many developing countries represents one of the most significant limitations to economic growth and achievement of the Millennium Development Goals (MDGs).[74] Infrastructure investments and maintenance can be very expensive, especially in such areas as landlocked, rural and sparsely populated countries in Africa.[74]

It has been argued that infrastructure investments contributed to more than half of Africa's improved growth performance between 1990 and 2005 and increased investment is necessary to maintain growth and tackle poverty.[74] The returns to investment in infrastructure are very significant, with on average 30–40% returns for telecommunications (ICT) investments, over 40% for electricity generation, and 80% for roads.[74]

In Africa, it is argued that to meet the MDGs by 2015, infrastructure investments would need to reach about 15% of GDP (around $93 billion a year).[74] Currently, the source of financing varies significantly across sectors.[74] Some sectors are dominated by state spending, others by overseas development aid (ODA) and yet others by private investors.[74] In sub-Saharan Africa, the state spends around $9.4 billion out of a total of $24.9 billion.[74]

In irrigation, SSA[clarification needed] states represent almost all spending; in transport and energy a majority of investment is state spending; in Information and communication technologies and water supply and sanitation, the private sector represents the majority of capital expenditure.[74] Overall, aid, the private sector and non-OECD financiers between them exceed state spending.[74] The private sector spending alone equals state capital expenditure, though the majority is focused on ICT infrastructure investments.[74] External financing increased from $7 billion (2002) to $27 billion (2009). China, in particular, has emerged as an important investor.[74]

Colonialism edit

Main article: Colonisation of Africa
 
Railway map of Africa, including tracks proposed and under construction, The Statesman's Yearbook, 1899

The principal aim of colonial rule in Africa by European colonial powers was to exploit natural wealth in the African continent at a low cost. Some writers, such as Walter Rodney in his book How Europe Underdeveloped Africa, argue that these colonial policies are directly responsible for many of Africa's modern problems.[71][75] Critics of colonialism charge colonial rule with injuring African pride, self-worth and belief in themselves. Other post-colonial scholars, most notably Frantz Fanon continuing along this line, have argued that the true effects of colonialism are psychological and that domination by a foreign power creates a lasting sense of inferiority and subjugation that creates a barrier to growth and innovation. Such arguments posit that a new generation of Africans free of colonial thought and mindset is emerging and that this is driving economic transformation.[76]

Historians L. H. Gann and Peter Duignan have argued that Africa probably benefited from colonialism on balance. Although it had its faults, colonialism was probably "one of the most efficacious engines for cultural diffusion in world history".[77] These views, however, are controversial and are rejected by some who, on balance, see colonialism as bad. The economic historian David Kenneth Fieldhouse has taken a kind of middle position, arguing that the effects of colonialism were actually limited and their main weakness wasn't in deliberate underdevelopment but in what it failed to do.[78] Niall Ferguson agrees with his last point, arguing that colonialism's main weaknesses were sins of omission.[79] Analysis of the economies of African states finds that independent states such as Liberia and Ethiopia did not have better economic performance than their post-colonial counterparts. In particular the economic performance of former British colonies was better than both independent states and former French colonies.[80]

Africa's relative poverty predates colonialism. Jared Diamond argues in Guns, Germs, and Steel that Africa has always been poor due to a number of ecological factors affecting historical development. These factors include low population density, lack of domesticated livestock and plants and the north–south orientation of Africa's geography.[81] However Diamond's theories have been criticized by some including James Morris Blaut as a form of environmental determinism.[82] Historian John K. Thornton argues that sub-Saharan Africa was relatively wealthy and technologically advanced until at least the seventeenth century.[83] Some scholars who believe that Africa was generally poorer than the rest of the world throughout its history make exceptions for certain parts of Africa. Acemoglue and Robinson, for example, argue that most of Africa has always been relatively poor, but "Aksum, Ghana, Songhay, Mali, [and] Great Zimbabwe ... were probably as developed as their contemporaries anywhere in the world."[84] A number of people including Rodney and Joseph E. Inikori have argued that the poverty of Africa at the onset of the colonial period was principally due to the demographic loss associated with the slave trade as well as other related societal shifts.[85] Others such as J. D. Fage and David Eltis have rejected this view.[86]

Language diversity edit

 
A randomly selected pair of people in Ghana has only an 8.1% chance of sharing a mother tongue.[citation needed]

African countries suffer from communication difficulties caused by language diversity. Greenberg's diversity index is the chance that two randomly selected people would have different mother tongues. Out of the most diverse 25 countries according to this index, 18 (72%) are African.[87] This includes 12 countries for which Greenberg's diversity index exceeds 0.9, meaning that a pair of randomly selected people will have less than 10% chance of having the same mother tongue. However, the primary language of government, political debate, academic discourse, and administration is often the language of the former colonial powers; English, French, or Portuguese.[citation needed]

Trade-based theories edit

Dependency theory asserts that the wealth and prosperity of the superpowers and their allies in Europe, North America and East Asia is dependent upon the poverty of the rest of the world, including Africa. Economists who subscribe to this theory believe that poorer regions must break their trading ties with the developed world in order to prosper.[88]

Less radical theories suggest that economic protectionism in developed countries hampers Africa's growth. When developing countries have harvested agricultural produce at low cost, they generally do not export as much as would be expected. Abundant farm subsidies and high import tariffs in the developed world, most notably those set by Japan, the European Union's Common Agricultural Policy, and the United States Department of Agriculture, are thought to be the cause. Although these subsidies and tariffs have been gradually reduced, they remain high.

Local conditions also affect exports; state over-regulation in several African nations can prevent their own exports from becoming competitive. Research in Public Choice economics such as that of Jane Shaw suggest that protectionism operates in tandem with heavy State intervention combining to depress economic development. Farmers subject to import and export restrictions cater to localized markets, exposing them to higher market volatility and fewer opportunities. When subject to uncertain market conditions, farmers press for governmental intervention to suppress competition in their markets, resulting in competition being driven out of the market. As competition is driven out of the market, farmers innovate less and grow less food further undermining economic performance.[89][90]

Governance edit

Although Africa and Asia had similar levels of income in the 1960s, Asia has since outpaced Africa, with the exception of a few extremely poor and war-torn countries like Afghanistan and Yemen. One school of economists argues that Asia's superior economic development lies in local investment. Corruption in Africa consists primarily of extracting economic rent and moving the resulting financial capital overseas instead of investing at home; the stereotype of African dictators with Swiss bank accounts is often accurate. University of Massachusetts Amherst researchers estimate that from 1970 to 1996, capital flight from 30 sub-Saharan countries totalled $187bn, exceeding those nations' external debts.[91] Authors Leonce Ndikumana and James K. Boyce estimate that from 1970 to 2008, capital flight from 33 sub-Saharan countries totalled $700bn.[92]

Congolese dictator Mobutu Sese Seko became notorious for corruption, nepotism, and the embezzlement of between US$4 billion and $15 billion during his reign.[93][94] Socialist governments influenced by Marxism, and the land reform they have enacted, have also contributed to economic stagnation in Africa. For example, the regime of Robert Mugabe in Zimbabwe, particularly the land seizures from white farmers, led to the collapse of the country's agricultural economy, which had formerly been one of Africa's strongest;[95] Mugabe had been previously supported by the USSR and China during the Zimbabwe War of Liberation. Tanzania was left as one of the world's poorest and most aid-dependent nations, and has taken decades to recover.[96] Since the abolition of the socialist one-party state in 1992 and the transition to democracy, Tanzania has experienced rapid economic growth, with growth of 6.5% in 2017.[97]

Foreign aid edit

Food shipments in case of dire local shortage are generally uncontroversial; but as Amartya Sen has shown, most famines involve a local lack of income rather than of food. In such situations, food aid—as opposed to financial aid—has the effect of destroying local agriculture and serves mainly to benefit Western agribusiness which are vastly overproducing food as a result of agricultural subsidies.

Historically, food aid is more highly correlated with excess supply in Western countries than with the needs of developing countries. Foreign aid has been an integral part of African economic development since the 1980s.[14]

The aid model has been criticized for supplanting trade initiatives.[14] Growing evidence shows that foreign aid has made the continent poorer.[98] One of the biggest critics of the aid development model is economist Dambisa Moyo (a Zambian economist based in the US), who introduced the Dead Aid model, which highlights how foreign aid has been a deterrent for local development.[99]

Today, Africa faces the problem of attracting foreign aid in areas where there is potential for high income from demand. It is in need of more economic policies and active participation in the world economy. As globalization has heightened the competition for foreign aid among developing countries, Africa has been trying to improve its struggle to receive foreign aid by taking more responsibility at the regional and international level. In addition, Africa has created the ‘Africa Action Plan’ in order to obtain new relationships with development partners to share responsibilities regarding discovering ways to receive aid from foreign investors.[100]

Trade blocs and multilateral organizations edit

The African Union is the largest international economic grouping on the continent. The confederation's goals include the creation of a free trade area, a customs union, a single market, a central bank, and a common currency (see African Monetary Union), thereby establishing economic and monetary union. The current plan is to establish an African Economic Community with a single currency by 2023.[101] The African Investment Bank is meant to stimulate development. The AU plans also include a transitional African Monetary Fund leading to an African Central Bank. Some parties support development of an even more unified United States of Africa.

International monetary and banking unions include:

Major economic unions are shown in the chart below.

African Economic Community
Pillar regional
blocs (REC) 		Area
(km²) 		Population GDP (PPP) ($US) Member
states
(millions) (per capita)
EAC 4,810,363 312,362,653 833,622 3,286 7
ECOWAS/CEDEAO 5,112,903 349,154,000 1,322,452 3,788 15
IGAD 5,233,604 294,197,387 225,049 1,197 7
AMU/UMA a 6,046,441 106,919,526 1,299,173 12,628 5
ECCAS/CEEAC 6,667,421 218,261,591 175,928 1,451 11
SADC 9,882,959 394,845,175 737,392 3,152 15
COMESA 12,873,957 406,102,471 735,599 1,811 20
CEN-SAD a 14,680,111 29
Total AEC 29,910,442 853,520,010 2,053,706 2,406 54
Other regional
blocs 		Area
(km²) 		Population GDP (PPP) ($US) Member
states
(millions) (per capita)
WAMZ 1 1,602,991 264,456,910 1,551,516 5,867 6
SACU 1 2,693,418 51,055,878 541,433 10,605 5
CEMAC 2 3,020,142 34,970,529 85,136 2,435 6
UEMOA 1 3,505,375 80,865,222 101,640 1,257 8
UMA 2 a 5,782,140 84,185,073 491,276 5,836 5
GAFTA 3 a 5,876,960 1,662,596 6,355 3,822 5
During 2004. Sources: The World Factbook 2005, IMF WEO Database.
  Smallest value among the blocs compared.
  Largest value among the blocs compared.
1: Economic bloc inside a pillar REC.
2: Proposed for pillar REC, but objecting participation.
3: Non-African members of GAFTA are excluded from figures.
a: The area 446,550 km2 used for Morocco excludes all disputed territories, while 710,850 km2 would include the Moroccan-claimed and partially-controlled parts of Western Sahara (claimed as the Sahrawi Arab Democratic Republic by the Polisario Front). Morocco also claims Ceuta and Melilla, making up about 22.8 km2 (8.8 sq mi) more claimed territory.
This box:
Further information: Economy of the African Union

Regional economic organizations edit

During the 1960s, Ghanaian politician Kwame Nkrumah promoted economic and political union of African countries, with the goal of independence.[102] Since then, objectives, and organizations, have multiplied. Recent decades have brought efforts at various degrees of regional economic integration. Trade between African states accounts for only 11% of Africa's total commerce as of 2012, around five times less than in Asia.[103] Most of this intra-Africa trade originates from South Africa and most of the trade exports coming out of South Africa goes to abutting countries in Southern Africa.[104]

There are currently eight regional organizations that assist with economic development in Africa:[105]

Name of organization Date created Member countries Cumulative GDP (in millions of US dollars)
Economic Community of West African States 28 May 1975 Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea-Bissau, Guinea, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo 657
East African Community 30 November 1999 Burundi, Kenya, Uganda, Rwanda, Tanzania 232
Economic Community of Central African States 18 October 1983 Angola, Burundi, Cameroon, Central African Republic, Congo, Democratic Republic of Congo, Gabon, Guinea, São Tomé and Príncipe, Chad 289
Southern African Development Community 17 August 1992 Angola, Botswana, Eswatini (Swaziland), Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Democratic Republic of Congo, Seychelles, South Africa, Tanzania, Zambia, Zimbabwe 909
Intergovernmental Authority on Development 25 November 1996 Djibouti, Ethiopia, Kenya, Uganda, Somalia, Sudan, South Sudan 326
Community of Sahel-Saharan States 4 February 1998 Benin, Burkina Faso, Central African Republic, Comoros, Djibouti, Egypt, Eritrea, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Kenya, Liberia, Libya, Mali, Morocco, Mauritania, Niger, Nigeria, São Tomé and Príncipe, Senegal, Sierra Leone, Somalia, Sudan, Chad, Togo, Tunisia 1, 692
Common Market for Eastern and Southern Africa 5 November 1993 Burundi, Comoros, Djibouti, Egypt, Eritrea, Eswatini (Swaziland), Ethiopia, Kenya, Liberia, Madagascar, Malawi, Mauritius, Uganda, Democratic Republic of Congo, Rwanda, Seychelles, Sudan, Zambia, Zimbabwe 1,011
Arab Maghreb Union 17 February 1989 Algeria, Libya, Morocco, Mauritania, Tunisia 579

Economic variants and indicators edit

 
Map of Africa by nominal GDP in billions USD (2020)
  >200
  100–200
  50–100
  20–50
  10–20
  5–10
  1–5
  <1

After an initial rebound from the 2009 world economic crisis, Africa's economy was undermined in the year 2011 by the Arab uprisings. The continent's growth fell back from 5% in 2010 to 3.4% in 2011. With the recovery of North African economies and sustained improvement in other regions, growth across the continent is expected to accelerate to 4.5% in 2012 and 4.8% in 2013.[citation needed] Short-term problems for the world economy remain as Europe confronts its debt crisis. Commodity prices—crucial for Africa—have declined from their peak due to weaker demand and increased supply, and some could fall further. But prices are expected to remain at levels favourable for African exporter.[106]

Regions edit

Economic activity has rebounded across Africa. However, the pace of recovery was uneven among groups of countries and subregions. Oil-exporting countries generally expanded more strongly than oil-importing countries. West Africa and East Africa were the two best-performing subregions in 2010.[107]

Intra-African trade has been slowed by protectionist policies among countries and regions, and remains low at 17 percent, compared to Europe, where intra-regional trade is at 69 percent.[108] Despite this, trade between countries belonging to the Common Market for Eastern and Southern Africa (COMESA), a particularly strong economic region, grew six-fold over the past decade up to 2012.[109] Ghana and Kenya, for example, have developed markets within the region for construction materials, machinery, and finished products, quite different from the mining and agriculture products that make up the bulk of their international exports.[110]

The African Ministers of Trade agreed in 2010 to create a Pan-Africa Free Trade Zone. This would reduce countries' tariffs on imports and increase intra-African trade, and it is hoped, the diversification of the economy overall.[111]

 
Worlds regions by total wealth (in trillions USD), 2018
 
Countries by total wealth (trillions USD), Credit Suisse
 
Countries by 2020 GDP (PPP) per capita[112]
 
Mean Wind Speed in Sub-Saharan Africa[113]
 
Global Horizontal Irradiation in Sub-Saharan Africa[113]

African nations edit

Country Total GDP (nominal) in
2019 (billion US$)[114]		 GDP per capita in
2019 (US$, PPP)[114]		 Average annual
real GDP growth
2010-2019 (%)[114]		 HDI 2019[115]
  Algeria 169.3 11,729 2.6 0.748
  Angola 89.4 7,384 1.9 0.581
  Benin 14.4 3,423 5.1 0.545
  Botswana 18.5 17,949 4.3 0.735
  Burkina Faso 15.7 2,282 5.7 0.452
  Burundi 3.1 821 2.0 0.433
  Cameroon 38.9 3,856 4.6 0.563
  Cape Verde 2.0 7,471 2.9 0.665
  Central African Republic 2.3 985 −1.8 0.397
  Chad 10.9 1,654 2.2 0.398
  Comoros 1.2 3,108 3.1 0.554
  DR Congo 49.8 1,015 6.1 0.480
  Congo 12.5 4,600 −1.0 0.574
  Djibouti 3.3 5,195 6.6 0.524
  Egypt 302.3 12,391 3.8 0.707
  Equatorial Guinea 11.8 19,291 −2.9 0.592
  Eritrea 2.0 1,836 3.4 0.459
  Eswatini (Swaziland) 4.6 9,245 2.4 0.611
  Ethiopia 92.8 2,724 9.5 0.485
  Gabon 16.9 16,273 3.7 0.703
  Gambia 1.8 2,316 2.4 0.496
  Ghana 67.0 5,688 6.5 0.611
  Guinea 13.8 2,506 6.2 0.477
  Guinea-Bissau 1.4 2,429 3.8 0.480
  Ivory Coast 58.6 5,327 6.7 0.538
  Kenya 95.4 4,985 5.6 0.601
  Lesotho 2.4 3,010 2.8 0.527
  Liberia 3.2 1,601 2.7 0.480
  Libya 39.8 14,174 −10.2 0.724
  Madagascar 14.1 1,720 3.4 0.528
  Malawi 7.7 1,004 3.8 0.483
  Mali 17.3 2,508 4.3 0.434
  Mauritania 7.6 6,036 3.9 0.546
  Mauritius 14.0 23,819 3.6 0.804
  Mayotte (France) 3.1 (2018)[116] 11,815 (nominal, 2018)[116] (N/A) (N/A)
  Morocco 118.6 8,148 3.4 0.686
  Mozambique 15.2 1,302 5.4 0.456
  Namibia 12.5 10,279 2.8 0.646
  Niger 12.9 1,276 5.9 0.394
  Nigeria 448.1 5,353 3.0 0.539
  Réunion (France) 22.0[117] 25,639 (nominal)[117] 2.1[118] 0.850 (2003)[119]
  Rwanda 10.1 2,363 7.6 0.543
  São Tomé and Príncipe 0.4 4,141 3.9 0.625
  Senegal 23.6 3,536 5.3 0.512
  Seychelles 1.7 30,430 4.6 0.796
  Sierra Leone 4.2 1,778 4.4 0.452
  Somalia 5.2 888.00 (N/A) 0.364 (2008)[120]
  South Africa 351.4 12,962 1.5 0.709
  South Sudan 4.9 862 (N/A) 0.433
  Sudan 33.4 4,140 −1.6 0.510
  Tanzania 60.8 2,841 6.7 0.529
  Togo 5.5 1,657 5.6 0.515
  Tunisia 38.8 11,125 1.8 0.740
  Uganda 36.5 2,646 5.2 0.544
  Zambia 24.2 3,526 4.3 0.584
  Zimbabwe 18.7 2,896 4.2 0.571

Economic sectors and industries edit

Because Africa's export portfolio remains predominantly based on raw material, its export earnings are contingent on commodity price fluctuations. This exacerbates the continent's susceptibility to external shocks and bolsters the need for export diversification. Trade in services, mainly travel and tourism, continued to rise in year 2012, underscoring the continent's strong potential in this sphere.[106][121][122]

Agriculture edit

See also: Women and agriculture in Sub-Saharan Africa
 
A Mount Kenya region farmer

48% of working people in Africa work in agriculture, the highest in the world.[123] The situation whereby African nations export crops to the West while millions on the continent starve has been blamed on the economic policies of the developed countries. These advanced nations protect their own agricultural sectors with high import tariffs and offer government subsidies to their farmers.[124] which many contend leads the overproduction of such commodities as grain, cotton and milk. The impact of agricultural subsidies in developed countries upon developing-country farmers and international development is well documented. Agricultural subsidies can help drive prices down to benefit consumers, but also mean that unsubsidised developing-country farmers have a more difficult time competing in the world market;[125] and the effects on poverty are particularly negative when subsidies are provided for crops that are also grown in developing countries since developing-country farmers must then compete directly with subsidised developed-country farmers, for example in cotton and sugar.[126][127] The IFPRI has estimated in 2003 that the impact of subsidies costs developing countries $24 billion in lost incomes going to agricultural and agro-industrial production; and more than $40Bn is displaced from net agricultural exports.[128] The result of this is that the global price of such products is continually reduced until Africans are unable to compete, except for cash crops that do not grow easily in a northern climate.[121][122][129]

In recent years countries such as Brazil, which has experienced progress in agricultural production, have agreed to share technology with Africa to increase agricultural production in the continent to make it a more viable trade partner.[130] Increased investment in African agricultural technology in general has the potential to reduce poverty in Africa.[121][122][131] The demand market for African cocoa has experienced a price boom in 2008.[132] The Nigerian,[133] South African[134] and Ugandan governments have targeted policies to take advantage of the increased demand for certain agricultural products[135] and plan to stimulate agricultural sectors.[136] The African Union has plans to heavily invest in African agriculture[137] and the situation is closely monitored by the UN.[138]

Ticks are a constant pressure on the continent's livestock.[139] Although acaricides have been commonly used by farmers here, they are becoming less effective.[139] Tick vaccines are under development and may fill this void.[139]

Energy edit

Further information: Energy in Africa and Renewable energy in Africa
 
The Athlone Power Station in Cape Town, South Africa

Africa has significant resources for generating energy in several forms (hydroelectric, reserves of petroleum and gas, coal production, uranium production, renewable energy such as solar, wind and geothermal). The lack of development and infrastructure means that little of this potential is actually in use today.[121][122] The largest consumers of electric power in Africa are South Africa, Libya, Namibia, Egypt, Tunisia, and Zimbabwe, which each consume between 1000 and 5000 KWh/m2 per person, in contrast with African states such as Ethiopia, Eritrea, and Tanzania, where electricity consumption per person is negligible.[140]

Petroleum and petroleum products are the main export of 14 African countries. Petroleum and petroleum products accounted for a 46.6% share of Africa's total exports in 2010; the second largest export of Africa as a whole is natural gas, in its gaseous state and as liquified natural gas, accounting for a 6.3% share of Africa's exports.[141] Only South Africa is using nuclear power commercially.[142]

Infrastructure edit

 
Lagos, Nigeria, Africa's largest city

Lack of infrastructure creates barriers for African businesses.[121][122] Although it has many ports, a lack of supporting transportation infrastructure adds 30–40% to costs, in contrast to Asian ports.[143]

Railway projects were important in mining districts from the late 19th century. Large railway and road projects characterize the late 19th century. Railroads were emphasized in the colonial era, and roads in 'post-colonial' times. Jedwab & Storeygard find that in 1960–2015 there were strong correlations between transportation investments and economic development. Influential political include pre-colonial centralization, ethnic fractionalization, European settlement, natural resource dependence, and democracy.[144]

Many large infrastructure projects are underway across Africa. By far, most of these projects are in the production and transportation of electric power. Many other projects include paved highways, railways, airports, and other construction.[143]

Telecommunications infrastructure is also a growth area in Africa. Although Internet penetration lags other continents, it has still reached 9%. As of 2011, it was estimated that 500,000,000 mobile phones of all types were in use in Africa, including 15,000,000 "smart phones".[145]

Mining and drilling edit

Main article: Mineral industry of Africa
Oil production by country[146]
Rank Area bb/day Year Like
W: World 85540000 2007 est.
01 E: Russia 9980000 2007 est.
02 Ar: Saudi Arb 9200000 2008 est.
04 As: Libya 4725000 2008 est. Iran
10 Af: Nigeria 2352000 2011 est. Norway
15 Af: Algeria 2173000 2007 est.
16 Af: Angola 1910000 2008 est.
17 Af: Egypt 1845000 2007 est.
27 Af: Tunisia 664000 2007 est. Australia
31 Af: Sudan 466100 2007 est. Ecuador
33 Af: Eq. Guinea 368500 2007 est. Vietnam
38 Af: DR Congo 261000 2008 est.
39 Af: Gabon 243900 2007 est.
40 Af: Sth Africa 199100 2007 est.
45 Af: Chad 156000 2008 est. Germany
53 Af: Cameroon 87400 2008 est. France
56 E: France 71400 2007
60 Af: Ivory Coast 54400 2008 est.
— Af: Africa 10780400 2011 Russia

The mineral industry of Africa is one of the largest mineral industries in the world. Africa is the second biggest continent, with 30 million km2 of land, which implies large quantities of resources.[121][122] For many African countries, mineral exploration and production constitute significant parts of their economies and remain keys to future economic growth. Africa is richly endowed with mineral reserves and ranks first or second in quantity of world reserves of bauxite, cobalt, industrial diamond, phosphate rock, platinum-group metals (PGM), vermiculite, and zirconium.

African mineral reserves rank first or second for bauxite, cobalt, diamonds, phosphate rocks, platinum-group metals (PGM), vermiculite, and zirconium. Many other minerals are also present in quantity. The 2005 share of world production from African soil is the following: bauxite 9%; aluminium 5%; chromite 44%; cobalt 57%; copper 5%; gold 21%; iron ore 4%; steel 2%; lead (Pb) 3%; manganese 39%; zinc 2%; cement 4%; natural diamond 46%; graphite 2%; phosphate rock 31%; coal 5%; mineral fuels (including coal) & petroleum 13%; uranium 16%.[citation needed]

Manufacturing edit

 
The Soucreye sugar factory in Sidi Bennour (Doukkala), Morocco

Both the African Union and the United Nations have outlined plans in modern years on how Africa can help itself industrialize and develop significant manufacturing sectors to levels proportional to the African economy in the 1960s with 21st-century technology.[147] This focus on growth and diversification of manufacturing and industrial production, as well as diversification of agricultural production, has fueled hopes that the 21st century will prove to be a century of economic and technological growth for Africa. This hope, coupled with the rise of new leaders in Africa in the future, inspired the term "the African Century", referring to the 21st century potentially being the century when Africa's vast untapped labor, capital, and resource potentials might become a world player. This hope in manufacturing and industry is helped by the boom in communications technology[148] and local mining industry[149] in much of sub-Saharan Africa. Namibia has attracted industrial investments in recent years[150] and South Africa has begun offering tax incentives to attract foreign direct investment projects in manufacturing.[151]

Countries such as Mauritius have plans for developing new "green technology" for manufacturing.[152] Developments such as this have huge potential to open new markets for African countries as the demand for alternative "green" and clean technology is predicted to soar in the future as global oil reserves dry up and fossil fuel-based technology becomes less economically viable.[153][154]

Nigeria in recent years has been embracing industrialization, It currently has an indigenous vehicle manufacturing company, Innoson Vehicle Manufacturing (IVM) which manufactures Rapid Transit Buses, Trucks and SUVs with an upcoming introduction of Cars.[155] Their various brands of vehicle are currently available in Nigeria, Ghana and other West African Nations.[156][157][158][159] Nigeria also has few Electronic manufacturers like Zinox, the first Branded Nigerian Computer and Electronic gadgets (like tablet PCs) manufacturers.[160] In 2013, Nigeria introduced a policy regarding import duty on vehicles to encourage local manufacturing companies in the country.[161][162] In this regard, some foreign vehicle manufacturing companies like Nissan have made known their plans to have manufacturing plants in Nigeria.[163] Apart from Electronics and vehicles, most consumer, pharmaceutical and cosmetic products, building materials, textiles, home tools, plastics and so on are also manufactured in the country and exported to other west African and African countries.[164][165][166] Nigeria is currently the largest manufacturer of cement in Sub-saharan Africa.[167] and Dangote Cement Factory, Obajana is the largest cement factory in sub-saharan Africa.[168] Ogun is considered to be Nigeria's industrial hub (as most factories are located in Ogun and even more companies are moving there), followed by Lagos.[169][170][171]

The manufacturing sector is small but growing in East Africa.[172] The main industries are textile and clothing, leather processing, agribusiness, chemical products, electronics and vehicles.[172] East African countries like Uganda also produce motorcycles for the domestic market.[173]

Investment and banking edit

See also: Central banks and currencies of Africa and List of African stock exchanges
 
Many financial firms have offices in downtown Johannesburg, South Africa.

Africa's US$107 billion financial services industry will log impressive growth for the rest of the decade[which?] as more banks target the continent's emerging middle class.[174] The banking sector has been experiencing record growth, among others due to various technological innovations.[175]

China and India[176] have showed increasing interest in emerging African economies in the 21st century. Reciprocal investment between Africa and China increased dramatically in recent years[177][178] amidst the current world financial crisis.[179]

The increased investment in Africa by China has attracted the attention of the European Union and has provoked talks of competitive investment by the EU.[180] Members of the African diaspora abroad, especially in the EU and the United States, have increased efforts to use their businesses to invest in Africa and encourage African investment abroad in the European economy.[181]

Remittances from the African diaspora and rising interest in investment from the West will be especially helpful for Africa's least developed and most devastated economies, such as Burundi, Togo and Comoros.[182] However, experts lament the high fees involved in sending remittances to Africa due to a duopoly of Western Union and MoneyGram that is controlling Africa's remittance market, making Africa is the most expensive cash transfer market in the world.[183] According to some experts, the high processing fees involved in sending money to Africa are hampering African countries' development.[184]

Remittances continue to be the most important source of external financial flows to Africa, accounting for 3.8% of GDP in 2021. However, only approximately 30% of it is dedicated to economic activities, the majority of which are in the informal sector, limiting its potential for productive transformation.[54][185][186]

Angola has announced interests in investing in the EU, Portugal in particular.[187] South Africa has attracted increasing attention from the United States as a new frontier of investment in manufacture, financial markets and small business,[188] as has Liberia in recent years under their new leadership.[189]

There are two African currency unions: the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Both use the CFA franc as their legal tender. The idea of a single currency union across Africa has been floated, and plans exist to have it established by 2020, though many issues, such as bringing continental inflation rates below 5 percent, remain hurdles in its finalization.[190]

Stock exchanges edit

 
The Bourse de Tunis headquarters in Tunis, Tunisia

As of 2012, Africa has 23 stock exchanges, twice as many as it had 20 years earlier. Nonetheless, African stock exchanges still account for less than 1% of the world's stock exchange activity.[191] The top ten stock exchanges in Africa by stock capital are (amounts are given in billions of United States dollars):[192] but now a days there are around 29 stock exchange in Africa

  • South Africa (82.88)(2014)[193]
  • Egypt ($73.04 billion (30 November 2014 est.))[194]
  • Morocco (5.18)
  • Nigeria (5.11) (Actually has a market capitalisation value of $39.27 Bln)[195]
  • Kenya (1.33)
  • Tunisia (0.88)
  • BRVM (regional stock exchange whose members include Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo: 6.6)
  • Mauritius (0.55)
  • Botswana (0.43)
  • Ghana (.38)
African Stock Exchanges
Stock Exchange Name City Country Year Founded Currency Value in USD
Angola Debt and Stock Exchange Luanda   Angola 1995 Angolan Kwanza
Botswana Stock Exchange Gaborone   Botswana 1995 Botswana Pula
Cape Town Stock Exchange Cape Town   South Africa 2016 South Africa Rand
Eswatini Stock Exchange Mbabane   Eswatini 1990 Eswatini lilangeni
Johannesburg Stock Exchange Limited Johannesburg   South Africa 1887 South Africa Rand
Lusaka Stock Exchange Lusaka   Zambia 1994 Zambian Kwacha
Malawi Stock Exchange Blantyre   Malawi 1996 Malawi Kwacha
Namibian Stock Exchange Windhoek   Namibia 1904 Namibian Dollar
Victoria Falls Stock Exchange Victoria Falls   Zimbabwe 2020 United States Dollar
Zimbabwe Stock Exchange Harare   Zimbabwe 1896 Zimbabwe Dollar

Between 2009 and 2012, a total of 72 companies were launched on the stock exchanges of 13 African countries.[196]

See also edit

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General and cited references edit

  • Fage, J. D. A History of Africa (Routledge, 4th edition, 2001 ISBN 0-415-25247-4) (Hutchinson, 1978, ISBN 0-09-132851-9) (Knopf 1st American edition, 1978, ISBN 0-394-32277-0)
  • Goldsmith, Arthur A. (2001). "Foreign Aid and Statehood in Africa". International Organization. 55 (1): 123–148. doi:10.1162/002081801551432. JSTOR 3078599. S2CID 154839545.
  • Kayizzi-Mugerwa, Steve The African Economy: Policy, Institutions and the Future (Routledge, 1999, ISBN 0-415-18323-5)
  • Laouisset, Djamel (2009). A Retrospective Study of the Algerian Iron and Steel Industry. New York City: Nova Publishers. ISBN 978-1-61761-190-2
  • Moshomba, Richard E. Africa in the Global Economy (Lynne Rienner, 2000, ISBN 1-55587-718-4)
  • OECD. African Economic Outlook 2006/2007 (OECD, 2007, ISBN 978-92-64-03313-9)
  • Rodney, Walter. How Europe Underdeveloped Africa. (Washington: Howard UP, 1982, ISBN 0-88258-096-5)
  • Sahn, David E., Paul A. Dorosh, Stephen D. Younger, Structural Adjustment Reconsidered: Economic Policy and Poverty in Africa (Cambridge University Press, 1997, ISBN 0-521-58451-5)

External links edit

 
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  • Africa: Living on the Fringe, Monthly Review. Samir Amin offers a Marxist analysis of Africa's continued economic crisis
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February 16, 2024
economy, africa, economy, africa, consists, trade, industry, agriculture, human, resources, continent, 2019, update, approximately, billion, people, were, living, countries, africa, africa, resource, rich, continent, recent, growth, been, growth, sales, commod. The economy of Africa consists of the trade industry agriculture and human resources of the continent As of 2019 update approximately 1 3 billion people 11 were living in 53 countries in Africa Africa is a resource rich continent 12 13 Recent growth has been due to growth in sales commodities services and manufacturing 14 West Africa East Africa Central Africa and Southern Africa in particular are expected to reach a combined GDP of 29 trillion by 2050 15 Economy of AfricaLagos is the largest city in Africa StatisticsPopulation1 39 billion 1 2 GDP 3 1 trillion nominal 2023 est 3 8 86 trillion PPP 2023 est 4 GDP rank5th nominal 2023 4th PPP 2023 GDP growth3 7 2023 est 5 GDP per capita 1 740 nominal 2023 est 6 5 360 PPP 2023 est 7 GDP per capita rank6th nominal 2023 6th PPP 2023 Inflation CPI 15 5 2023 est 8 Millionaires US 352 000 2022 9 Public financesGovernment debt62 4 of GDP 2023 est 10 Most numbers are from the International Monetary Fund IMF Africa DatasetsAll values unless otherwise stated are in US dollars In March 2013 Africa was identified as the world s poorest inhabited continent however the World Bank expects that most African countries will reach middle income status defined as at least US 1 025 per person a year by 2025 if current growth rates continue 16 There are a number of reasons for Africa s poor economy historically even though Africa had a number of empires trading with many parts of the world many people lived in rural societies in addition European colonization and the later Cold War created political economic and social instability 17 However as of 2013 update Africa was the world s fastest growing continent at 5 6 a year and GDP is expected to rise by an average of over 6 a year between 2013 and 2023 12 18 In 2017 the African Development Bank reported Africa to be the world s second fastest growing economy and estimates that average growth will rebound to 3 4 in 2017 while growth is expected to increase by 4 3 in 2018 19 Growth has been present throughout the continent with over one third of African countries posting 6 or higher growth rates and another 40 growing between 4 and 6 per year 12 Several international business observers have also named Africa as the future economic growth engine of the world 20 Contents 1 History 1 1 20th century upheaval 2 Current conditions 2 1 Trade growth 2 2 Future 2 3 Entrepreneurship 2 4 Climate change 3 Causes of the economic underdevelopment over the years 3 1 Infrastructure 3 2 Colonialism 3 3 Language diversity 3 4 Trade based theories 3 5 Governance 3 6 Foreign aid 4 Trade blocs and multilateral organizations 4 1 Regional economic organizations 5 Economic variants and indicators 5 1 Regions 5 2 African nations 6 Economic sectors and industries 6 1 Agriculture 6 2 Energy 6 3 Infrastructure 6 4 Mining and drilling 6 5 Manufacturing 6 6 Investment and banking 6 6 1 Stock exchanges 7 See also 8 Citations 9 General and cited references 10 External linksHistory editFurther information Economic history of Africa and Scramble for Africa nbsp Old Kingdom market scene Two of the customers are seen carrying little boxes on their shoulders suspected to have contained pieces of metal used as payment For millennia Africa s economy has been diverse driven by extensive trade routes that developed between cities and kingdoms Some trade routes were overland some involved navigating rivers still others developed around port cities Large African empires became wealthy due to their trade networks for example Ancient Egypt Nubia Mali Ashanti the Oyo Empire and Ancient Carthage Some parts of Africa had close trade relationships with Arab kingdoms and by the time of the Ottoman Empire Africans had begun converting to Islam in large numbers This development along with the economic potential in finding a trade route to the Indian Ocean brought the Portuguese to sub Saharan Africa as an imperial force Colonial interests created new industries to feed European appetites for goods such as palm oil rubber cotton precious metals spices cash crops other goods and integrated especially the coastal areas with the Atlantic economy 21 A significant factor on economic development was the gain of human capital by the elite Between the 14th and 20th century it can be observed that in regions with more elite violence and hence higher chances to die at a younger age the elite did not invest much in education Therefore their numeracy as a measure of human capital tends to be lower than in less safe countries and vice versa This can explain the difference in economic development between the African regions 22 20th century upheaval edit Following the independence of African countries during the 20th century economic political and social upheaval consumed much of the continent An economic rebound among some countries has been evident in recent years however 23 The dawn of the African economic boom which is in place since the 2000s has been compared to the Chinese economic boom that had emerged in Asia since late 1970s 24 In 2013 Africa was home to seven of the world s fastest growing economies 25 As of 2018 Nigeria is the biggest economy in Africa by nominal GDP followed by South Africa in terms of PPP Egypt is second biggest after Nigeria 26 Equatorial Guinea has Africa s highest GDP per capita Oil rich countries such as Algeria Libya and Gabon and mineral rich Botswana have emerged among the top economies since the 21st century while Zimbabwe and the Democratic Republic of Congo are potentially among the world s richest nations by natural resources but have sunk into the list of the world s poorest nations due to pervasive political corruption warfare and emigration Botswana stands out for its sustained strong and stable growth since independence 27 28 Current conditions edit nbsp The National Cement Share Company of Ethiopia s new plant in Dire DawaThe United Nations predicts Africa s economic growth will reach 3 5 in 2018 and 3 7 in 2019 29 As of 2007 growth in Africa had surpassed that of East Asia Data suggest parts of the continent are now experiencing fast growth thanks to their resources and increasing political stability and has steadily increased levels of peacefulness since 2007 The World Bank reports the economy of Sub Saharan African countries grew at rates that match or surpass global rates 30 31 According to the United Nations Department of Economic and Social Affairs the improvement in the region s aggregate growth is largely attributable to a recovery in Egypt Nigeria and South Africa three of Africa s largest economies 29 Sub Saharan Africa was severely harmed when government revenue declined from 22 of GDP in 2011 to 17 in 2021 15 African nations hold significant debt risk and 7 are currently in financial crisis according to the IMF The region went on to receive IMF Special Drawing Rights of 23 billion in 2021 to assist critical public spending 32 33 34 The economies of the fastest growing African nations experienced growth significantly above the global average rates The top nations in 2007 include Mauritania with growth at 19 8 Angola at 17 6 Sudan at 9 6 Mozambique at 7 9 and Malawi at 7 8 35 Other fast growers include Rwanda Mozambique Chad Niger Burkina Faso Ethiopia Nonetheless growth has been dismal negative or sluggish in many parts of Africa including Zimbabwe the Democratic Republic of the Congo the Republic of the Congo and Burundi Many international agencies are increasingly interested in investing in emerging African economies 36 especially as Africa continues to maintain high economic growth despite current global economic recession 37 The rate of return on investment in Africa is currently the highest in the developing world 38 Debt relief is being addressed by some international institutions in the interests of supporting economic development in Africa In 1996 the UN sponsored the Heavily Indebted Poor Countries HIPC initiative subsequently taken up by the IMF World Bank and the African Development Fund AfDF in the form of the Multilateral Debt Relief Initiative MDRI 39 As of 2013 the initiative has given partial debt relief to 30 African countries 40 In early 2021 the European Investment Bank with the help of the Making Finance Work for Africa Partnership MFW4A surveyed 78 banks in Sub Saharan Africa for the EIB Banking in Africa study The banks that took part control nearly 30 of the continent s assets 41 42 Almost two thirds of Banks surveyed tightened lending rules but more than 80 expanded their use of restructuring or loan moratoriums Few banks were required to modify their employee levels while slightly under one third adjusted their prices Approximately half of the answering banks had employee guarantees the majority of which came from the central bank the government or an international financial institution 41 nbsp Probability of going bankrupt due to COVID 19 difference between female led firms and male led firms as of 2023 43 nbsp Probability of experiencing permanent closures due to COVID 19 in 44 Fiscal stimulus packages in African countries through to mid 2020 amounted to roughly 1 2 of GDP with monetary stimulus amounting to about 2 of GDP This is close to the IMF s global average for low income developing nations which is around 2 of 2020 GDP over a one year period from the start of the COVID 19 pandemic At the same time developing markets adopted a package worth around 4 of GDP whereas advanced countries executed a package worth approximately 16 of GDP 41 45 46 As African nations struggled to address the health and economic repercussions of the pandemic the average fiscal deficit throughout Africa increased from 5 of GDP in 2019 to over 8 in 2020 Due to a lack of fiscal headroom the deficit resulted in increasing borrowing which African countries have less capacity to absorb than other developed economies 41 47 Northern and Southern African countries have taken the most total measures to address the financial sector crisis resulting from the pandemic with an average of 14 measures per country 48 49 34 African nations have adopted steps to increase liquidity and lower borrowing costs mostly through lowering the policy rate South Africa for example has decreased policy rates by 200 basis points or more 48 The most used measure has been to modify the handling of nonperforming loans by lowering provisioning requirements To help banks get through the COVID 19 crisis authorities have limited dividends or other uses of earnings permitted the temporary release of capital buffers eased capital or liquidity requirements or made other temporary adjustments to prudential standards 48 50 Despite the COVID 19 pandemic African private investment was steady in 2020 rising to 4 3 billion from 3 9 billion in 2019 as pipeline and current transactions were closed 32 For resource intensive nations real per capita GDP is anticipated to stay below pre pandemic levels until at least 2024 with growth of barely 1 per year in 2022 and2023 Before the pandemic 2 or more of growth had been anticipated 51 52 In 2023 East Africa has the largest crowding out pressures whereas North Africa has the lowest 53 In a recent report female led businesses were found more likely to invest in innovation export goods and services and provide employee training Over half of the banks studied in this report indicated a lower percentage of non performing loans among enterprises run by women than males 54 55 56 Female led firms also had lower rates of bankruptcy and were less likely to be affected by the COVID 19 pandemic 57 58 65 of banks in Africa were found to have a gender focused strategy in place 54 nbsp Outstanding sovereign debt in Africa bn in 2023 Trade growth edit Trade has driven much of the growth in Africa s economy in the early 21st century China and India are increasingly important trade partners 12 5 of Africa s exports are to China and 4 are to India which accounts for 5 of China s imports and 8 of India s The Group of Five Indonesia Malaysia Saudi Arabia Thailand and the United Arab Emirates are another increasingly important market for Africa s exports 59 Future edit nbsp A mobile phone advertisement on the side of a van Kampala UgandaAfrica s economy with expanding trade English language skills official in many Sub Saharan countries improving literacy and education availability of splendid resources and cheaper labour force is expected to continue to perform better into the future Trade between Africa and China stood at US 166 billion in 2011 60 Africa will only experience a demographic dividend by 2035 when its young and growing labour force will have fewer children and retired people as dependents as a proportion of the population making it more demographically comparable to the US and Europe 61 It is becoming a more educated labour force with nearly half expected to have some secondary level education by 2020 A consumer class is also emerging in Africa and is expected to keep booming Africa has around 90 million people with household incomes exceeding 5 000 meaning that they can direct more than half of their income towards discretionary spending rather than necessities This number could reach a projected 128 million by 2020 61 During the President of the United States Barack Obama s visit to Africa in July 2013 he announced a US 7 billion plan to further develop infrastructure and work more intensively with African heads of state A new program named Trade Africa designed to boost trade within the continent as well as between Africa and the U S was also unveiled by Obama 62 With the introduction of the new economic growth and development plan introduced by the African Union members about 27 of its members who average some of the most developing economies of the continent will further boost economic social and political integration of the continent The African Continental Free Trade Area will boost business activities between member states and within the continent This will further reduce too much reliance on importation of finished products and raw materials in to the continent 63 The gap between rich and poor countries is predicted to continue to grow over the coming decades 64 Entrepreneurship edit Entrepreneurship is key to growth Governments will need to ensure business friendly regulatory environments in order to help foster innovation In 2019 venture capital startup funding grew to 1 3 billion dollars increasing rapidly The causes are as of yet unclear but education is certainly a factor 65 Climate change edit This section is an excerpt from Climate change in Africa Economic impacts edit Africa is warming faster than the rest of the world on average Large portions of the continent may become uninhabitable as a result and Africa s gross domestic product GDP may decline by 2 as a result of a 1 C rise in average world temperature and by 12 as a result of a 4 C rise in temperature Crop yields are anticipated to drastically decrease as a result of rising temperatures and it is anticipated that heavy rains would fall more frequently and intensely throughout Africa increasing the risk of floods 66 67 68 69 Causes of the economic underdevelopment over the years editThe seemingly intractable nature of Africa s poverty has led to debate concerning its root causes Endemic warfare and unrest widespread corruption and despotic regimes are both causes and effects of the continued economic problems The decolonization of Africa was fraught with instability aggravated by cold war conflict Since the mid 20th century the Cold War and increased corruption poor governance disease and despotism have also contributed to Africa s poor economy 70 71 72 73 According to The Economist the most important factors are government corruption political instability socialist economics and protectionist trade policy 65 Infrastructure edit nbsp The Trans African Highway networkAccording to the researchers at the Overseas Development Institute the lack of infrastructure in many developing countries represents one of the most significant limitations to economic growth and achievement of the Millennium Development Goals MDGs 74 Infrastructure investments and maintenance can be very expensive especially in such areas as landlocked rural and sparsely populated countries in Africa 74 It has been argued that infrastructure investments contributed to more than half of Africa s improved growth performance between 1990 and 2005 and increased investment is necessary to maintain growth and tackle poverty 74 The returns to investment in infrastructure are very significant with on average 30 40 returns for telecommunications ICT investments over 40 for electricity generation and 80 for roads 74 In Africa it is argued that to meet the MDGs by 2015 infrastructure investments would need to reach about 15 of GDP around 93 billion a year 74 Currently the source of financing varies significantly across sectors 74 Some sectors are dominated by state spending others by overseas development aid ODA and yet others by private investors 74 In sub Saharan Africa the state spends around 9 4 billion out of a total of 24 9 billion 74 In irrigation SSA clarification needed states represent almost all spending in transport and energy a majority of investment is state spending in Information and communication technologies and water supply and sanitation the private sector represents the majority of capital expenditure 74 Overall aid the private sector and non OECD financiers between them exceed state spending 74 The private sector spending alone equals state capital expenditure though the majority is focused on ICT infrastructure investments 74 External financing increased from 7 billion 2002 to 27 billion 2009 China in particular has emerged as an important investor 74 Colonialism edit Main article Colonisation of Africa nbsp Railway map of Africa including tracks proposed and under construction The Statesman s Yearbook 1899The principal aim of colonial rule in Africa by European colonial powers was to exploit natural wealth in the African continent at a low cost Some writers such as Walter Rodney in his book How Europe Underdeveloped Africa argue that these colonial policies are directly responsible for many of Africa s modern problems 71 75 Critics of colonialism charge colonial rule with injuring African pride self worth and belief in themselves Other post colonial scholars most notably Frantz Fanon continuing along this line have argued that the true effects of colonialism are psychological and that domination by a foreign power creates a lasting sense of inferiority and subjugation that creates a barrier to growth and innovation Such arguments posit that a new generation of Africans free of colonial thought and mindset is emerging and that this is driving economic transformation 76 Historians L H Gann and Peter Duignan have argued that Africa probably benefited from colonialism on balance Although it had its faults colonialism was probably one of the most efficacious engines for cultural diffusion in world history 77 These views however are controversial and are rejected by some who on balance see colonialism as bad The economic historian David Kenneth Fieldhouse has taken a kind of middle position arguing that the effects of colonialism were actually limited and their main weakness wasn t in deliberate underdevelopment but in what it failed to do 78 Niall Ferguson agrees with his last point arguing that colonialism s main weaknesses were sins of omission 79 Analysis of the economies of African states finds that independent states such as Liberia and Ethiopia did not have better economic performance than their post colonial counterparts In particular the economic performance of former British colonies was better than both independent states and former French colonies 80 Africa s relative poverty predates colonialism Jared Diamond argues in Guns Germs and Steel that Africa has always been poor due to a number of ecological factors affecting historical development These factors include low population density lack of domesticated livestock and plants and the north south orientation of Africa s geography 81 However Diamond s theories have been criticized by some including James Morris Blaut as a form of environmental determinism 82 Historian John K Thornton argues that sub Saharan Africa was relatively wealthy and technologically advanced until at least the seventeenth century 83 Some scholars who believe that Africa was generally poorer than the rest of the world throughout its history make exceptions for certain parts of Africa Acemoglue and Robinson for example argue that most of Africa has always been relatively poor but Aksum Ghana Songhay Mali and Great Zimbabwe were probably as developed as their contemporaries anywhere in the world 84 A number of people including Rodney and Joseph E Inikori have argued that the poverty of Africa at the onset of the colonial period was principally due to the demographic loss associated with the slave trade as well as other related societal shifts 85 Others such as J D Fage and David Eltis have rejected this view 86 Language diversity edit nbsp A randomly selected pair of people in Ghana has only an 8 1 chance of sharing a mother tongue citation needed African countries suffer from communication difficulties caused by language diversity Greenberg s diversity index is the chance that two randomly selected people would have different mother tongues Out of the most diverse 25 countries according to this index 18 72 are African 87 This includes 12 countries for which Greenberg s diversity index exceeds 0 9 meaning that a pair of randomly selected people will have less than 10 chance of having the same mother tongue However the primary language of government political debate academic discourse and administration is often the language of the former colonial powers English French or Portuguese citation needed Trade based theories edit Dependency theory asserts that the wealth and prosperity of the superpowers and their allies in Europe North America and East Asia is dependent upon the poverty of the rest of the world including Africa Economists who subscribe to this theory believe that poorer regions must break their trading ties with the developed world in order to prosper 88 Less radical theories suggest that economic protectionism in developed countries hampers Africa s growth When developing countries have harvested agricultural produce at low cost they generally do not export as much as would be expected Abundant farm subsidies and high import tariffs in the developed world most notably those set by Japan the European Union s Common Agricultural Policy and the United States Department of Agriculture are thought to be the cause Although these subsidies and tariffs have been gradually reduced they remain high Local conditions also affect exports state over regulation in several African nations can prevent their own exports from becoming competitive Research in Public Choice economics such as that of Jane Shaw suggest that protectionism operates in tandem with heavy State intervention combining to depress economic development Farmers subject to import and export restrictions cater to localized markets exposing them to higher market volatility and fewer opportunities When subject to uncertain market conditions farmers press for governmental intervention to suppress competition in their markets resulting in competition being driven out of the market As competition is driven out of the market farmers innovate less and grow less food further undermining economic performance 89 90 Governance edit Although Africa and Asia had similar levels of income in the 1960s Asia has since outpaced Africa with the exception of a few extremely poor and war torn countries like Afghanistan and Yemen One school of economists argues that Asia s superior economic development lies in local investment Corruption in Africa consists primarily of extracting economic rent and moving the resulting financial capital overseas instead of investing at home the stereotype of African dictators with Swiss bank accounts is often accurate University of Massachusetts Amherst researchers estimate that from 1970 to 1996 capital flight from 30 sub Saharan countries totalled 187bn exceeding those nations external debts 91 Authors Leonce Ndikumana and James K Boyce estimate that from 1970 to 2008 capital flight from 33 sub Saharan countries totalled 700bn 92 Congolese dictator Mobutu Sese Seko became notorious for corruption nepotism and the embezzlement of between US 4 billion and 15 billion during his reign 93 94 Socialist governments influenced by Marxism and the land reform they have enacted have also contributed to economic stagnation in Africa For example the regime of Robert Mugabe in Zimbabwe particularly the land seizures from white farmers led to the collapse of the country s agricultural economy which had formerly been one of Africa s strongest 95 Mugabe had been previously supported by the USSR and China during the Zimbabwe War of Liberation Tanzania was left as one of the world s poorest and most aid dependent nations and has taken decades to recover 96 Since the abolition of the socialist one party state in 1992 and the transition to democracy Tanzania has experienced rapid economic growth with growth of 6 5 in 2017 97 Foreign aid edit Food shipments in case of dire local shortage are generally uncontroversial but as Amartya Sen has shown most famines involve a local lack of income rather than of food In such situations food aid as opposed to financial aid has the effect of destroying local agriculture and serves mainly to benefit Western agribusiness which are vastly overproducing food as a result of agricultural subsidies Historically food aid is more highly correlated with excess supply in Western countries than with the needs of developing countries Foreign aid has been an integral part of African economic development since the 1980s 14 The aid model has been criticized for supplanting trade initiatives 14 Growing evidence shows that foreign aid has made the continent poorer 98 One of the biggest critics of the aid development model is economist Dambisa Moyo a Zambian economist based in the US who introduced the Dead Aid model which highlights how foreign aid has been a deterrent for local development 99 Today Africa faces the problem of attracting foreign aid in areas where there is potential for high income from demand It is in need of more economic policies and active participation in the world economy As globalization has heightened the competition for foreign aid among developing countries Africa has been trying to improve its struggle to receive foreign aid by taking more responsibility at the regional and international level In addition Africa has created the Africa Action Plan in order to obtain new relationships with development partners to share responsibilities regarding discovering ways to receive aid from foreign investors 100 Trade blocs and multilateral organizations editThe African Union is the largest international economic grouping on the continent The confederation s goals include the creation of a free trade area a customs union a single market a central bank and a common currency see African Monetary Union thereby establishing economic and monetary union The current plan is to establish an African Economic Community with a single currency by 2023 101 The African Investment Bank is meant to stimulate development The AU plans also include a transitional African Monetary Fund leading to an African Central Bank Some parties support development of an even more unified United States of Africa International monetary and banking unions include Central Bank of West African States Bank of Central African States Common Monetary AreaMajor economic unions are shown in the chart below African Economic CommunityPillar regionalblocs REC Area km Population GDP PPP US Memberstates millions per capita EAC 4 810 363 312 362 653 833 622 3 286 7ECOWAS CEDEAO 5 112 903 349 154 000 1 322 452 3 788 15IGAD 5 233 604 294 197 387 225 049 1 197 7AMU UMA a 6 046 441 106 919 526 1 299 173 12 628 5ECCAS CEEAC 6 667 421 218 261 591 175 928 1 451 11SADC 9 882 959 394 845 175 737 392 3 152 15COMESA 12 873 957 406 102 471 735 599 1 811 20CEN SAD a 14 680 111 29Total AEC 29 910 442 853 520 010 2 053 706 2 406 54Other regionalblocs Area km Population GDP PPP US Memberstates millions per capita WAMZ 1 1 602 991 264 456 910 1 551 516 5 867 6SACU 1 2 693 418 51 055 878 541 433 10 605 5CEMAC 2 3 020 142 34 970 529 85 136 2 435 6UEMOA 1 3 505 375 80 865 222 101 640 1 257 8UMA 2 a 5 782 140 84 185 073 491 276 5 836 5GAFTA 3 a 5 876 960 1 662 596 6 355 3 822 5During 2004 Sources The World Factbook 2005 IMF WEO Database Smallest value among the blocs compared Largest value among the blocs compared 1 Economic bloc inside a pillar REC 2 Proposed for pillar REC but objecting participation 3 Non African members of GAFTA are excluded from figures a The area 446 550 km2 used for Morocco excludes all disputed territories while 710 850 km2 would include the Moroccan claimed and partially controlled parts of Western Sahara claimed as the Sahrawi Arab Democratic Republic by the Polisario Front Morocco also claims Ceuta and Melilla making up about 22 8 km2 8 8 sq mi more claimed territory This box viewtalkeditFurther information Economy of the African Union Regional economic organizations edit During the 1960s Ghanaian politician Kwame Nkrumah promoted economic and political union of African countries with the goal of independence 102 Since then objectives and organizations have multiplied Recent decades have brought efforts at various degrees of regional economic integration Trade between African states accounts for only 11 of Africa s total commerce as of 2012 around five times less than in Asia 103 Most of this intra Africa trade originates from South Africa and most of the trade exports coming out of South Africa goes to abutting countries in Southern Africa 104 There are currently eight regional organizations that assist with economic development in Africa 105 Name of organization Date created Member countries Cumulative GDP in millions of US dollars Economic Community of West African States 28 May 1975 Benin Burkina Faso Cape Verde Gambia Ghana Guinea Bissau Guinea Ivory Coast Liberia Mali Niger Nigeria Senegal Sierra Leone Togo 657East African Community 30 November 1999 Burundi Kenya Uganda Rwanda Tanzania 232Economic Community of Central African States 18 October 1983 Angola Burundi Cameroon Central African Republic Congo Democratic Republic of Congo Gabon Guinea Sao Tome and Principe Chad 289Southern African Development Community 17 August 1992 Angola Botswana Eswatini Swaziland Lesotho Madagascar Malawi Mauritius Mozambique Namibia Democratic Republic of Congo Seychelles South Africa Tanzania Zambia Zimbabwe 909Intergovernmental Authority on Development 25 November 1996 Djibouti Ethiopia Kenya Uganda Somalia Sudan South Sudan 326Community of Sahel Saharan States 4 February 1998 Benin Burkina Faso Central African Republic Comoros Djibouti Egypt Eritrea Gambia Ghana Guinea Guinea Bissau Ivory Coast Kenya Liberia Libya Mali Morocco Mauritania Niger Nigeria Sao Tome and Principe Senegal Sierra Leone Somalia Sudan Chad Togo Tunisia 1 692Common Market for Eastern and Southern Africa 5 November 1993 Burundi Comoros Djibouti Egypt Eritrea Eswatini Swaziland Ethiopia Kenya Liberia Madagascar Malawi Mauritius Uganda Democratic Republic of Congo Rwanda Seychelles Sudan Zambia Zimbabwe 1 011Arab Maghreb Union 17 February 1989 Algeria Libya Morocco Mauritania Tunisia 579Economic variants and indicators edit nbsp Map of Africa by nominal GDP in billions USD 2020 gt 200 100 200 50 100 20 50 10 20 5 10 1 5 lt 1After an initial rebound from the 2009 world economic crisis Africa s economy was undermined in the year 2011 by the Arab uprisings The continent s growth fell back from 5 in 2010 to 3 4 in 2011 With the recovery of North African economies and sustained improvement in other regions growth across the continent is expected to accelerate to 4 5 in 2012 and 4 8 in 2013 citation needed Short term problems for the world economy remain as Europe confronts its debt crisis Commodity prices crucial for Africa have declined from their peak due to weaker demand and increased supply and some could fall further But prices are expected to remain at levels favourable for African exporter 106 Regions edit Economic activity has rebounded across Africa However the pace of recovery was uneven among groups of countries and subregions Oil exporting countries generally expanded more strongly than oil importing countries West Africa and East Africa were the two best performing subregions in 2010 107 Intra African trade has been slowed by protectionist policies among countries and regions and remains low at 17 percent compared to Europe where intra regional trade is at 69 percent 108 Despite this trade between countries belonging to the Common Market for Eastern and Southern Africa COMESA a particularly strong economic region grew six fold over the past decade up to 2012 109 Ghana and Kenya for example have developed markets within the region for construction materials machinery and finished products quite different from the mining and agriculture products that make up the bulk of their international exports 110 The African Ministers of Trade agreed in 2010 to create a Pan Africa Free Trade Zone This would reduce countries tariffs on imports and increase intra African trade and it is hoped the diversification of the economy overall 111 nbsp Worlds regions by total wealth in trillions USD 2018 nbsp Countries by total wealth trillions USD Credit Suisse nbsp Countries by 2020 GDP PPP per capita 112 nbsp Mean Wind Speed in Sub Saharan Africa 113 nbsp Global Horizontal Irradiation in Sub Saharan Africa 113 African nations edit Country Total GDP nominal in2019 billion US 114 GDP per capita in2019 US PPP 114 Average annualreal GDP growth2010 2019 114 HDI 2019 115 nbsp Algeria 169 3 11 729 2 6 0 748 nbsp Angola 89 4 7 384 1 9 0 581 nbsp Benin 14 4 3 423 5 1 0 545 nbsp Botswana 18 5 17 949 4 3 0 735 nbsp Burkina Faso 15 7 2 282 5 7 0 452 nbsp Burundi 3 1 821 2 0 0 433 nbsp Cameroon 38 9 3 856 4 6 0 563 nbsp Cape Verde 2 0 7 471 2 9 0 665 nbsp Central African Republic 2 3 985 1 8 0 397 nbsp Chad 10 9 1 654 2 2 0 398 nbsp Comoros 1 2 3 108 3 1 0 554 nbsp DR Congo 49 8 1 015 6 1 0 480 nbsp Congo 12 5 4 600 1 0 0 574 nbsp Djibouti 3 3 5 195 6 6 0 524 nbsp Egypt 302 3 12 391 3 8 0 707 nbsp Equatorial Guinea 11 8 19 291 2 9 0 592 nbsp Eritrea 2 0 1 836 3 4 0 459 nbsp Eswatini Swaziland 4 6 9 245 2 4 0 611 nbsp Ethiopia 92 8 2 724 9 5 0 485 nbsp Gabon 16 9 16 273 3 7 0 703 nbsp Gambia 1 8 2 316 2 4 0 496 nbsp Ghana 67 0 5 688 6 5 0 611 nbsp Guinea 13 8 2 506 6 2 0 477 nbsp Guinea Bissau 1 4 2 429 3 8 0 480 nbsp Ivory Coast 58 6 5 327 6 7 0 538 nbsp Kenya 95 4 4 985 5 6 0 601 nbsp Lesotho 2 4 3 010 2 8 0 527 nbsp Liberia 3 2 1 601 2 7 0 480 nbsp Libya 39 8 14 174 10 2 0 724 nbsp Madagascar 14 1 1 720 3 4 0 528 nbsp Malawi 7 7 1 004 3 8 0 483 nbsp Mali 17 3 2 508 4 3 0 434 nbsp Mauritania 7 6 6 036 3 9 0 546 nbsp Mauritius 14 0 23 819 3 6 0 804 nbsp Mayotte France 3 1 2018 116 11 815 nominal 2018 116 N A N A nbsp Morocco 118 6 8 148 3 4 0 686 nbsp Mozambique 15 2 1 302 5 4 0 456 nbsp Namibia 12 5 10 279 2 8 0 646 nbsp Niger 12 9 1 276 5 9 0 394 nbsp Nigeria 448 1 5 353 3 0 0 539 nbsp Reunion France 22 0 117 25 639 nominal 117 2 1 118 0 850 2003 119 nbsp Rwanda 10 1 2 363 7 6 0 543 nbsp Sao Tome and Principe 0 4 4 141 3 9 0 625 nbsp Senegal 23 6 3 536 5 3 0 512 nbsp Seychelles 1 7 30 430 4 6 0 796 nbsp Sierra Leone 4 2 1 778 4 4 0 452 nbsp Somalia 5 2 888 00 N A 0 364 2008 120 nbsp South Africa 351 4 12 962 1 5 0 709 nbsp South Sudan 4 9 862 N A 0 433 nbsp Sudan 33 4 4 140 1 6 0 510 nbsp Tanzania 60 8 2 841 6 7 0 529 nbsp Togo 5 5 1 657 5 6 0 515 nbsp Tunisia 38 8 11 125 1 8 0 740 nbsp Uganda 36 5 2 646 5 2 0 544 nbsp Zambia 24 2 3 526 4 3 0 584 nbsp Zimbabwe 18 7 2 896 4 2 0 571Economic sectors and industries editBecause Africa s export portfolio remains predominantly based on raw material its export earnings are contingent on commodity price fluctuations This exacerbates the continent s susceptibility to external shocks and bolsters the need for export diversification Trade in services mainly travel and tourism continued to rise in year 2012 underscoring the continent s strong potential in this sphere 106 121 122 Agriculture edit See also Women and agriculture in Sub Saharan Africa nbsp A Mount Kenya region farmer48 of working people in Africa work in agriculture the highest in the world 123 The situation whereby African nations export crops to the West while millions on the continent starve has been blamed on the economic policies of the developed countries These advanced nations protect their own agricultural sectors with high import tariffs and offer government subsidies to their farmers 124 which many contend leads the overproduction of such commodities as grain cotton and milk The impact of agricultural subsidies in developed countries upon developing country farmers and international development is well documented Agricultural subsidies can help drive prices down to benefit consumers but also mean that unsubsidised developing country farmers have a more difficult time competing in the world market 125 and the effects on poverty are particularly negative when subsidies are provided for crops that are also grown in developing countries since developing country farmers must then compete directly with subsidised developed country farmers for example in cotton and sugar 126 127 The IFPRI has estimated in 2003 that the impact of subsidies costs developing countries 24 billion in lost incomes going to agricultural and agro industrial production and more than 40Bn is displaced from net agricultural exports 128 The result of this is that the global price of such products is continually reduced until Africans are unable to compete except for cash crops that do not grow easily in a northern climate 121 122 129 In recent years countries such as Brazil which has experienced progress in agricultural production have agreed to share technology with Africa to increase agricultural production in the continent to make it a more viable trade partner 130 Increased investment in African agricultural technology in general has the potential to reduce poverty in Africa 121 122 131 The demand market for African cocoa has experienced a price boom in 2008 132 The Nigerian 133 South African 134 and Ugandan governments have targeted policies to take advantage of the increased demand for certain agricultural products 135 and plan to stimulate agricultural sectors 136 The African Union has plans to heavily invest in African agriculture 137 and the situation is closely monitored by the UN 138 Ticks are a constant pressure on the continent s livestock 139 Although acaricides have been commonly used by farmers here they are becoming less effective 139 Tick vaccines are under development and may fill this void 139 Energy edit Further information Energy in Africa and Renewable energy in Africa nbsp The Athlone Power Station in Cape Town South AfricaAfrica has significant resources for generating energy in several forms hydroelectric reserves of petroleum and gas coal production uranium production renewable energy such as solar wind and geothermal The lack of development and infrastructure means that little of this potential is actually in use today 121 122 The largest consumers of electric power in Africa are South Africa Libya Namibia Egypt Tunisia and Zimbabwe which each consume between 1000 and 5000 KWh m2 per person in contrast with African states such as Ethiopia Eritrea and Tanzania where electricity consumption per person is negligible 140 Petroleum and petroleum products are the main export of 14 African countries Petroleum and petroleum products accounted for a 46 6 share of Africa s total exports in 2010 the second largest export of Africa as a whole is natural gas in its gaseous state and as liquified natural gas accounting for a 6 3 share of Africa s exports 141 Only South Africa is using nuclear power commercially 142 Infrastructure edit nbsp Lagos Nigeria Africa s largest cityLack of infrastructure creates barriers for African businesses 121 122 Although it has many ports a lack of supporting transportation infrastructure adds 30 40 to costs in contrast to Asian ports 143 Railway projects were important in mining districts from the late 19th century Large railway and road projects characterize the late 19th century Railroads were emphasized in the colonial era and roads in post colonial times Jedwab amp Storeygard find that in 1960 2015 there were strong correlations between transportation investments and economic development Influential political include pre colonial centralization ethnic fractionalization European settlement natural resource dependence and democracy 144 Many large infrastructure projects are underway across Africa By far most of these projects are in the production and transportation of electric power Many other projects include paved highways railways airports and other construction 143 Telecommunications infrastructure is also a growth area in Africa Although Internet penetration lags other continents it has still reached 9 As of 2011 it was estimated that 500 000 000 mobile phones of all types were in use in Africa including 15 000 000 smart phones 145 Mining and drilling edit Main article Mineral industry of Africa This section needs to be updated The reason given is The table s information dates to 2012 Please help update this article to reflect recent events or newly available information August 2022 Oil production by country 146 Rank Area bb day Year LikeW World 85540000 2007 est 01 E Russia 9980000 2007 est 02 Ar Saudi Arb 9200000 2008 est 04 As Libya 4725000 2008 est Iran10 Af Nigeria 2352000 2011 est Norway15 Af Algeria 2173000 2007 est 16 Af Angola 1910000 2008 est 17 Af Egypt 1845000 2007 est 27 Af Tunisia 664000 2007 est Australia31 Af Sudan 466100 2007 est Ecuador33 Af Eq Guinea 368500 2007 est Vietnam38 Af DR Congo 261000 2008 est 39 Af Gabon 243900 2007 est 40 Af Sth Africa 199100 2007 est 45 Af Chad 156000 2008 est Germany53 Af Cameroon 87400 2008 est France56 E France 71400 200760 Af Ivory Coast 54400 2008 est Af Africa 10780400 2011 RussiaThe mineral industry of Africa is one of the largest mineral industries in the world Africa is the second biggest continent with 30 million km2 of land which implies large quantities of resources 121 122 For many African countries mineral exploration and production constitute significant parts of their economies and remain keys to future economic growth Africa is richly endowed with mineral reserves and ranks first or second in quantity of world reserves of bauxite cobalt industrial diamond phosphate rock platinum group metals PGM vermiculite and zirconium African mineral reserves rank first or second for bauxite cobalt diamonds phosphate rocks platinum group metals PGM vermiculite and zirconium Many other minerals are also present in quantity The 2005 share of world production from African soil is the following bauxite 9 aluminium 5 chromite 44 cobalt 57 copper 5 gold 21 iron ore 4 steel 2 lead Pb 3 manganese 39 zinc 2 cement 4 natural diamond 46 graphite 2 phosphate rock 31 coal 5 mineral fuels including coal amp petroleum 13 uranium 16 citation needed Manufacturing edit nbsp The Soucreye sugar factory in Sidi Bennour Doukkala MoroccoBoth the African Union and the United Nations have outlined plans in modern years on how Africa can help itself industrialize and develop significant manufacturing sectors to levels proportional to the African economy in the 1960s with 21st century technology 147 This focus on growth and diversification of manufacturing and industrial production as well as diversification of agricultural production has fueled hopes that the 21st century will prove to be a century of economic and technological growth for Africa This hope coupled with the rise of new leaders in Africa in the future inspired the term the African Century referring to the 21st century potentially being the century when Africa s vast untapped labor capital and resource potentials might become a world player This hope in manufacturing and industry is helped by the boom in communications technology 148 and local mining industry 149 in much of sub Saharan Africa Namibia has attracted industrial investments in recent years 150 and South Africa has begun offering tax incentives to attract foreign direct investment projects in manufacturing 151 Countries such as Mauritius have plans for developing new green technology for manufacturing 152 Developments such as this have huge potential to open new markets for African countries as the demand for alternative green and clean technology is predicted to soar in the future as global oil reserves dry up and fossil fuel based technology becomes less economically viable 153 154 Nigeria in recent years has been embracing industrialization It currently has an indigenous vehicle manufacturing company Innoson Vehicle Manufacturing IVM which manufactures Rapid Transit Buses Trucks and SUVs with an upcoming introduction of Cars 155 Their various brands of vehicle are currently available in Nigeria Ghana and other West African Nations 156 157 158 159 Nigeria also has few Electronic manufacturers like Zinox the first Branded Nigerian Computer and Electronic gadgets like tablet PCs manufacturers 160 In 2013 Nigeria introduced a policy regarding import duty on vehicles to encourage local manufacturing companies in the country 161 162 In this regard some foreign vehicle manufacturing companies like Nissan have made known their plans to have manufacturing plants in Nigeria 163 Apart from Electronics and vehicles most consumer pharmaceutical and cosmetic products building materials textiles home tools plastics and so on are also manufactured in the country and exported to other west African and African countries 164 165 166 Nigeria is currently the largest manufacturer of cement in Sub saharan Africa 167 and Dangote Cement Factory Obajana is the largest cement factory in sub saharan Africa 168 Ogun is considered to be Nigeria s industrial hub as most factories are located in Ogun and even more companies are moving there followed by Lagos 169 170 171 The manufacturing sector is small but growing in East Africa 172 The main industries are textile and clothing leather processing agribusiness chemical products electronics and vehicles 172 East African countries like Uganda also produce motorcycles for the domestic market 173 Investment and banking edit See also Central banks and currencies of Africa and List of African stock exchanges nbsp Many financial firms have offices in downtown Johannesburg South Africa Africa s US 107 billion financial services industry will log impressive growth for the rest of the decade which as more banks target the continent s emerging middle class 174 The banking sector has been experiencing record growth among others due to various technological innovations 175 China and India 176 have showed increasing interest in emerging African economies in the 21st century Reciprocal investment between Africa and China increased dramatically in recent years 177 178 amidst the current world financial crisis 179 The increased investment in Africa by China has attracted the attention of the European Union and has provoked talks of competitive investment by the EU 180 Members of the African diaspora abroad especially in the EU and the United States have increased efforts to use their businesses to invest in Africa and encourage African investment abroad in the European economy 181 Remittances from the African diaspora and rising interest in investment from the West will be especially helpful for Africa s least developed and most devastated economies such as Burundi Togo and Comoros 182 However experts lament the high fees involved in sending remittances to Africa due to a duopoly of Western Union and MoneyGram that is controlling Africa s remittance market making Africa is the most expensive cash transfer market in the world 183 According to some experts the high processing fees involved in sending money to Africa are hampering African countries development 184 Remittances continue to be the most important source of external financial flows to Africa accounting for 3 8 of GDP in 2021 However only approximately 30 of it is dedicated to economic activities the majority of which are in the informal sector limiting its potential for productive transformation 54 185 186 Angola has announced interests in investing in the EU Portugal in particular 187 South Africa has attracted increasing attention from the United States as a new frontier of investment in manufacture financial markets and small business 188 as has Liberia in recent years under their new leadership 189 There are two African currency unions the West African Banque Centrale des Etats de l Afrique de l Ouest BCEAO and the Central African Banque des Etats de l Afrique Centrale BEAC Both use the CFA franc as their legal tender The idea of a single currency union across Africa has been floated and plans exist to have it established by 2020 though many issues such as bringing continental inflation rates below 5 percent remain hurdles in its finalization 190 Stock exchanges edit nbsp The Bourse de Tunis headquarters in Tunis TunisiaAs of 2012 Africa has 23 stock exchanges twice as many as it had 20 years earlier Nonetheless African stock exchanges still account for less than 1 of the world s stock exchange activity 191 The top ten stock exchanges in Africa by stock capital are amounts are given in billions of United States dollars 192 but now a days there are around 29 stock exchange in Africa South Africa 82 88 2014 193 Egypt 73 04 billion 30 November 2014 est 194 Morocco 5 18 Nigeria 5 11 Actually has a market capitalisation value of 39 27 Bln 195 Kenya 1 33 Tunisia 0 88 BRVM regional stock exchange whose members include Benin Burkina Faso Guinea Bissau Ivory Coast Mali Niger Senegal and Togo 6 6 Mauritius 0 55 Botswana 0 43 Ghana 38 African Stock Exchanges Stock Exchange Name City Country Year Founded Currency Value in USDAngola Debt and Stock Exchange Luanda nbsp Angola 1995 Angolan KwanzaBotswana Stock Exchange Gaborone nbsp Botswana 1995 Botswana PulaCape Town Stock Exchange Cape Town nbsp South Africa 2016 South Africa RandEswatini Stock Exchange Mbabane nbsp Eswatini 1990 Eswatini lilangeniJohannesburg Stock Exchange Limited Johannesburg nbsp South Africa 1887 South Africa RandLusaka Stock Exchange Lusaka nbsp Zambia 1994 Zambian KwachaMalawi Stock Exchange Blantyre nbsp Malawi 1996 Malawi KwachaNamibian Stock Exchange Windhoek nbsp Namibia 1904 Namibian DollarVictoria Falls Stock Exchange Victoria Falls nbsp Zimbabwe 2020 United States DollarZimbabwe Stock Exchange Harare nbsp Zimbabwe 1896 Zimbabwe DollarBetween 2009 and 2012 a total of 72 companies were launched on the stock exchanges of 13 African countries 196 See also edit nbsp Africa portal nbsp Business and economics portalUnited Nations Economic Commission for Africa Africa China economic relations African Economic Community African Economic Outlook Demographics of Africa Economic history of Africa List of largest companies in Africa by revenue Land grabbing Languages of Africa List of countries by percentage of population living in poverty List of countries by Human Development Index Central banks and currencies of Africa List of countries by credit rating List of countries by future gross government debt List of countries by public debt List of countries by leading trade partners List of countries by industrial production growth rate List of countries by GDP nominal List of countries by GDP nominal per capita List of countries by GDP PPP List of countries by GDP PPP per capita List of countries by GNI nominal per capita List of countries by tax revenue as percentage of GDP List of countries by GDP growthCitations edit World Population Prospects 2022 United Nations Department of Economic and Social Affairs Population Division Retrieved 17 July 2022 World Population Prospects 2022 Demographic indicators by region subregion and country annually for 1950 2100 XSLX Total Population as of 1 July thousands United Nations Department of Economic and Social Affairs Population Division Retrieved 17 July 2022 GDP Nominal current prices International Monetary Fund Retrieved 5 November 2022 GDP PPP current prices International Monetary Fund Retrieved 5 November 2022 International Monetary Fund 2022 Real GDP growth IMF Data Mapper International Monetary Fund Retrieved 5 November 2022 International Monetary Fund 2022 Nominal GDP per capita IMF Data Mapper International Monetary Fund Retrieved 5 November 2022 International Monetary Fund 2022 GDP PPP per capita IMF Data Mapper International Monetary Fund Retrieved 5 November 2022 International Monetary Fund 2022 Inflation rate average consumer prices IMF Data Mapper International Monetary Fund Retrieved 5 November 2022 Shorrocks Anthony Davies James Lluberas Rodrigo 2022 Global Wealth Databook 2022 PDF Credit Suisse Research Institute International Monetary Fund 2022 General government gross debt IMF Data Mapper International Monetary Fund Retrieved 5 November 2022 2017 World population PDF 2017 World Population Data Sheet Population Reference Bureau a b c Overview Veselinovic Milena Why is Africa so unequal CNN Retrieved 12 September 2017 a b c Africa rising The Economist 3 December 2011 Get ready for an Africa boom Retrieved 12 September 2017 Despite Global Slowdown African Economies Growing Strongly New Oil Gas and Mineral Wealth an Opportunity for Inclusive Development World Bank Retrieved 12 September 2017 Anyangwe Eliza 28 June 2017 Why is Africa so poor You asked Google here s the answer The Guardian ISSN 0261 3077 Retrieved 9 March 2021 Oliver August 2 March 2013 Africa rising A hopeful continent The Economist The Economist Newspaper Limited Retrieved 15 December 2013 African Economic Outlook 2017 PDF African Development Bank Rise of the African opportunity Boston Analytics 22 June 2016 European Trade Colonialism and Human Capital Accumulation in Senegal Gambia and Western Mali 1770 1900 African Economic History Network www aehnetwork org Retrieved 17 August 2017 Baten Jorg Alexopoulou Kleoniki Elite violence and elite numeracy in Africa from 1400 CE to 1950 CE a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Ocran Matthew Kofi 2019 Ocran Matthew Kofi ed Post Independence African Economies 1960 2015 Economic Development in the Twenty first Century Lessons for Africa Throughout History Palgrave Studies in Economic History Cham Springer International Publishing pp 301 372 doi 10 1007 978 3 030 10770 3 9 ISBN 978 3 030 10770 3 S2CID 159395862 retrieved 7 July 2021 Africa rising The Economist 3 December 2011 ISSN 0013 0613 Retrieved 17 August 2017 Africa calling Financial Times 10 March 2013 Report for Selected Countries and Subjects IMF org Retrieved 9 April 2017 Overview World Bank Retrieved 7 July 2021 Botswana an African economic miracle LSE International Development 28 January 2020 Retrieved 7 July 2021 a b World Economic Situation and Prospects 2018 United Nations Department of Economic and Social Affairs Development Policy and Analysis Division 23 January 2018 p 106 ISBN 978 92 1 109177 9 Retrieved 2 March 2018 Fast economic growth in Africa 14 November 2007 Retrieved 12 September 2017 African economy to expand 6 2 13 June 2007 Retrieved 12 September 2017 a b Bank European Investment 19 October 2022 Finance in Africa Navigating the financial landscape in turbulent times European Investment Bank ISBN 978 92 861 5382 2 Selassie Abebe Aemro Department Shushanik Hakobyan IMF African Six Charts Show the Challenges Faced by Sub Saharan Africa IMF Retrieved 18 November 2022 Africa s Rapid Economic Growth Hasn t Fully Closed Income Gaps IMF 21 September 2022 Retrieved 18 November 2022 African growth steady but frail 3 April 2007 Retrieved 12 September 2017 Where We Work www usaid gov Archived from the original on 12 March 2009 Retrieved 17 March 2009 Africa s economic growth continues upward trend en afrik com Africa news Maghreb news Archived from the original on 17 April 2009 Retrieved 12 September 2017 Lions on the move The progress and potential of African economies McKinsey Global Institute Productivity Competitiveness amp Growth McKinsey amp Company Mckinsey com Retrieved 13 June 2012 Multilateral Debt Relief Initiative Questions and Answers www imf org Retrieved 7 January 2022 Debt Relief Under the Heavily Indebted Poor Countries HIPC Initiative IMF 10 January 2013 Retrieved 1 March 2013 a b c d Bank European Investment 18 November 2021 Finance in Africa for green smart and inclusive private sector development European Investment Bank ISBN 978 92 861 5063 0 Hundreds of African financial professionals benefit from EIB banking and microfinance academy European Investment Bank Retrieved 7 December 2021 Finance in Africa 2023 European Investment Bank Retrieved 13 October 2023 Finance in Africa 2023 European Investment Bank Retrieved 13 October 2023 Policy Responses to COVID19 IMF Retrieved 6 December 2021 World Economic Situation Prospects PDF Archived PDF from the original on 26 January 2021 The territorial impact of COVID 19 Managing the crisis and recovery across levels of government OECD Retrieved 6 December 2021 a b c Finance in Africa for green smart and inclusive private sector development European Investment Bank Retrieved 6 December 2021 The territorial impact of COVID 19 Managing the crisis and recovery across levels of government OECD Retrieved 20 December 2021 Bank European Central 23 July 2021 FAQs on ECB supervisory measures in reaction to the coronavirus a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Global Growth to Slow through 2023 Adding to Risk of Hard Landing in Developing Economies World Bank Retrieved 18 November 2022 Country notes PDF African Development Bank Africa banks maintain resilience amid difficulty EIB survey shows Businessamlive Retrieved 13 October 2023 a b c Bank European Investment 27 September 2023 Finance in Africa Uncertain times resilient banks African finance at a crossroads European Investment Bank ISBN 978 92 861 5598 7 Blake Jessica 12 April 2023 Comment 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and the Future Routledge 1999 ISBN 0 415 18323 5 Laouisset Djamel 2009 A Retrospective Study of the Algerian Iron and Steel Industry New York City Nova Publishers ISBN 978 1 61761 190 2 Moshomba Richard E Africa in the Global Economy Lynne Rienner 2000 ISBN 1 55587 718 4 OECD African Economic Outlook 2006 2007 OECD 2007 ISBN 978 92 64 03313 9 Rodney Walter How Europe Underdeveloped Africa Washington Howard UP 1982 ISBN 0 88258 096 5 Sahn David E Paul A Dorosh Stephen D Younger Structural Adjustment Reconsidered Economic Policy and Poverty in Africa Cambridge University Press 1997 ISBN 0 521 58451 5 External links editThis section s use of external links may not follow Wikipedia s policies or guidelines Please improve this article by removing excessive or inappropriate external links and converting useful links where appropriate into footnote references December 2021 Learn how and when to remove this template message nbsp Wikimedia Commons has media related to Economy of Africa Listen to this article 3 minutes source source nbsp This audio file was created from a revision of this article dated 27 November 2009 2009 11 27 and does not reflect subsequent edits Audio help More spoken articles Economy of Africa at Curlie The Age of the Dragon China s Conquest of Africa Holding the door open for multinationals to extract Africa s wealth Foreign Policy in Focus Africa in the World Economy the national regional and international challenges Archived 6 September 2010 at the Wayback Machine by Jan Joost Teunissen and Age Akkerman Africa Living on the Fringe Monthly Review Samir Amin offers a Marxist analysis of Africa s continued economic crisis BBC Africa s Economy OECD work on African economy Africa Economic Analysis World Economic Forum Africa African Development Bank Group IMF World Economic Outlook WEO September 2003 Public Debt in Emerging Markets Language and Africa Africa s economy A glimmer of light at last The Economist Africa and the Knowledge Economy World Bank Institute report Economic analysis of Middle Africa From Aid to Trade with Africa News and analysis by Inter Press Service African Development Hindered by Vast US Corporate Interests in Continent s Resources video report by Democracy Now Africa Going Forward or Backward from the Dean Peter Krogh Foreign Affairs Digital Archives Retrieved from https en wikipedia org w index php title Economy of Africa amp oldid 1207507495 Agriculture, wikipedia, wiki, book, books, library,

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