On one side of the coin, the depreciation of African currencies against major currencies, particularly the US dollar, has become a significant concern impacting trade balances, inflation rates, and purchasing power. Nations like Nigeria, Kenya, and Zambia have witnessed substantial declines in their currencies, plummeting by double-digit percentages.
Simultaneously, countries grapple with substantial debt burdens, resulting in defaults in nations such as Ghana, Zambia, and Ethiopia.
However, amidst the challenges, there is a silver lining. Africa’s economic landscape is poised for a turnaround, with expectations of a robust rebound in 2024, as per the International Monetary Fund (IMF). The IMF anticipates that six of the top 10 performing global economies in 2024 will emerge from Sub-Saharan Africa.
The IMF foresees a moderate improvement in regional growth, projecting it to rise to 4% in 2024 from 3.3% in 2023.
Here are the 10 African countries with the highest GDP growth forecasts 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 |