Top 20 Richest African countries at the moment - See how the giants have fallen! | Page 8 of 14

Richest African countries -Africa is one of the largest continents in the world in terms of land mass. But when it comes to monetary wealth, Africa has most of the poorest countries in the world. However, not all African countries are poor; there are equally some wealthy countries in Africa but the number is far less than that of the poor ones. More.. The 6 most humble Nigerian celebrities – #3 is a shy billionaire! (With Pictures) 17 Nigerian celebs you never knew have dual citizenship – See the other countries they come from.. Here is all you need to know about Banana Island, Lagos state – Nigeria’s most expensive neighborhood (History + Pictures) Top 10 most expensive schools in Lagos – See which is number 1! (+Photos) The ranking of richest African countries is based on the Gross Domestic Product (Purchasing Power Parity) GDP (PPP) which gives the value of all the final goods and services produced within a country in any given specific year. The 20 Richest Countries in Africa Namibia – GDP: $15.743 Billion (Foreign Exchange Reserve: $2,267Million) Mauritieus – GDP: $19.270 Billion (Foreign Exchange Reserve: $3,919 Million) Gabon – GDP: $24.571 Billion (Foreign Exchange Reserve: $2,470Million) Equatorial Guinea – GDP: $26.147 Billion (Foreign Exchange Reserve:$4,027 Million) Botswana – GDP: $29.707 Billion (Foreign Exchange Reserve: $7,993 Million) Use the navigation button below to see the rest of the countries A nation’s GDP at purchasing power parity (PPP) exchange rates is the sum value for all goods and services produced in the country in any given year assessed based on prevailing prices of the same products in the United States. This is the measure adopted by most economists when comparing living conditions or use of resources across countries. 20. Namibia, GDP: $15,743 Billion Foreign Exchange Reserve: $2, 267 Million

The Namibian economy has a modern market sector, which produces most of the country’s wealth, and a traditional subsistence sector. While Namibia is quite wealthy, its wealth is not evenly distributed among the citizens and as a result, over a half of the population are living below poverty line. The economy is sustained by the production of minerals like diamonds. Flip through the pages using the link below to see which countries have been shaken off Navigate using arrows below 19. Mauritius GDP: $19,270 Billion Foreign Exchange Reserve: $3, 919 Million The growth of the economy of Mauritius is all thanks to the kind of government it has. The free-market economics that has been followed by the successive governments, created a highly competitive market with ample room for growth. With no natural resources to explore, the economy o Mauritius has relied heavily on tourism, ICT and financial services. 18. Gabon GDP: 24,571 Billion Foreign Exchange Reserve: $2,470 Million

With the declining state of oil production in Gabon, it is still one of the highest producers of oil in sub Saharan Africa. Over the last forty years, the country has been quite dependent on oil to sustain its economy. But more recently, it is trying to diversify and branch out into many other areas so as to have a diversified economy. 17. Equatorial Guinea GDP: $26,147 Billion Foreign Exchange Reserve: $4, 027 Million

While Equatorial Guinea has a relatively small population, it has broken bounds on oil reserves and is currently on of the largest producers of oil in Africa. even as rich as oil has made the country, its citizens still suffer as a result of inequality in the distribution of resources, while the very corrupt leaders enjoy all the benefit there is. 16. Botswana GDP: $29,707 Billion Foreign Exchange Reserve: $7,993 Million Since gaining independence in 1966, Botswana has recorded one of the world’s highest growth rates that transformed it from a fledgling economy to a middle-income economy. This it had mainly achieved through stringent fiscal discipline and proper management of the country’s resources by the government. Botswana is rich in diamond but also in strong farming, tourism and financial servicing. 15. Democratic Republic Of Congo GDP: $32.69 Billion Foreign Exchange Rate: $5, 239 Million

The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services, and a government spending, characterized by budget problems and over staffing.Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the country is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects. 14. Tanzania GDP: 41.33 Billion Foreign Exchange Rate: $4, 758 Million The United Republic of Tanzania is the second largest economy in the East African Community and the twelfth largest in Africa. The country is largely dependent on agriculture for employment, accounting for about half of the employed workforce. Even though Tanzanian is a rich country, an estimated 34 percent of Tanzanians currently live in poverty. The economy has been transitioning from a command economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007. 13. Cameroon GDP: $48. 14 Billion Foreign Exchange Rate: $3, 353 Million The economy of Cameroon has come a long way from what it used to be, even though the people are still largely farmers, the country’s natural resources are being put to very good use in improving the lives of the citizens. The southern rain forest has vast timber reserves, estimated to cover 37% of Cameroon’s total land area. 12. Kenya GDP: $53.40 Billion Foreign Exchange Reserve: $5, 541 Million The capital, Nairobi, is a regional commercial hub. The economy of Kenya is the largest by GDP in Southeast and Central Africa. Agriculture is a major employer; the country traditionally exports tea and coffee and has more recently begun to export fresh flowers to Europe. The service industry is also a major economic driver. Kenya is a member of the East African Community. Compared to other African countries, Kenya enjoys relatively high political and social stability. 11. Libya GDP: $76.52 Billion Foreign Exchange Reserve: $120, 900 Million Libya is largely dependent on its oil reserve and petroleum products for most of its revenue and just about 20% of all of Libya’s GDP come from the service and construction sectors. The small number of population with a large amount of revenue from oil suggests the reason Libya has been described as an “Upper Middle Economy” by the world bank. Since 2000, Libya has recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010 and 76.3% in 2012 after plummeting in 2011. 10. Ghana GDP: $82.65 Billion Foreign Exchange Reserve: $8, 113 Million Ghana’s growing economy is largely achieved through years of sound management, positively competitive business environment, and sustained reductions in poverty levels. Ghana’s economy is built on a diverse and rich resource base, not only relying on natural resources (Gold, cocoa, timber, bauxite and more recently, crude oil) which it has in abundance but on other sectors like services which accounts for 50% of GDP. 9. Tunisia GDP: $104 Billion Foreign Exchange Reserve: $7, 198 Million The Tunisian economy is diverse and market-oriented with significant foundation in mining, manufacturing and tourism. The latest 2012 figures for Tunisia’s GDP stands at $104.4 billion coming from a growth rate of 2.7%. Agriculture contributes 8.9% while industry and services contribute both 29.6% and 61.5% respectively. 8. Ethiopia GDP: $109 Billion Foreign Exchange Reserve: $3, 382 Million Ethiopia is among the non-oil producing African countries with the fastest growing economies and has managed to sustain a high single digit annal growth rate since 2004 and is estimated to expand by 11.3 per cent in the 2012/13 budget year. Agriculture contributes to almost half of Ethiopia’s GDP and offers about 85% of all employments in the country. Ethiopia’s GDP stands at $103.1 billion as at 2012. The government has invested in ways to privatize and restructure her policies which is beginning to attract foreign investments in the country. 7. Sudan GDP: $112.552 Billion Foreign Exchange Reserve: $202 Million More than once, we have mentioned oil and gas as the main source of income for countries on this list. Sudan also falls into that category but in a more diverse way. It depends on oil but with a third of its GDP contributed by agriculture. Cotton and peanuts constitute its major agricultural exports. You may not notice a “Made in Sudan” tag on the shirt you buy in Khartoum but cotton from Sudan has fueled the textile industry in many parts of the world. 6. Angola GDP: $123.1 Billion Foreign Exchange Reserve: $37, 940 Million Angola is sixth among the richest countries in Africa with a GDP of $123.1 billion. The country enjoys an extensive reserve of oil and gas resources, hydroelectric power, diamonds, and rich agricultural land but still remains a fairly weak economy. Part of the reason is not far from poor management of resources and extreme corruption. According to Transparency International, Angola is rated Angola among the 10 most corrupt countries in Africa and 157 out of 174 countries rated. Being the second largest producer of crude oil in Africa following Nigeria, oil production contributes a very large percentage of foreign exchange. 5. Morocco GDP: $168.9 Billion Foreign Exchange Reserve: #19, 160 Million Morocco’s GDP (PPP) stands at $168.9 billion, making it the 5th among the richest countries in Africa. Morocco is largely dependent on agriculture and its proximity to the Europe is part of what is influencing Morocco’s market and economy which it has capitalized on to build a diverse, open market-oriented economy. Apart from phosphorus for which the country is the world’s third-largest producer, there are also revenues coming from tourism, textiles, apparel and overall, Morocco is the second richest non oil-producing country in Africa after Egypt. 4. Algeria GDP: $272.5 Billion Foreign Exchange Reserve: $192, 500 Million Located in northern Africa, Algeria is the 4th largest economy among the wealthiest African countries with the most recent GDP figure standing at $272.5 billion. Algeria is a country where the government practically exerts a lot of control on most infrastructures. Crude oil contributes the most revenues and foreign currency for Algeria accounting for some 60% of budget revenues, up to 30% of GDP, and more than 95% of export earnings. 3. Nigeria GDP: $521. 8 Billion Foreign Exchange Reserve: $32, 386 Million Nigeria is third among the richest countries of Africa with the most recent GDP figures standing at $444.3 billion. The 160-million people Nigerian market is seen as one of Africa’s largest market but this is more of a consumer market that practically buys more than it sells. Crude oil accounts for more than 85% of all foreign exchange and revenue generation by the giant country hence, is tied to fluctuations in the price of crude. The government has not made strong effort to diversify the economy to some other sectors like services and industries. 2. Egypt GDP: $534.1 Billion Foreign Exchange Reserve: $14, 877 Million Egypt has enjoyed quite a stable economy and continuous growth since the past quarter-century averaging 4%–5% however, the lack of transparency and freedom has not allowed growth to get to the expected levels. There is still no doubt that Egypt is among the richest countries in Africa with a well-developed energy sector that is based on coal, oil, natural gas, and hydro power. 1. South Africa GDP: $576.1 Billion Foreign Exchange Reserve: $47, 190 Million South Africa is the richest country in Africa and one of the fastest developing nation in the world. It is endowed with lots of natural resources including gold, diamond, platinum to name a few. It is classified as a middle emerging market and unlike most other countries in Africa that depends on a single source for revenue, South Africa is diversified. The country’s stock exchange is rated the 18th Largest in the world. - AnswersAfrica CLICK HERE to join our BBM Channel for faster updates TOP POSTS YESTERDAY The 15 Hottest mums in Nigeria entertainment industry (With Pictures) The 4 top Nigerian celebrities who met their husbands early & as virgins (With Pics) 10 popular female celebrities that have bleached their skin so bad! ( With Photos) Top 17 Worst celebrity wardrobe malfunctions that went viral – #17 will leave you in stitches! (See Photos) The long list of hot women Lil Wayne has slept with – #1 will shock you! (With Pictures) Meet the 7 top Yoruba actresses and their adorable kids (With Photos) 7 beautiful and famous women D’Banj has used and dumped.. Shocking names! (With Pictures) 7 Undisclosed facts you didn’t know about Jackie Appiah 12 Popular Yoruba actors you didn’t know are Non-Yoruba – This will shock you! 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