It seems it is Africa’s turn to impress the world in terms of the growth of their economies. One or two decades ago it was China who was shocking the entire world by being on every single economic report and headline because of the growth it was having in so many industries. Right now, Africa is taking the lead, especially Sub-Saharan Africa, as one of the fastest-growing regions in the world. The development shown in this part of the continent has been showing better numbers and facts than the regional average of the Asian continent. This is only good news for Africa and its people because of what is represents. Poverty rates reduction, increased employment rates, progress in education, in healthcare and even in the cultural environment. Africa is going from being the continent with the highest hunger rates in the world to becoming the continent with the most increasing amounts of business and entrepreneurial ideas, funding and international investments, globally speaking, for the past few years. The economy growth rates in Africa are even higher than the ones in developed countries and one of the reasons is that African countries have become the biggest sources of raw material for many other regions in the world. Giant companies of all the sectors and countries you can imagine have chosen Africa as the new business target. Some countries in Africa are starting to appear on the list of the top African economies. Maybe not as much as the most recognized ones, but still, they are attracting some attention. These countries with a lot of potential are Liberia, Benin, The Gambia, Chad, South Sudan, Sierra Leone, Cote d’Ivoire and Democratic Republic of Congo. The top African countries that have become the most important ones due to their current economic progress and future promising growth are the ones in this list of the 6 most differentiated ones.
Mozambique has grown mainly because of its offshore natural gas reserves that have attracted large investments projects and infrastructure. The Banking sector is also responsible for this growth, since middle class people are opening more bank accounts every time and using more card payments instead of cash.
Rwanda is also being called the “Sub-Saharan Singapore”. After being one of the most devastated countries because of the amount of genocide and danger in society, the government has turned this country into a place with a lot of business potential and development characteristics that are very interesting to foreign investors. Tourism and mostly agriculture are very strong. Minerals, tea and coffee are a few of their most important products in the economy.
Tanzania is also strong in offshore natural gas reserves. Investments in transport infrastructure and power infrastructure have brought many benefits to the country, along with tourism and the gold production. The penetration of smart-phones in Tanzania has been something huge, which means the mobile and communication sectors are also contributors to the development of Tanzania.
Ethiopia is one of the largest economies in Africa, because of its agriculture, manufacturing, textiles and construction sectors. Education is becoming more important to families and this will always be something that changes people’s lives. Although it is considered a country with an important growth, the income per capita is still considered as one of the lowest in the world.
Communications and technology are two of the top industries in Kenya. This country is now considered as the world’s third-fastest growing economy in 2015. Kenya has shown amazing technological and scientific development, especially for the past two years, which why companies like Google, IBM, Facebook and many others of different sector have decided to invest in this country.
Manufacturing is one of Uganda’s most growing sectors. Transport and power infrastructure are the sector in which the government has the most faith in. They consider these two to have a great potential for foreign investors. Uganda has seen its poverty rate decreased significantly over the past couple of years. At the same time, as a country, they have experienced a macroeconomic stability that has brought many positive reactions in people and therefore in the rest of the sectors that are still evolving.