What are the most affordable countries to live in Africa in 2015?
Say, you’ve been dreaming of going on a safari in the Serengeti to see the lions, or to climb Mt. Kilimanjaro and see the wide African plains below. The problem is, you don’t know where to settle in Africa. Add to this that you are recently retired and now live on your pension – which means less income from your previous office job. Worry not, as we present to you the list of the 11 Most Affordable Countries to Live in Africa in 2015. If Africa isn’t your cup of coffee and you’d rather go elephant-riding in the forests of Thailand or take a hot-air balloon ride for a bird’s eye view of Angkor Wat, feel free to check out the 11 Most Affordable Countries to Live in Asia in 2015.
Africa may be the so-called last frontier, but economic development and technology in most African countries have been improving steadily. As a result, some of the 11 Most Expensive Cities to Live in Africa are also the most expensive in the world, but because this is a list of the most affordable countries to live in Africa, we will be discussing – mostly in superlatives – how affordable and inexpensive it is to reside in these countries.
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Insider Monkey collected data mostly from information provided by the World Bank and Trading Economics on the Consumer Price Indexes (CPI) for countries. The consumer price index is an evaluation of the prices of goods and services in a particular country, which gives an estimate of how costly it is to live in that country. Available data is for 2014 and mid-2015. The CPI of each country for 2014 and 2015 was averaged to get a better picture of how costly or cheap it is to reside in the given country. The average CPI will determine the rank of each country on our list. Also indicated is the CPI for 2014 and 2015 for each country.
These numbers are accurate as of October 2015, and they should give you an idea of how reasonable it is to settle in the 11 Most Affordable Countries to Live in Africa in 2015.
11. Mozambique
World Bank CPI (2014): 121.16
Trading Economics CPI (2015): 116
Average CPI: 118
As one of the poorest countries in the world, Mozambique also has one of the lowest consumer price index in Africa. Although many citizens struggle for daily needs, economic reforms are underway which should improve their lives, but might as well increase the cost of living, pushing Mozambique off this list.
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10. Rwanda
World Bank CPI (2014): 122.9
Trading Economics CPI (2015): 106.9
Average CPI: 114.9
The Rwandan Genocide of 1994 crippled the economy and put to halt a then-improving economy. Since that time, the economy has rebounded, but living in the country is still cheap compared to other better-developed countries in the continent.
9. Cape Verde
World Bank CPI (2014): 108.5
Trading Economics CPI (2015): 109.6
Average CPI: 114.05
Officially, Cape Verde (or Cabo Verde in Portuguese)has a scarcity of natural resources yet against all odds it managed to establish one of Africa’s most developed economies. Although its main industries are tourism and the services sector, living in Cape Verde wouldn’t set you back as much as you think.
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8. Mali
World Bank CPI (2014): 108
Trading Economics CPI (2015): 120
Average CPI: 114
If you’re looking for pristine beaches and open seas, then Mali isn’t for you, as it is a landlocked country in central Africa. However, having affordable goods and services make the country a haven for expatriates seeking the most bang for their buck.
7. Togo
World Bank CPI (2014): 108
Trading Economics CPI (2015): 116
Average CPI: 112
You may never have heard of this country, but Togo is one of the regional and commercial trade centers of Western Africa. However, the economy heavily relies on agriculture and subsistence farming. This may be one reason why the cost of goods here is cheap.
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6. Benin
World Bank CPI (2014): 109
Trading Economics CPI (2015): 112
Average CPI: 110.5
Another country that you might not have heard of, Benin is a neighbor of our previous entry Togo. It has roughly the same size as Togo and its economy is also dominated by agriculture, just like its neighbor. The main difference is its government has enacted reforms which have slowly but surely expanded the country’s economy.
5. Seychelles
World Bank CPI (2014): 116
Trading Economics CPI (2015): 104
Average CPI: 110
Here’s one country you should visit, whether prices are high or not. Seychelles is an archipelago in the Indian Ocean and it also has the smallest population among African countries. It also boasts some of the best beaches in the world and has many uninhabited islands turned into nature reserves. Having affordable commodities is only a plus to the country’s beauty.
4. Morocco
World Bank CPI (2014): 105
Trading Economics CPI (2015): 116
Average CPI: 110.5
Home of the famous couscous dish, Morocco has one on the most affordable costs of living on the continent, despite it having a well-developed economy and tourism industry. Its proximity to Europe makes it a popular entry point to North Africa, which contributes to a large number of Europeans visiting the country year-round.
3. Cameroon
World Bank CPI (2014): 110
Trading Economics CPI (2015): 108
Average CPI: 109
Being one of the most affordable may not be a title enjoyed by Cameroon in the near future, as its economy has been projected to become one of the emergent economies by 2035. However, most of the citizens still rely on agriculture as their main industry and source of living.
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2. Burkina Faso
World Bank CPI (2014): 107
Trading Economics CPI (2015): 110
Average CPI: 108.5
Another landlocked country and a neighbor of number 8, Burkina Faso was formerly known as Upper Volta until a coup d’etat in 1984, when it was renamed. A recent coup rocked the country, but democracy has been restored since. Despite the instability, prices of goods in the country remain low.
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1. Zimbabwe
World Bank CPI (2014): 109
Trading Economics CPI (2015): 97
Average CPI: 103
With a name meaning “large stone houses”, Zimbabwe certainly lives up to its name as housing comes cheap in the country, which is why it tops this list of Most Affordable Countries to Live in Africa in 2015. Home of Victoria Falls and Hwange National Park, residing in this country will come cheap as consumer goods and prices have remained low. However, mismanagement by the government has sent the economy into a downward spiral in recent years. Hopefully the economy picks up as platinum and diamond mining, which serves as two of the biggest industries in the country, have experienced a slight uptick in recent years.
