Top 10 fastest growing African countries by GDP 2024 YOY 

This year’s Gross Domestic Product forecasts highlight the doggedness and adaptability of these economies, driven by reforms, infrastructure investments, commodity exports, and the rising influence of technology and services.

With a population projected to reach 2.5 billion by 2050 and more than 60% under the age of 25, Africa remains the youngest and one of the most resource-rich continents in the world.

This demographic advantage, coupled with Africa’s strategic importance in supplying critical minerals for the global clean energy transition, such as lithium, cobalt, and rare earth elements, has placed it at the center of international trade and geopolitical interest.

In this context, the African Continental Free Trade Area (AfCFTA) offers unprecedented opportunities to boost intra-African trade, build regional value chains, and create jobs across sectors.

Yet, the continent also faces major headwinds. High inflation, currency volatility, public debt burdens, and climate-related disasters continue to disrupt stability in major markets. Political instability in parts of West and Central Africa, along with weak institutions, has further complicated macroeconomic recovery. In response, many African central banks have implemented tight monetary policies in early 2025, raising interest rates in efforts to stabilize inflation and attract investment.

Amidst these competing forces, a number of African countries have emerged as frontrunners in GDP growth outpacing regional peers and making bold moves to diversify their economies. ]

In this report, courtesy of IMF research, we highlight the Top 10 Fastest Growing African Economies by Year-on-Year GDP growth rate.

Mali posted a 4.4% GDP growth in 2024, with projections showing a rise to 4.9%. While this aligns with other low-income Sub-Saharan nations, structural issues continue to limit broader gains.

The economy remains undiversified, heavily reliant on gold and cotton exports. Rain-fed agriculture and low-productivity services dominate, and manufacturing is limited to agro-industries and cotton ginning.

GDP reached $22.72 billion, but with a low per capita figure of $945.61, development challenges remain acute. In purchasing power terms, Mali’s GDP climbs to $67.55 billion, reflecting stronger domestic value when local costs are factored in.

Inflation held steady at 4.7%, indicating relative price stability. Meanwhile, the population has grown to 24.03 million

Angola’s economy grew by 4.5% in 2024, marking steady progress as the country moves to diversify beyond its longstanding dependence on oil. With a GDP of $115.95 billion and a GDP per capita of $3,050, Angola remains one of Africa’s largest economies. On a purchasing power parity basis, its economy is valued at $382.67 billion, reflecting stronger domestic strength when adjusted for local prices.

Angola holds significant economic potential. It is rich in natural resources, has vast areas of uncultivated arable land, and enjoys favorable climatic conditions year-round, ideal for a wide range of crops. Additionally, about half of Angola’s population is young, presenting a promising demographic dividend.

Angola’s economic outlook for 2025 has been revised downward by the International Monetary Fund (IMF), with the growth projection now at 2.4%, down from the previously estimated 3%.

FY 2024 GDP: 4.5% 

FY 2024 GDP: 4.5% 

Kenya’s economy, valued at $120.9 billion in 2024, faces a complex mix of resilience and challenges as it navigates a fragile recovery. In 2023, Kenya’s GDP grew 5.6%, but growth slowed to an estimated 4.5% in 2024 amid inflation, liquidity shortages, climate shocks, and political unrest following mid-year protests. The government’s efforts to consolidate fiscal spending and manage debt face hurdles as revenue collection falls short.

Looking ahead, Kenya’s economy is expected to regain momentum, with growth projected to average 4.8% between 2025 and 2027. This recovery is fueled by easing inflation, accommodative monetary policy, and improved credit access

Tanzania’s economy grew by 5.4% in 2024, extending a record of resilience despite global shocks and domestic structural hurdles.

With a population of 69 million, the East African nation reported a GDP of $80.17 billion in current prices and a per capita income of $1,230. Adjusted for purchasing power, the GDP stands at $269.76 billion in 2024. It is projected to grow by 6% in 2025.

The economy remains broadly diversified. Agriculture still employs two-thirds of the workforce, although its contribution to GDP has shrunk to about a quarter. Industry now accounts for a third of economic output, while services fill the rest.

Urbanization is reshaping the landscape, with 37% of Tanzanians now living in cities.

Poverty remains a stubborn challenge, with 43% of the population living under the international poverty line of $2.15 a day. Led by President Samia Suluhu Hassan, the only female head of state in East Africa, Tanzania has maintained macroeconomic stability.

FY 2024 GDP: 5.7%  

Ghana’s economy rebounded sharply in 2024, with GDP growth hitting 5.7%, up from 3.1% the year prior, fueled by a booming extractives sector and a rebound in construction.

The West African nation, home to 34.4 million people, posted a GDP of $82.83 billion and per capita income of $2,410. On a purchasing power basis, its GDP was $276.36 billion.

President John Dramani Mahama, newly elected in December 2024, inherits a country making headway in debt restructuring under an IMF-supported program.

His administration faces the dual challenge of restoring debt sustainability and containing inflation, which surged to 23.8% amid rising food costs and a 19% depreciation of the cedi.

Industry-led economic expansion with 7.1% growth, particularly in mining and construction. Services rose by 6.1%, driven by gains in ICT, finance, and transport, while agriculture saw modest growth of 2.8%.

Despite inflationary pressures, the external sector strengthened. A current account surplus of 3.2% of GDP was buoyed by gold and oil exports and robust remittances. International reserves climbed to $8.98 billion, covering four months of imports.

Côte d’Ivoire’s economy grew by 6.0% in fiscal year 2024 and is projected to accelerate to 6.3% in 2025, reinforcing its status as one of Sub-Saharan Africa’s most consistent performers.

Over the past decade, the West African nation has undergone a quiet transformation from cocoa dependency to broader industrial ambitions.

Between 2012 and 2019, Côte d’Ivoire averaged a remarkable 8.2% annual growth.

Even during the COVID-19 pandemic, it managed a positive rate of 2%. Since 2021, it has regained momentum, strengthening its role as a regional economic hub and a magnet for migration within ECOWAS.

Now, the country is moving to shake its legacy as a raw commodity exporter. While it remains the world’s top cocoa producer, Côte d’Ivoire is expanding into value-added sectors like cashew processing. In 2024, processed cashew exports surpassed 330,000 tons, highlighting a shift toward industrialization and global value chain integration.

Uganda’s economy continued its upward trajectory in FY2024, with real GDP growth climbing to 6.3%, up from 5.3% the previous year. The East African nation of 51 million people is projected to maintain this pace in 2025 at 6.1%, led by gains across services and industry, which together comprise over two-thirds of GDP.

Exports of coffee and gold, longstanding economic pillars, combined with increased oil sector investment and improved global supply chains, helped drive the expansion. Government programs such as the Parish Development Model (PDM) also played a role in stimulating local economies and strengthening resilience.

Inflation cooled sharply in FY2024. Headline inflation dropped to 3.2% from 8.8% in FY2023, while core inflation fell to 3%, both well below the Bank of Uganda’s 5% target. This decline was aided by easing food prices, tighter monetary policy, and currency stability.

With projected inflation at 4.2% in 2025, Uganda appears to be striking a delicate balance between growth and price stability.

The Democratic Republic of Congo, sub-Saharan Africa’s largest country by landmass, posted a robust 6.5% GDP growth in 2024, down from 8.6% the year prior.