Morocco’s economy is considered relatively liberal, governed by the law of supply and demand, and its economy ranks fifth on this list of Africa’s richest countries, with a GDP of more than $150 billion and purchasing power parity of $ 384 billion. Morocco has pursued a policy of privatization of previously government-controlled economic sectors since 1993. Morocco has emerged as a major player in African economic affairs. This North African country’s economy is versatile and stable, with growth in a variety of industries over the last decade. The country’s economic system is distinguished by a large opening to the outside world. As of 2017, Morocco had the Arab world’s second-largest non-oil GDP, trailing only Egypt. Mining and manufacturing drive the country’s economy.

Industry, Agriculture, phosphate minerals, and tourism are the mainstays of the Moroccan economy. Industry accounts for 30% of Moroccan GDP, agriculture for 15%, and services account for 55%. Fish and seafood sales are also significant. This is supplemented by a growing tourism sector, with locals welcoming tourists and the government emphasizing attracting visitors to the country known for its attractions. Since independence, tourism and worker remittances have been critical. Morocco is the world’s third-largest producer of phosphates (after the United States and China), and phosphate price fluctuations on the international market have a significant impact on Morocco’s economy. 

The country has reaped significant benefits from its diverse exports, which include, but are not limited to, electrical equipment, vehicles, and vehicle parts. Furthermore, the telecom and textile industries contribute significantly to the economy. However, Morocco’s economic growth has been stifled due to Covid-19, with real GDP growth of only 0.8% in 2022, falling short of the 7.9% in 2021. Morocco’s primary exports are textiles and clothing automobiles, aircraft components, electrical components crude minerals, inorganic chemicals, fertilizers, petroleum products Citrus fruits, vegetables, and seafood.

Ethiopia, the only African country never colonized by European countries is a landlocked country located in the Horn of Africa and divided by the Great Rift Valley, is Africa’s sixth richest country. This ancient land is famous for being the origin of the coffee bean, with archaeological finds dating back over 3 million years. Agriculture, construction, manufacturing, tourism, food processing, resources, and energy account for more than $126 billion in GDP and purchasing power parity of $379 billion. The country is Africa’s largest producer of coffee, which account for a large portion of the country’s foreign exchange. Legumes, oily seeds, and cut flowers are also exported. Agriculture is the most important resource in the region, accounting for more than 40% of GDP, 60% of exports, and more than 80% of total employment.

Telecommunications, financial and insurance services, air and land transportation services, and retail, on the other hand, are considered strategic sectors and are expected to remain under state control for the foreseeable future. Almost half of Ethiopians are under the age of 18. Despite significant increases in primary and secondary school enrollment, job creation has not kept pace with the increased output from educational institutions. To keep up with population growth, the country must create hundreds of thousands of new jobs each year.

Since 2008, Ethiopia’s economic growth has averaged 9.9% year on year. This consistent annual growth, which few African countries have achieved, has begun to attract foreign investment. In 2018, the government launched an ambitious economic reform to further open up the economy and drive transformation. By 2015, the country’s poverty rate had dropped to 31%, and it aims to be a middle-income economy by 2025. High consumer inflation, socio-political instability, and an underdeveloped private sector, on the other hand, are issues to keep an eye on. According to IMF, the Real GDP growth of Ethiopia in 2022 was 3.8%, down from 6.3% in 2021, and expected to grow by 6.2% in 2023. Ethiopia’s primary exports are Coffee, qat, oilseeds, gold, leather goods, and live animals, all examples of commodities.

Ethiopia’s economy is a mixed and transition economy with a large public sector. Ethiopia’s government is in the process of privatizing many state-owned enterprises and transitioning to a market economy. Government-owned enterprises dominate the banking, telecommunications, and transportation sectors of the economy. Many properties and businesses are owned by the government including Africa’s largest Airline (Ethiopian Airlines). Some of these businesses and properties have been privatized or are in the process of being privatized, with the financial sector set to be liberalized in the near future.  Ethiopia is Sub-Saharan Africa’s third-largest economy, trailing only Nigeria and South Africa. Ethiopia has one of the world’s fastest-growing economies and is Africa’s second most populous country.

Kenya is a country located in East Africa known for its vast landscapes and wildlife, is the seventh richest country in Africa, with a GDP of more than $117 billion and purchasing power parity of $339 billion. Thanks to its stable living conditions established coffee and tea sectors, and rapidly growing agricultural sector. Kenya’s economy is market-based, with a few state-owned enterprises. It is also an emerging market and a country with a higher level of industrialization than its East African counterparts. Kenya is a middle-income country with ambitions to become a newly industrialized nation by 2030. Agriculture, forestry, fishing, mining, manufacturing, energy, tourism, and financial services are among the major industries. 

This country is the wealthiest in Southeast and Central Africa. For centuries, its coastline has been home to a number of strategic ports for Asian and Arabian traders, becoming a regional trade hub. Kenya’s economy, unlike many other countries on this list, is not based on the oil industry, but it is experiencing diverse positive growth. Kenya’s government is generally investment-friendly as of 2020 and has enacted several regulatory reforms to simplify both foreign and domestic investment, including the establishment of an export processing zone. Remittances from non-resident Kenyans working in the United States, the Middle East, Europe, and Asia account for an increasing share of Kenya’s foreign financial inflows.

Kenya has emerged as one of the fastest-growing economies in Sub-Saharan Africa, and its economic prospects were positive as of 2018 and 2019, with GDP growth of more than 6% and about 5.7 respectively. This is due to strong investor confidence, a stable political climate and service sector, a favorable macroeconomic environment, and a well-defined business agenda. This expansion was also largely attributed to expansions in the telecommunications, transportation, and construction sectors, a recovery in agriculture, and the rise of small businesses pulling the economy. Kenya ranked 56th in the World Bank’s ease of doing business index in 2020, up from 61st in 2019. (of 190 countries). Kenya has a well-developed social and physical infrastructure in comparison to its neighbors.

 A large pool of highly educated professional workers supports these advancements. IT literacy and innovation are high, particularly among young Kenyans. The industrial sector accounts for nearly half of the GDP. The agricultural sector accounts for 35% of the GDP, with coffee, tea, and maize being the main products. Tourism, financial services, and technology all experienced rapid growth, and petroleum accounts for a sizable portion of the country’s foreign exchange. According to IMF, the Real GDP growth of Kenya in 2022 was 5.3%, down from 7.1% in 2021, and expected to grow by 5.1% in 2023. Kenya’s major exports are horticultural products, tea, and coffee petroleum items fish, cement, and clothing.

Angola has one of the largest reserves of raw materials in Africa, and its economy is based on oil, with large reserves of natural gas and oil accounting for more than one-third of the country’s GDP. Crude oil production and export contribute significantly to foreign exchange. In fact, crude oil sales account for 90% of the country’s export revenue. Diamonds and cargo ships are two other notable exports. In essence, it could be higher up on this list of Africa’s richest countries. Angola ranks sixth on this list, with a GDP of more than $135 billion and purchasing power parity of $262 billion, and its economy was one of the fastest-growing in the world during the first decade of the twenty-first century, with annual average GDP growth of 11.1 percent from 2001 to 2010. Once again, as of 2020, Angola is growing faster than the rest of the world due to high international oil prices and rising oil production, albeit with high inequality.

Agriculture is also expected to become an important economic sector in the future. Angola’s civil war ended in 2002. Positive steps have been taken since then, with the goal of achieving economic advancement and stability. Along with the IMF and the World Bank, work has been done on both political and structural reforms. Since then, the country has had one of the world’s fastest-growing economies and has become one of the richest African countries. According to IMF, the Real GDP growth of Angola in 2022 was 2.9%, up from 0.8% in 2021, and expected to grow by 3.4% in 2023. Agolas’s major exports are refined petroleum products, crude oil coffee, diamonds, sisal, fish and fish products, timber, and cotton.

Despite abundant oil and gas resources, diamonds, hydroelectric potential, and fertile agricultural land, Angola remains impoverished, with subsistence agriculture employing one-third of the population. The effects of four decades of conflict in the late twentieth century, the war for independence from Portugal (1961-75), and the subsequent civil war continue to have a significant impact on Angola’s economy (1975–2002). Since the end of the 27-year civil war in 2002, government policy has prioritized infrastructure repair and improvement, as well as the strengthening of political and social institutions. In addition, the country’s economy has suffered as a result of resource mismanagement and internal corruption. 

Tanzania’s economy is a lower-middle-income economy that is heavily reliant on agriculture and its natural resources. With a GDP of more than $84 billion and purchasing power parity of $231 billion, Tanzania just makes the list of the top 10 wealthiest countries on the African continent, ranking ninth. Since 1985, Tanzania’s economy has been transitioning from a command economy to a market economy. Although total GDP has increased since these reforms began, GDP per capita fell sharply at first and only recently surpassed the pre-transition figure. Tanzania’s real GDP increased by 5.2% in 2022, reaching $84.9 billion, up from $75.8 billion in 2021. With this expansion, it became the second largest economy in East Africa, after Kenya, and the seventh largest in Sub-Saharan Africa. It has maintained relatively high economic growth in comparison to global trends, as is typical of African countries.

The country has a lower-middle mixed-income economy and is home to some of the continent’s most famous national parks, including Kilimanjaro. Agriculture dominates the country’s economy, accounting for nearly 25% of GDP and employing half of the workforce. Industries are a growing component of the economy, which accounts for almost 30% of GDP and includes mining, manufacturing, construction, electricity, natural gas, and water supply. Gold, coffee, cashew nuts, and cotton are the most important exports.

Tanzania has experienced relatively rapid economic growth in recent years, with a 5.6% growth rate, but this appears to be slowing. According to IMF, the Real GDP growth of Tanzania in 2022 was 4.5%, down from 4.9% in 2021. The medium-term economic outlook is positive, supported by significant infrastructure spending, with real GDP expected to grow 5.9% in 2023 as a result of trade corridor reopenings and improved tourism sector performance. Despite economic growth and a lower poverty rate in recent years, the absolute number of people living in poverty has remained constant. Tanzania export mainly Gold, cashew nuts, coffee, and cotton are all examples of precious metals.

Located in West Africa, Ghana has a diverse economy, and its economy rounds out the top ten richest African countries, with a GDP of $70 billion and purchasing power parity of $226 billion in the previous year. The country was the first in Sub-Saharan Africa to be liberated from colonial rule and the first to achieve the goal of halving extreme poverty. Ghana’s economic resource base, includes the manufacturing and exportation of digital technology goods, the construction and exportation of automobiles and ships, and the exportation of diverse and rich resources such as hydrocarbons and industrial minerals. As a result, Ghana now has one of the highest GDP per capita rates in West Africa.  Because of its overall favorable business environment, the country has attracted foreign investment and has experienced economic growth in the last decade. Services account for roughly half of Ghana’s GDP and employ nearly 30% of the workforce.

Agriculture is the next largest contributor to GDP, accounting for just under 25%. Ghana has an abundance of natural resources, which contributes to the country’s economic boom. Ghana is Africa’s largest gold producer, having surpassed South Africa in 2019, and the continent’s second-largest cocoa producer (after Ivory Coast). It also has a high concentration of diamonds, manganese or manganese ore, bauxite, and oil. The country’s main export is gold. This is followed by petroleum, which accounts for 50% of the country’s foreign exchange. Cocoa beans, Gold, bauxite, aluminum, manganese ore, diamonds, oil cocoa, timber, tuna, and horticultural products are some of the commodities available and are also important exports. According to IMF, the Real GDP growth of Ghana in 2022 was 3.6%, down from 5.4% in 2021, and expected to grow by 2.8% in 2023.