In this article we are going to list the 5 poorest countries in Africa. For a detailed coverage of this topic and a more comprehensive list please take a look at the 30 poorest countries in Africa.
10. Lesotho
Total GDP per capita of the country: $1,167
Total GDP of the country (in billions): $3
While Lesotho gained independence from the United Kingdom in 1966, it has been plagued with political instability and slow economic development ever since. A prevalence of HIV has also impacted poverty rates in the country.
9. Comoros
Total GDP per capita of the country: $1,495
Total GDP of the country (in billions): $1
Comoros’s lack of adequate transportation links has impacted the potential growth of its economy, while a consistently rising population has reduce the income per capita. Despite this, it’s GDP per capita is still significantly higher than most in this list.
8. Liberia
Total GDP per capita of the country: $673
Total GDP of the country (in billions): $3
For over a decade and a half, Liberia has been the site of a brutal domestic conflict because of which its economy has been ruined. However, the newly elected government has made the reduction of poverty a major target and if they achieve this goal, Liberia may not appear much longer in this list.
7. Gambia
Total GDP per capita of the country: $836
Total GDP of the country (in billions): $2
A lack of economic diversity is just one of the reasons why Gambia is among the poorest countries in Africa.
6. Sierra Leone
Total GDP per capita of the country: $516
Total GDP of the country (in billions): $4
Sierra Leone’s education system is not even close to adequate and an uneducated population results in an undeveloped economy, which in turn doesn’t have the resources to support a robust educational system. This vicious cycle is one of the drivers behind the country’s poor economic condition.
5. Somalia
Total GDP per capita of the country: $446
Total GDP of the country (in billions): $7
After the collapse of the Somalia Democratic Republic in 1991, internal conflict and war have raged in the nation, devastating its resources and resulting in the country being counted among the most impoverished nations in the entire world.
4. Guinea-Bissau
Total GDP per capita of the country: $813
Total GDP of the country (in billions): $2
Guinea-Bissau is home to an undeveloped economy reliant primarily on fishing and agriculture which is why it is one of the poorest countries in Africa.
3. Eritrea
Total GDP per capita of the country: $643
Total GDP of the country (in billions): $2
Recurrent war, famine and drought have all contributed to Eritrea’s poor economic performance and over 66% of Eritreans live below the poverty line. Most of the population in the country is employed in the agriculture sector.
2. Central African Republic
Total GDP per capita of the country: $512
Total GDP of the country (in billions): $3
Many African nations suffer from weak governance and a lack of accountability with Central African Republic being no exception. Resources have been improperly used exacerbating the entire situation.
1. Burundi
Total GDP per capita of the country: $237
Total GDP of the country (in billions): $3
Topping the list of the 30 poorest countries in Africa is Burundi, with a meagre GDP per capita of $237. In almost all socio-economic measures, Burundi is more or less on the bottom rung not just in Africa, but globally. Internal conflicts and corruption at the highest levels are major contributors to its current status.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out our articles on 10 Best Stocks to Buy for Income and 15 Biggest Advertising Companies in the World.
