African Countries with the Best Economic Prospects in 2024

Many African countries faced economic turbulence last year, but the outlook for 2024 brings a beam of hope. The World Bank’s Global Economic Prospect Report highlights a pivotal moment for Sub-Saharan Africa (SSA), projecting an upturn in economic growth. This resurgence comes after a challenging period marked by slowed post-pandemic recoveries, external demand fluctuations, and policy adjustments aimed at curbing persistent inflation.

The World Bank’s foresight into 2024 reveals an encouraging scenario for Sub-Saharan Africa, with an expected acceleration in economic growth to 3.8 percent, further firming to 4.1 percent in 2025. Amidst this positive outlook, certain African countries emerge as frontrunners, showcasing robust economic prospects that merit attention. Here’s a concise overview of these nations and their projected economic forecasts.

Niger

Niger is set to experience an unprecedented economic boom with a projected growth rate of 12.8% in 2024. This surge is primarily attributed to the expansion of its oil sector, signaling a transformative period for the country’s economy. Despite challenges in other areas, such as lower uranium production, the oil sector’s performance is compensating effectively, positioning Niger as a beacon of economic prosperity in Africa.

Senegal

Senegal’s economic forecast of 8.8% growth in 2024 places it among the continent’s most vibrant economies. This impressive trajectory is fueled by a mix of sectors including agriculture, mining, and services, alongside significant investments in infrastructure and energy. 

Rwanda

Rwanda’s anticipated 7.5% economic growth in 2024 is a reflection of its commitment to innovation and structural reforms. Known for its ease of doing business, Rwanda is making significant strides in technology, tourism, and agriculture. The government’s focus on creating a favorable business environment and investing in human capital development is fostering sustainable economic growth.

Democratic Republic of Congo (DRC) and Côte d’Ivoire

Both the DRC and Côte d’Ivoire are projected to grow at 6.5% in 2024, driven by diverse economic foundations. The DRC’s vast mineral resources, particularly in the mining sector, alongside Côte d’Ivoire’s agricultural prowess and emerging markets, form the cornerstone of their growth. 

Ethiopia

Ethiopia’s economic outlook shines with a 6.4% growth rate forecast for 2024, bolstered by extensive investments in infrastructure and its strategic geopolitical position. The government’s focus on industrial parks, renewable energy, and transportation networks is enhancing its manufacturing and export capabilities. 

Benin and Uganda

Benin and Uganda are both on track to achieve a 6% growth rate in 2024, highlighting the importance of economic diversification. Benin’s strategic investments in port infrastructure and digital technology, alongside Uganda’s focus on oil production and agro-processing, are pivotal in their growth narratives.

Guinea and Guinea Bissau

Guinea and Guinea Bissau, with growth forecasts of 5.8% and 5.6% respectively, are leveraging their natural resources and agricultural sectors to fuel economic expansion. Guinea’s rich bauxite and iron ore deposits, combined with Guinea Bissau’s cashew crop and potential in fisheries, are critical to their economic performance.