BY NDUMBE BELL JOSEPH GASTON IN DOUALA
The International Monetary Fund Rankings 2022 findings has placed the 10 most developed African countries.
The Fund only takes GDP (Nominal Gross Domestic Product) which is the market value (or goods bought) of all the good and services produced for a period) as at today in account. It features the nation that produces the most wealth and describes the weight of influence of digital technologies in their respective economies. The IMF says these countries are spear heading the country’s fourth industrial revolution in the African continent.
Ghana ranks the 10th position with a GDP of US Dollars 75 billion.A relatively small market but manages to be among the most developed. It is said that if they had the population that Nigeria has, it would be the most developed. Ghana has moved from an agricultural country and now more diversified over the years thanks to digital contributions. It is reported to have created Central Bank digital currency and their information and communications Technology (I.C.T.) covers fields such as financial services, the identification of people agriculture, health and energy.
Tanzania occupies the 9th ranking with a GDP of US Dollars 76 billion and a strong market of 61 million inhabitants. They have a vibrant digital economy today and a diversified economy. It is the first country in East Africa to manufacture fibre optics cables. Mobile Money and internet transactions have changed the financial sector, transformed the education system, empowered women and small traders.
Kenya covers the 8th position drawing a GDP of US Dollars 110 billion. It has a vibrant diverse economy as found by the IMF. They are referred to as having the most advanced digital ecosystem on the continent, an example in many ways to neighbours and called the regional pacesetter or cradle of mobile money. The I.C.T. is said to have an average growth of 10.8 percent each year since 2016 and respected as a significant source of economic development and job creation positively impacting in all other economic sectors.
The 7th ranking goes to Ethiopia, called an African economic heaven with a GDP of US Dollar 113 billion and one of the largest markets in Africa. It has a strong agricultural and energy sector with big ambitions in technology. After liberalizing the telecom sector, a consortium led Safaricom entered and challenged the existing Ethio-Telecom. Even though only 19 percent of the masses are internet connected in 2020, there is hope to reverse the trend, increase attractiveness to international investors.
The 6th ranking goes to Angola, with a GDP of US Dollar 124 billion.
The Moroccan kingdom is in the 5th place. Their key sectors include energy tourism, infrastructure, agriculture and hydrautics which contributes enormously to the GDP that stands at US Dollar 142 billion. They are in to the digital revolution by investing heavily in the development of telecommunication impacting significantly in internet penetration. The sustainable growth in its digital economy and the transformation of its administration may power Morocco to become an African economic hub.
Algeria takes 4th place with a GDP of US Dollar 187 billion. It is still abysmal when it comes to transactions of sending and receiving money more securely and efficiently. At 44 million inhabitant, digitization is expected to make gains. Efforts are being recommended to the government towards further digitization of the economy and the liberalization of the banking and telecoms system.
South Africa occupies the 3thranking with a GDP obtained at US Dollars 411 billion and is said to be on the podium of transport, science and technology occuping an exceptional place in the economy. In 2016, the South African digital economy accounted for up to 15 percent of global GDP, an equivalent of US Dollar 11.5 trillion and same global GDP is expected to grow to 24 percent by 2025.
Egypt occupies an impressive 2nd ranking with GDP in US Dollars 469 billion. IMF states that the government is engaging in numerous investments, capacity building and training programs including digital government service reforms and infrastructural projects. New initiatives to maximise the contributions of the I.C.T. sector on the 100 million inhabitants to propel economic growth, are being launched. These will focus on capacity building, electronics design and manufacturing, including tech parks.
Nigeria has bounced back to earn the number one spot as the most developed African Country with GDP amounting to US Dollars 504 billion. The other superlative is it’s population second to none in the continent. You are talking about 200 million inhabitants. It also has the largest number of start-ups valued at US Dollars one billion and over. It’s attractiveness to investors cannot be over emphasised. The E.U. in 2022 intends to invest 820 million euros to further boost Nigeria’s digital economy which is said to be enough to thrust their National Digital Economy Policy and Strategy program. This plan is said to be based on eight pillars namely regulation of development, literacy and digital skills, solid infrastructure, soft infrastructure, digital society and emerging technologies etc.