 10 richest African countries by overall GDP in 2022. The overall economy of Africa stands at about $2.6 trillion. Some African nations hold the greatest share of this money while a majority suffers in poverty. Africa is home to many of the world's poorest countries. Numerous African economies are in disarray. Poverty is widespread and a lack of vaccine access is slowing the continent's recovery from the COVID-19 pandemic. Furthermore, many African countries including Cameroon, Chad, Nigeria and Somalia are at war with either terrorist insurgencies or with one another putting additional strain on their economies. Despite these challenges, Africa's 54 countries have some of the world's fastest growing economies. The African economy is expected to reach $29 trillion in GDP by 2050, fueled by agriculture, trade and natural resources. Do you want to know if your country is amongst the countries that own the greatest share of Africa's GDP? Stay tuned till the end and give us your opinion in the comment section. 10. Ghana GDP $73.89 billion. Ghana rounds out the top 10 richest African countries with a GDP of just under $74 billion in the previous year. Ghana, located in West Africa, has a diverse and resource-rich economy. The country was the first in sub-Saharan Africa to be liberated from colonial rule and the first to achieve the goal of having extreme poverty. Because of its overall favorable business environment, the country has attracted foreign investment and experienced economic growth of slightly more than 6 percent over the last two years. Services account for roughly half of Ghana's GDP and employ nearly 30 percent of the labor force. Agriculture is the next largest contributor to GDP, accounting for just under 25 percent. Ghana has an abundance of natural resources, which contributes to the country's economic boom. The country's main export is gold, petroleum, which accounts for half of the country's foreign exchange. Cocoa beans, timber, and gold are also important exports. 9. Tanzania GDP $77.51 billion. Tanzania, with a GDP of more than $75 billion, just makes the list of the wealthiest countries on the African continent, ranking ninth. The country has a lower middle mixed income economy and is home to some of the continent's most famous national parks, including Kilimanjaro. Agriculture dominates the country's economy, accounting for nearly 25 percent of GDP and employing half of the workforce. Mining, manufacturing, construction, electricity, natural gas, and water supply are all growing sectors of the economy, accounting for nearly 30 percent of GDP. Gold, coffee, cashew nuts, and cotton are the most important exports. Tanzania has experienced relatively high economic growth in recent years, with a 5.6 percent growth rate, but this appears to be slowing. The medium term economic outlook is positive, supported by large infrastructure spending, with real GDP expected to grow 5.8 percent in 2022 as trade corridors reopen and tourism sector performance improves. 8. Ethiopia GDP $105.32 billion. Ethiopia, a landlocked country in the Horn of Africa, divided by the Great Rift Valley, is Africa's 8th richest country. This ancient land is famous for being the origin of the coffee bean, with archaeological finds dating back over 3 million years. The country is Africa's largest producer of coffee and honey, which account for a large portion of the country's foreign exchange. Legumes, oily seeds, and cut flowers are also exported. Agriculture, construction, manufacturing, tourism, food processing, resources, and energy account for more than $100 billion in GDP. Agriculture is the region's most promising resource, accounting for more than 40 percent of GDP, 60 percent of exports, and more than 80 percent of total employment. Since 2008, Ethiopia's economic growth has averaged 9.9 percent year on year. This consistent annual growth, which few African countries have achieved, has begun to attract foreign investment. In 2018, the government launched an ambitious economic reform to further open up the economy and drive transformation. The country's poverty rate fell to 31 percent in 2015, and it aims to be a middle-income economy by 2025. Kenya, GDP, $114.68 billion. Kenya, a country in East Africa known for its vast landscapes and wildlife, is the seventh richest country in Africa, with a GDP of more than $100 billion. This country is the wealthiest in Southeast and Central Africa, thanks to its stable living conditions, established coffee anti-sectors, and rapidly growing agricultural sector. For centuries, its coastline has been home to a number of strategic ports for Asian and Arabian traders, becoming a regional trade hub. Kenya's economy, unlike many other countries on this list, is not based on the oil industry, but it is experiencing diverse positive growth. Kenya has emerged as one of the fastest growing economies in sub-Saharan Africa, with GDP increasing by 5.7 percent in 2019. This is due to strong investor confidence, a stable political climate and service sector, a favorable macroeconomic environment, and a well-defined business agenda. 6. Angola, GDP, $124.86 billion. Angola has one of the largest reserves of raw materials in Africa. In essence, it could be higher up on this list of Africa's richest countries. However, the country's economy has suffered as a result of resource mismanagement and internal corruption. It ranks sixth on this list, with a GDP of more than $124 billion. Angola's economy is based on oil, with large reserves of natural gas and oil accounting for more than one-third of the country's GDP. Crude oil production and export contribute significantly to foreign exchange. In fact, the sale of crude oil accounts for 90 percent of the country's export revenue. Diamonds and cargo ships are two other notable exports. Agriculture is also expected to become an important economic sector in the future. Angola's civil war ended in 2002. Positive steps have been taken since then, with the goal of achieving economic advancement and stability. Along with the IMF and the World Bank, work has been done on both political and structural reforms. Since then, the country has had one of the world's fastest growing economies and has become one of the richest African countries. 5. Morocco GDP $133.06 billion Morocco ranks fifth on this list of Africa's richest countries, with a GDP of more than $130 billion. This North African country's economy is versatile and stable, with growth in a variety of industries over the last decade. It is Africa's second-richest non-oil producing country. Mining and manufacturing drive the country's economy. Industry accounts for 30 percent of Moroccan GDP. Agriculture for 15 percent and services account for 55 percent. This is supplemented by a growing tourism sector, with locals welcoming tourists and the government emphasizing attracting visitors to the country known for its attractions. Morocco is heavily reliant on agriculture and is the world's third largest producer of phosphorus. The country has reaped significant benefits from its diverse exports, which include but are not limited to electrical equipment, vehicles and vehicle parts. Furthermore, the telecom and textile industries contribute significantly to the economy. 4. Algeria GDP $193.60 billion Algeria, the continent's largest country in the North, ranks fourth on this list of Africa's wealthiest countries. With a significant economy and available infrastructure, as well as a GDP of more than $190 billion, the country has achieved a notable achievement of reducing poverty by 20 percent in the last 20 years. This developing Saharan country has an abundance of crude oil reserves and the economy is heavily reliant on it. So much so that hydrocarbons, oil and natural gas account for nearly 70 percent of the country's income. More crude oil reserves discovered recently have boosted this rapidly growing industrial country. Agriculture, industrial works, commercial services and construction are some of the other sectors that contribute to the Algerian economy. The country is also one of Africa's largest suppliers of ammonia. It is worth noting, however, that the recent depression and volatility in oil prices have resulted in a decrease in the country's currency reserves. Furthermore, political unrest and scandals in the hydrocarbon industry have slowed Algeria's economic growth. 3. South Africa GDP $426.16 billion As the continent's third richest country, this southernmost country is also a significant player. With a highly developed economy, advanced infrastructure and a GDP of more than $400 billion, the country is regarded as one of the world's fastest developing. South Africa, also known as the Rainbow Nation, is one of the few countries on this list that does not rely on a single source of revenue. Mining, manufacturing, financial services and tourism are all important industries in the country. It also has a wealth of natural resources and raw material exports such as gold, diamonds, platinum, coal and iron ore. It is a significant exporter of these commodities, particularly gold and platinum. The country is well known around the world as a major tourist destination and places a high value on tourism as a source of revenue. 2. Egypt GDP $435.62 billion For many years, this ancient land in northern Africa was Africa's richest country. However, the economy suffered greatly and foreign exchange. Reserves plummeted following the 2011 Arab uprising. Egypt is now the second richest country in Africa with a recent GDP of more than $400 billion. Over the last decade, economic activity has improved and stabilized, resulting in positive economic growth. The government recently completed an economic reform program with the IMF to reform and strengthen the economy. In 2019, real GDP growth increased to 5.6 percent, up from 5.3 percent in 2018. The country has also seen a decrease in unemployment, an increase in foreign exchange reserves, increased exports of goods and services, and a strengthened tourism sector, all of which have contributed to its development. 1. Nigeria The richest country in Africa, GDP $510.58 billion With a population of over 200 million people, this West African country is vital to the African economy. Nigeria is the richest country in Africa with a GDP of slightly more than $510 billion. Finance, transportation, infrastructure, tourism, and an abundance of crude oil thrive the substantial GDP. According to OPIC, the country exports approximately 1.6 million barrels of crude oil per day, making it Africa's largest crude oil exporter. Petroleum exports account for 10 percent of total GDP and more than 80 percent of export sector revenue. Nigeria has an abundance of raw materials and natural resources in addition to petroleum, which contributes to the region's wealth. Coal, limestone, zinc, lead, tin, natural gas, neobium, and iron ore are among them. There is also enough fertile land for agriculture, which accounts for more than 20 percent of the GDP and produces cocoa and rubber. Nigeria's large population has helped propel the country to the position of largest consumer retailer in Africa and the country's digitally savvy residents have contributed to the country's rapidly growing tech sector. Nigeria, known for its vibrant cultural heritage, diverse ethnicities, natural splendor, and large population, remains the continent's top producer in terms of GDP output and Africa's wealthiest country. As stated earlier, these are the top 10 African countries in terms of GDP ownership. These countries' economies are primarily driven by raw materials such as cocoa, rubber, and petroleum. Which country did you expect to see that isn't in this video? Make a note of it in the comments section. Please like this video and follow us on Africa, Reloaded for more updates.