Africa faces many challenges that slow the region’s growth, including violent conflicts and harsh weather conditions. According to a McKinsey report, despite a strong start in the early 2000s, economic challenges remain a major problem in the region. From 2000 to 2010, the region’s real GDP grew at an average annual rate of 5.1%. However, from 2010 to 2019, growth slowed to just 3.3% per year. During this period, the region’s GDP fell by 35%. Per capita income has also grown slowly over the past three decades, averaging just 1.1%.
Nearly 60% of Africa’s population lives in poverty. But the continent’s large population presents unprecedented growth opportunities. It’s estimated that Africa will have the largest working-age population by 2040. At the same time, this represents an opportunity for businesses, as 250 million people will join the consumer population by 2030. Consumer spending is expected to grow to $3 trillion by 2030. Opportunities for businesses include targeted focus on growth centers and innovative value chains.
15 Most Advanced Countries in Africa in 2024
15. Côte d’Ivoire
- Global Innovation Index 2023: 112
- R&D Expenditure as a Percentage of GDP in 2016: 0.07$
Côte d’Ivoire ranks 112th out of 32 countries in the Global Innovation Index 2023. It secured 28th place in the ranking out of 37 lower-middle-income countries. Mobile app development is a notable indicator of the country’s technological advancement. In 2022, mobile app development in the country increased by 186.78% year-on-year.
14. Cabo Verde
- Global Innovation Index 2023: 91
- R&D expenditure as a percentage of GDP in 2011: 0.07%
Å Verde ranked 91 out of 132 countries in the Global Innovation Index. The country, which will be one of the most developed in Africa in 2024, is also working towards the UN’s Sustainable Development Goals. The SIMILI project is led by environmental activists and works in the coastal municipality of Salamansa. The project converts discarded fishing nets into fabric to protect the environment.
13. Uganda
- World Innovation Index 2023: 121
- R&D spending as a percentage of GDP in 2014: 0.14%
Uganda ranked 5th out of 12 low-income countries. The country’s economy has shown steady growth in recent years. The country’s GDP grew 5.3% in the first quarter of 2024. An oil-fueled construction boom and agricultural growth are driving progress.
12. Togo
- Global Innovation Index 2023: 114
- R&D spending as % of GDP in 2014: 0.2%
Togo ranks 3rd out of 12 low-income countries in the 2023 GII rankings. It will be one of the most developed countries in Africa in 2024. Despite its low-income status, the country has made notable progress in recent years, including democratic reforms. The government’s Vision Togo 2030 has the ambitious goal of becoming a middle-income country by 2030.
11. Zambia
- Global Innovation Index 2023: 118
- R&D expenditure as a percentage of GDP in 2008: 0.28%
Zambia ranked 188th out of 132 countries in the Global Innovation Index 2023. The country’s nominal GDP in 2022 was $29.1 billion. The country’s GDP per capita is US$1,454, which is very low compared to the world average of US$10,589. However, the country’s economy has been growing steadily, with a GDP growth rate of 3.6% over the past decade. Copper and cobalt are among the country’s most important exports.
10. Nigeria
- World Innovation Index 2023: 109
- R&D expenditure as a percentage of GDP in 2019: 0.28%
Despite economic and development challenges, Nigeria has large demographic potential. It will be one of the most developed countries in Africa in 2024. One of Nigeria’s biggest problems is quality education. However, UNESCO, in collaboration with its local implementing partner Future Perspectives, is working on improving education, namely Innovations Transforming Education and Training (ITET). The project aims to provide participants with skills in project implementation and innovations transforming education.
9. Mauritius
- Global Innovation Index 2023: 57
- R&D expenditure as a percentage of GDP in 2022: 0.31%
Mauritius ranked 57th out of 132 economies in the Global Innovation Index 2023. It also secured a high ranking of 10th out of 33 upper-middle-income countries. The country has successfully transitioned from a sugar-dependent economy to a more diversified economic portfolio. It has a strong financial services sector and a thriving tourism industry. Mauritius is free of violent conflict and has well-established democratic institutions, making it one of the most stable countries in Africa.
8. Namibia
- World Innovation Index in 2023: 96
- R&D spending as a percentage of GDP in 2014: 0.35%
Namibia is located in southwestern Africa. It will be one of the most developed countries in Africa in 2024. Its GDP in 2022 was $12.91 billion, a year-on-year growth rate of 7.6%. The country’s economy is primarily based on capital-intensive industry and agriculture. Diamonds and livestock are among the country’s most important exports.
7. Ghana
- World Innovation Index 2023: 99
- R&D expenditure as a percentage of GDP in 2010: 0.38%
Ghana has made great strides in terms of economic and technological advancement in recent decades. The country’s GDP in 2022 was $73.77 billion, an increase of 3.1% over the previous year. Although it has democratic institutions, weak institutions pose a major challenge for the country. The economy is heavily dependent on gold and cocoa exports.
6. Kenya
- World Innovation Index 2023: 100
- R&D spending as % of GDP in 2022: 0.41%
Kenya has an emerging market economy and is classified as a lower-middle income country. It will be one of the most developed countries in Africa in 2024, having recorded a 4.8% higher GDP growth rate in 2022 than the previous year. The economy has proven resilient in the face of global challenges such as the COVID-19 pandemic. A growing startup ecosystem and the services and agriculture sectors are key drivers of Kenya’s economic growth.
5. United Republic of Tanzania
- Global Innovation Index 2023: 113
- R&D expenditure as a percentage of GDP in 2013: 0.51%
In 2023, Tanzania ranked 113th out of 132 countries represented in the Global Innovation Index. The country’s relatively stable political system has attracted foreign investment over the years. Agriculture is the country’s most important economic component. Post-pandemic supply chain recovery and tourism are expected to support the country’s growth.
4. Botswana
- World Innovation Index in 2023: 85
- R&D expenditure as a percentage of GDP in 2013: 0.56%
Botswana has the longest-running democratic multiparty system on the continent. It will be one of the most developed countries in Africa in 2024. Stable political institutions have supported public debate and strong economic institutions. Revenues from diamond exports have contributed significantly to the country’s growth. The country’s GDP growth rate in 2022 was 5.8%.
3. Senegal
- Global Innovation Index 2023: 93
- R&D Expenditure as % of GDP in 2015: 0.58$
Senegal is located in West Africa. The country is known for its stable democratic institutions and has supported a long and peaceful transition of power. The country has a diversified economy based on various sectors such as tourism, fishing, and services. Education and human capital development are noted as priorities. The country is also part of the West African Economic and Monetary Union (WAEMU), which supports countries in the region.
2. South Africa
- World Innovation Index in 2023: 59
- R&D spending as a percentage of GDP in 2020: 0.6%
South Africa has a highly industrialized and diversified economy. The country’s GDP in 2022 was an astounding $405.3 billion. It has a developed financial sector, as well as highly developed transport and communications infrastructure. It is a member of the G20 group of largest economies. South Africa is ranked 12th out of 33 upper-middle-income countries in the 2023 World Innovation Index.
1. Rwanda
- World Innovation Index 2023: 103
- R&D spending as a percentage of GDP in 2019: 0.76%
Rwanda is considered one of the fastest growing economies in Africa. GDP growth in 2022 was 8.2%. Based on the latest available data, R&D spending as a percentage of GDP is the highest among African countries. It will be the most developed country in Africa in 2024. Rwanda’s startup culture is thriving. In 2023, Rwanda raised $38 million in seed capital from global investment firm Partec. The funding amount increased six times the amount raised in 2022. In Rwanda’s capital, Kigali, government efforts such as infrastructure development, ensuring access to high-speed internet, and reducing regulatory hurdles have created an environment that is conducive to startups. Fintech is one of the most important sectors in Rwanda. A report from the National Bank of Rwanda said that mobile payments in Rwanda increased by 57% from December 2022 to December 2023. Similarly, internet banking increased by 68% over the same period. In March, the Rwanda Ministry of Justice won two awards at the inaugural Federal Access to Justice Innovation Awards. One of the awards is for an integrated electronic case management system. The project was launched in 2016 with the aim of supporting judicial procedures through automation. Digitalization also facilitates the exchange of information between institutions.
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