On one side of the coin, the depreciation of African currencies against major currencies, particularly the US dollar, turned into a major headache affecting trade balances, inflation rates, and what people could buy with their money. Countries like Nigeria, Kenya, and Zambia saw their currencies take a beating, dropping by double-digit percentages.
Also, countries are struggling with heavy debt burdens, leading to defaults in nations like Ghana, Zambia, and Ethiopia.
But there is a silver lining. Africa’s economic outlook is looking up, and it’s expected to bounce back in 2024, according to the International Monetary Fund (IMF). The IMF predicts that six out of the top-10 performing economies worldwide in 2024 will be from Sub-Saharan Africa.
The IMF sees regional growth improving moderately to 4% in 2024 from 3.3% in 2023.
Below are 10 African countries with the highest GDP growth forecast in 2024 according to the IMF:
| Rank | Country | GDP 2024 growth forecasts |
|---|---|---|
| 1 | Ivory Coast | 6.6% |
| 2 | Ethiopia | 6.2 |
| 3 | Tanzania | 6.1 |
| 4 | Uganda | 5.7 |
| 5 | Kenya | 5.3 |
| 6 | DRC | 4.7 |
| 7 | Angola | 3.3 |
| 8 | Nigeria | 3.1 |
| 9 | Ghana | 2.7 |
| 10 | South Africa | 1.8 |
Source: Africa Business Insider
