Nigeria adjudged richest country in Africa; Ghana is 8th

Ghana has been ranked the eighth richest country on the African Continent.

Ghana's seat of government and presidential complex.

The ranking published on the website of worldpopulationreview.com, indicates that Ghana’s economy as at the end of 2021, was valued at $74.26bn, putting it ahead of Ivory Coast and Angola whose economies were valued at $70.99bn and $66.49bn respectively.

Ivory Coast and Angola were ranked the 9th and 10th richest countries on the continent.

With an economy valued at $514bn, Nigeria was ranked the richest country on the African Continent.

Following Nigeria in the second and third places were Egypt and South Africa with a total GDP of $394bn and $329bn respectively.

Below are the 10 richest countries in Africa:

  • Nigeria ($514.05 Bn)
  • Egypt ($394.28 Bn)
  • South Africa ($329.53 Bn)
  • Algeria ($151.46 Bn)
  • Morocco ($124.00 Bn)
  • Kenya ($106.04 Bn)
  • Ethiopia ($93.97 Bn)
  • Ghana ($74.26 Bn)
  • Ivory Coast ($70.99 Bn)
  • Angola ($66.49 Bn)

Meanwhile, Ghana, failed to make the list of top ten African countries with the highest Gross Domestic Product (GDP) per capita.

The list put together by Statista saw Seychelles emerged as the African country with the highest GDP per capita.

Seychelles had a per capita income of $9,670. Tunisia was the tenth African country with a per capita income of $3,690.

With a GDP valued at $72bn and a total population of over 31 million, Ghana’s current per capita income stands at $2,322. Hence the country’s inability to make the list.

GDP per capita is an important economic metric used globally by economists to gauge a country’s prosperity based on its economic growth.

It specifically measures how much of a country’s overall economic production value can be attributed to each of its citizens.

GDP per capita is calculated by dividing a country’s gross domestic product (GDP) by the total number of people that make up the country’s population.

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