Markets

Insider Trading

Hedge Funds

Retirement

Opinion

15 Most Respected Countries In Africa In 2024

In this article, we will discuss the 15 Most Respected Countries in Africa in 2024. You can skip our detailed discussion and see the 5 Most Respected Countries In Africa In 2024.

Africa: Opportunities For Change

According to the data from the World Bank, Africa has the largest free trade area and a 1.2-billion-person market. Furthermore, it is rich in natural resources including diamonds and gold. Despite these factors, in 2023, almost 462 million people lived in extreme poverty. Development is not uniform across the continent. In 2023, East Africa grew by 1.8% whereas West Africa’s growth rate was 3.3%.

Africa has a major opportunity in the form of human resources. Africa will have almost 740 million more people in the working class by 2050. Nearly 12 million individuals from the youth are expected to join the labor force annually over the coming decade. If new jobs are created at the same pace as the increase in the population, it could greatly improve the economic situation in the region. Africa’s tourism industry presents an opportunity to facilitate job creation and economic growth in the region. According to data from the World Travel and Tourism Council, the tourism sector in Africa is expected to grow 6.5% every year for the entire decade. During this time, the tourism sector has been estimated to add 18 million jobs. The sector is forecasted to contribute $168 billion to the regional economy and with the right policy interventions the numbers can go as high as $350 billion.

Tourism in Africa has proved itself to be a driver of economic growth in the past as well and the numbers are constantly rising. The region welcomed 33.8 million visitors in 2012. The number of visitors exhibited a giant surge when compared to the numbers in 1990, 6.7 million. The receipts from tourism in 2012 added up to $36 billion to the economy of the country. The number of visitors in 2019, increased further to 84 million which added $186 billion to the region’s economy. After experiencing a decline during pandemic, by 2023, the numbers of international visitors in Africa has returned to 96% of pre-pandemic levels. According to the UN Tourism Africa News Issue, some regions of Africa have recovered to the pre pandemic levels and surpassed even surpassed them. In the first quarter of 2023, the number of international arrivals in North Africa were greater than the pre pandemic level by 8%.

The growing tourism sector globally is expected to nurture the regional growth of the sector as well. In 2019, travel and tourism made up 10.3% of the global GDP. The sector was responsible for almost 330 million jobs implying that 1 in 10 people on the planet work in direct or indirect tourism-related jobs. The growth rate of the sector was 3.5% in 2019. The growth rate of the sector was higher than that of the global economy for the ninth consecutive year. 5.8% or almost $1.1 trillion worth of exports are in the travel and tourism sector.

Several governments in Africa are working with international organizations including the United Nations World Tourism Organization to facilitate tourism in the region. The collaboration is helping in technical aspects as well. On 2 May, the Seychelle Draft Tourism Human Resources Development Strategy was presented to the tourism sector in the country. The strategy was developed in a workshop with technical assistance from United Nations Tourism and facilitated by consultant Lisa Gordon-Davis. The strategy proposes actions to cater to the HR challenges in the tourism sector in Seychelles. After necessary revisions based on the inputs provided in the workshop, the final submission will be made to the Parliament for approval. The strategy aims to unite stakeholders under ‘Team Tourism Seychelles’ for effective implementation post-adoption.

READ ALSO 15 Most Advanced Countries in Africa in 2024 and Ranked: The 35 Poorest Countries by GDP Per Capita in 2024.

Better Accommodations, Better Tourism

Having a comfortable trip requires comfortable places to stay. According to the Tourism in Africa report by the World Bank, only 10% of the hotel rooms in Africa meet international standards. The quality hotels are also not evenly distributed across the regions. South Africa has about half of the standard hotels. However, with the developing tourism markets in countries including Mauritius and Seychelles, there is a need for better accommodations to facilitate tourists.

Marriott International Inc (NASDAQ:MAR) is one of the largest hotel companies in the world. The company has 8,700 properties spread across more than 140 countries. It also has more than 300 properties across 29 countries in Africa and the Middle East. The company has almost 30 hotel brands, including luxury, premium, and select service hotels. The company generates revenue primarily through hotel operations. Marriott Bonvoy, a loyalty program, is an additional revenue stream that generates value through partnerships and rewards redemptions. At the end of June, the program had more than 210 million members.

In the fiscal second quarter of 2024, the company reported that the revenue per available room in the EMEA region grew by 10%. The company is constantly strengthening its presence in the continent by adding new properties. Protea Hotels by Marriott International Inc (NASDAQ:MAR) is one of Africa’s most prominent hospitality brands. It was founded in July 1984. The hotel has more than sixty locations that are spread across Africa, in both business centers and leisure destinations. The high-quality standards have made it a popular choice among travelers. On July 9, the company announced the opening of its first property in Angola. It also announced the expansion of its portfolio in South Africa, adding a new property in Pretoria. The announcements were made to celebrate the 40th year of Protea Hotels in the hospitality industry in Africa.

JW Marriott is another notable name in the company’s luxury brands portfolio. The hotel offers well-being-centric experiences and programs for the guests. It has almost 120 properties spread across 40 countries. It has a significant presence in the hospitality sector in Africa. On March 27, the JW Marriott Hotel announced the addition of a new property in Nairobi, Kenya. It is the tallest hotel in the country. The large hotel building includes 35 stories and 315 guest rooms and includes 51 spacious serviced apartments along with multiple recreational spaces. It is located close to the Nairobi National Park and Nairobi’s Central Business District. The location makes it an ideal stay for both business and adventure-oriented travelers.

While we acknowledge the potential of MAR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

The presence of safe and hospitable accommodation facilitates tourism in a country. The quality of life and degree of freedom add to the overall respect of the country. With that, let’s take a look at the most respected countries in Africa in 2024.

20 Largest Economies in Africa Ranked by PPP

Our Methodology 

To make our list of the most respected countries in Africa in 2024, we have used two metrics the Human Development Index (HDI) and the Human Freedom Index, sourced from UNDP and the Cato Institute respectively. The HDI measures the country’s well-being and quality of life based on factors such as education and life expectancy. A better standard of life corresponds to a country being more respected in the global arena. We sifted through the HDI of the top countries in Africa and tabulated it. We have used HDI as our primary metric. We then extracted the Human Freedom Index for each of these countries which quantifies the degree of personal, economic, and civil freedom in a country. Freedom is directly correlated to the rule of law and the effectiveness of the legal system. Countries with a higher Human Freedom Index are regarded globally. It is the secondary metric for our list. The list has been arranged in the ascending order of the primary metric.

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

15 Most Respected Countries In Africa In 2024

15. Comoros

Human Development Index: 0.586

Human Freedom Index: 5.45

Comoros is an archipelago which full of natural beauty. The country has improved life expectancy from 41 years in 1960 to 64 years in 2022. The government is improving the infrastructure of the country as well. In 2022, the GDP of the country amounted to $1.243 billion. It is one of the most respected countries in Africa in 2024.

14. Cameroon

Human Development Index: 0.587

Human Freedom Index: 5.3

Cameroon is located in Central Africa. The country has a rich culture and diverse population. More than 250 different ethnic groups reside in the country. The country has a growing economy reliant on different sectors including agriculture and oil. Cocoa and coffee are among the top exports of the country. In 2022, the GDP exhibited a growth rate of 3.6% compared to the previous year.

13. Angola

Human Development Index: 0.591

Human Freedom Index: 5.76

Angola is located in Southern Africa. It is one of the most respected countries in Africa in 2024. Angola’s economy is heavily reliant on oil, which constitutes a significant portion of its GDP and export revenues. In 2022, the GDP of the country amounted to $106.8 billion. Angola has a rich cultural heritage influenced by its diverse ethnic groups and colonial history.

12. Democratic Republic of the Congo

Human Development Index: 0.593

Human Freedom Index: 5.48

The Democratic Republic of the Congo is located in Central Africa. It is the second largest country in Africa based on area. The country is rich in resources including copper and diamonds. In 2022, the GDP of the country was $64.72 billion. The GDP growth rate showed an 8.9% change compared to the previous year.

11. Kenya

Human Development Index: 0.601

Human Freedom Index: 6.57

Kenya is located in East Africa. It is one of the most respected countries in Africa in 2024. Kenya has a tropical climate and receives sunshine throughout the year. The diverse geographical features of the country grant it natural beauty which attracts people from around the world. The country has a thriving tourism and agriculture industry.

10. Ghana

Human Development Index: 0.602

Human Freedom Index: 7.19

Ghana is located in West Africa. In 2023, the country had a Human Freedom Index of 7.19. The country has a rich history, diverse culture, and significant natural resources. Gold and bauxite are among the top natural resources present in the country. The culture of the country is reflected in major festivals including the Homowo Festival of the Ga people and the Durbar Festival.

9. Eswatini

Human Development Index: 0.61

Human Freedom Index: 5.07

Eswatini is located in Southern Africa. It is one of the most respected countries in Africa in 2024. Agriculture, services, and the manufacturing industries are the main economic sectors in the country. The country exports sugars and wood products which are a main source of revenue generation in the country. The country has also been working on improving its mining sector and increasing government revenue from natural resources.

8. São Tomé and Príncipe

Human Development Index: 0.613

Human Freedom Index: Not Available 

São Tomé and Príncipe is an island country located in the Gulf of Guinea. The country operates as a multiparty republic. One of the distinguishing features of the political system in the country is the long history of cooperation among various factions. Cocoa and coffee are among the most produced agricultural products in the country. In 2023, the country had a HDI of 0.613.

7. Equatorial Guinea

Human Development Index: 0.65

Human Freedom Index: 5.21

Equatorial Guinea is located on the west coast of Central Africa. It is one of the most respected countries in Africa in 2024. It gained independence from Spain in 1968. Equatorial Guinea has significant oil reserves, discovered in the mid-1990s, which have driven its economy. Oil accounts for about 97% of the country’s exports. In 2022, the country’s GDP stood at $12.03 billion.

6. Cabo Verde

Human Development Index: 0.66

Human Freedom Index: 8

Cabo Verde is an Island country in West Africa. The economy of Cabo Verde is primarily service-oriented, with tourism being a significant contributor. The natural beauty of the country attracts thousands of tourists every year. In 2023, the country had a Human Freedom Index of 8.

5. Gabon

Human Development Index: 0.69

Human Freedom Index: 6.5

Gabon is located in Central Africa. It is one of the most respected countries in Africa in 2024. The country has a diverse geography including coastal plains and mountains. Cristal Mountains and the Chaillu Massif are the most renowned mountain ranges in the country. The country is rich in natural resources, including oil, which drives the economy of the country.

4. Botswana

Human Development Index: 0.7

Human Freedom Index: 7.31

Botswana is located in Southern Africa. It has a diverse geography including the Kalahari Desert and the Okavango Delta. The Okavango Delta is rich in biodiversity and is a UNESCO World Heritage as well. In 2022, the GDP growth rate of the country was 5.8%. The GDP of the country reached $20.36 billion in 2022.

3. South Africa

Human Development Index: 0.71

Human Freedom Index: 6.92

South Africa has a rich history and is renowned for its varied geography and diverse culture. It is one of the most respected countries in Africa in 2024. It has a mixed economy with various sectors contributing including mining, manufacturing, and services. It is also rich in natural resources including gold and diamonds.

2. Mauritius

Human Development Index: 0.79

Human Freedom Index: 7.61

Mauritius is an island nation renowned for its natural beauty and cultural diversity. It has a fast-growing economy driven by sectors including tourism, textiles, and financial services. In 2022, the GDP of the country was $12.95 billion. The GDP growth rate was recorded to be 8.9% compared to the previous year.

1. Seychelles

Human Development Index: 0.8

Human Freedom Index: 7.85

Seychelles is an archipelagic nation. It is the most respected country in Africa in 2024. The country is rich in natural beauty with the geography ranging from mountainous inner islands to flat coral islands. The country is successfully transitioning from an agriculture-based economy to a mixed economy. Tourism and the services sector are among the most prominent contributors to the economy. In 2022, the GDP of the country amounted to $1.58 billion which exhibited a high 9% GDP growth rate compared to the previous year. In 2022, the per capita income of the country was $13,250.46 which is above the average in the continent. In 2023, it had the highest Human Development Index in Africa. Aldabra Atoll and Vallée de Mai National Park are among the most popular tourist destinations in the country. Both these places are recognized UNESCO World Heritage sites.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

Disclosure: None. This article was originally published at Insider Monkey.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 70%.

For a ridiculously low price of just $29, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

  • Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.
  • 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.
  • One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149
  • Bonus Reports: Premium access to members-only fund manager video interviews
  • Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.
  • 30-Day Money-Back Guarantee:  If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

 

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

  1. Head over to our website and subscribe to our Premium Readership Newsletter for just $29.
  2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.
  3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…