In this article, we will be taking a look at the 35 poorest countries in Africa based on 2023 GDP per capita. To skip our detailed analysis, you can go directly to see the 10 Poorest Countries in Africa Based on 2023 GDP Per Capita.
Poverty in Africa
Africa has the most poor countries in a single continent. Of the top 30 poorest countries in the world, 23 are from Africa, representing 76.6% of the total countries on the list. The continent has been through turbulent times, suffering from political and economic instability. As we mentioned earlier, the world has almost 1.1 billion poor people, as per the report of the 2023 Multidimensional Poverty Index (MPI). Across 110 countries, out of 6.1 billion people, nearly 1.1 billion people suffer from extreme poverty. Among the 1.1 billion poor people, almost 534 million are from Sub-Saharan Africa. While, the remaining 389 million poor people come from South Asia. This reflects that almost five out of every six poor people reside in Sub-Saharan Africa or South Asia.
Africa’s poverty conditions are intense compared to the rest of the world. Sub-Saharan Africa is home not only to the most poor people but also to the poorest of the poor. As per MPI’s global index of poverty, 12 million poor people in Africa have a deprivation score of 90-100%, which means they are unable to have access to adequate sanitation, housing, cooking fuel, and basic schooling. In Sub-Saharan Africa, poverty affects an average of 49.5% of the population.
Regional Economic Outlook
Africa is rich in resources such as minerals, gold, and petroleum, however, the continent has been inefficient in capitalizing its resources to the maximum. Africa has advanced in recent years which has led to a significant decrease in poverty in some of the countries in the region. Still, Africa must enhance development to improve and sustain economic growth in the coming years. 2023 has been a bumpy year for activity in African economies due to high inflation, and the after-effects of Russia’s war in Ukraine. Now, the situation is critical in the region with Israel’s continuous bombing of Gaza’s citizens. The ongoing global conflicts which involve wars in Ukraine and Palestine have prompted market uncertainties, lag in international demand, and elevated spreads, among many other uncertainties.
The global economy is expected to slow down from 3.5% in 2022 to 3% in 2023 and 2.9% in 2024. As per the IMF’s regional economic outlook for Africa, the continent’s growth is projected to fall from 4% in 2022 to 3.3% in 2023. African economies are expected to rebound next year and contribute to the growth of the region, with the regional economy projected to grow by 4% in 2024.
Key Players in African Economies
In Africa, most of the companies that play a major role in the regional economy belong to the energy and mining sectors. Hidroeléctrica de Cahora Bassa, S.A. (BVM:HCB) is a leading hydropower generation firm based out of Mozambique. Barrick Gold Corporation (NYSE:GOLD) and Sibanye Stillwater Limited (NYSE:SBSW) are two of the top mining firms having vast operations across the continent. Barrick Gold Corporation (NYSE:GOLD) and Sibanye Stillwater Limited (NYSE:SBSW) are also two of the best African stocks to invest in according to hedge funds.
Hidroeléctrica de Cahora Bassa, S.A. (BVM:HCB) is one of the largest independent energy producers in the southern region of Africa. On December 13, Hidroeléctrica de Cahora Bassa, S.A. (BVM:HCB) announced its partnership agreements with Mozambique’s government, Électricité de France (EDF), and TotalEnergies SE (NYSE:TTE), among other partners. The collaboration with all these companies is for the development and implementation of the Central Project Mphanda Nkuwa Hydroelectric Project.
Sibanye Stillwater Limited (NYSE:SBSW) is one of the leading metals and mining companies in the world. On December 12, Sibanye Stillwater Limited (NYSE:SBSW) announced a ZAR 84 million investment to empower communities adjacent to Sibanye Stillwater Limited’s (NYSE:SBSW) Rustenburg operation in the North West Province in South Africa. The company is investing through its Sibanye Rustenburg Mine Community Trust (SRMCDT) and will contribute to the community with its development programs to create sustainable and empowered communities within the Rustenburg Local Municipalities.
Barrick Gold Corporation (NYSE:GOLD) is one of the largest gold mining companies in the world and is one of the largest gold producers in Africa. The company has major mining sites in Mali and the Democratic Republic of Congo. On December 5, Barrick Gold Corporation (NYSE:GOLD) reported that it was awarded the Employer of the Year at the prestigious 2023 Association of Tanzania Employers (ATE) Awards ceremony. Barrick Gold Corporation’s (NYSE:GOLD) North Mara Gold Mine received the award following formidable services for its employees.
These were a few leading companies from the mining and energy sectors that play an important role in the African economy. Now, let’s take a look at the list of poorest countries in Africa based on 2023 GDP per capita.
35 Poorest Countries in Africa Based on 2023 GDP Per Capita
Our Methodology
To compile our list of the poorest countries in Africa by GDP per capita, we used data from the International Monetary Fund’s (IMF) database of the global GDP per capita by country. Purchasing Power Parity (PPP) figures are used and PPP is calculated by subtracting price differences and nominal changes in the local currency and the US Dollar.
We ranked the countries in descending order of their GDP per capita.
For the countries with similar GDP per capita, we ranked them based on their GDP (PPP). The country with a lower GDP (PPP) is ranked higher on the list. We took the GDP (PPP) data from the IMF database.
35 Poorest Countries in Africa Based on 2023 GDP Per Capita
35. Ghana
GDP Per Capita (2023): $6,910
GDP (2023): $227.19 Billion
Officially the Republic of Ghana is a country situated in West Africa. The country has a GDP of $227.19 billion and a GDP per capita of $6,910. Ghana is the least poorest country in Africa based on 2023 GDP per capita.
34. Kenya
GDP Per Capita (2023): $6,580
GDP (2023): $338.96 Billion
Kenya is located along the Indian Ocean in East Africa and is one of the most stable economies in the region. With a GDP of $338.96 billion and a GDP per capita of $6,580, Kenya ranks 34th among the poorest countries in Africa based on 2023 GDP per capita.
33. Nigeria
GDP Per Capita (2023): $6,150
GDP (2023): $1.37 Trillion
Nigeria is one of the richest African countries compared to the rest of the economies in the region. The country has a GDP of $1.37 trillion and a GDP per capita of $6,150. Nigeria is the only trillion-dollar economy to rank among the poorest countries in Africa based on 2023 GDP per capita.
32. Republic of the Congo
GDP Per Capita (2023): $5,550
GDP (2023): $27.99 Billion
The Republic of the Congo is a Central African country. The country has a GDP of $27.99 billion. With a GDP per capita of $5,550, the Republic of the Congo ranks among the poorest countries in Africa based on 2023 GDP per capita.
31. Cameroon
GDP Per Capita (2023): $4,660
GDP (2023): $133.34 Billion
Cameroon is a Central African country, located around the Gulf of Guinea. Cameroon has a GDP of $133.34 billion and a GDP per capita of $4,660. The country is one of the poorest countries in Africa based on 2023 GDP per capita.
30. Senegal
GDP Per Capita (2023): $4,320
GDP (2023): $78.55 Billion
Senegal is a West African country having a GDP of $78.55 billion. Senegal is one of the poorest countries in Africa based on 2023 GDP per capita, with a GDP per capita of $4,320.
29. Benin
GDP Per Capita (2023): $4,310
GDP (2023): $59.24 Billion
Benin is a West African country with a GDP of $59.24 billion. With a GDP per capita of $4,310, Benin ranks among the poorest countries in Africa based on 2023 GDP per capita.
28. Sao Tome and Principe
GDP Per Capita (2023): $4,150
GDP (2023): $960 Million
Sao Tome and Principe’s economy is mainly based on cocoa and investment in its oil industry. Sao Tome and Principe has a GDP of $960 million and a GDP per capita of $4,150. Sao Tome and Principe is one of the poorest countries in Africa based on 2023 GDP per capita.
27. Zambia
GDP Per Capita (2023): $4,070
GDP (2023): $83.69 Billion
Zambia is situated in the southern part of Africa and has a GDP of $83.69 billion. The country has a GDP per capita of $4,070. Zambia is one of the poorest countries in Africa based on 2023 GDP per capita.
26. Ethiopia
GDP Per Capita (2023): $3,750
GDP (2023): $393.3 Billion
Ethiopia is one of the largest economies among the poorest countries in Africa. Ethiopia has a GDP of $393.3 billion and a GDP per capita of $3,720.
25. Tanzania
GDP Per Capita (2023): $3,600
GDP (2023): $227.73 Billion
Tanzania is located in East Africa having a GDP of $227.73 billion. The country has a large and underdeveloped economy. With a GDP per capita of $3,600, Tanzania is placed 25th among the poorest countries in Africa based on 2023 GDP per capita.
24. Sudan
GDP Per Capita (2023): $3,600
GDP (2023): $172.65 Billion
Sudan is a country located in North Africa and has a GDP of $172.65 billion. With a GDP per capita of $3,600, Sudan ranks among the poorest countries in Africa based on 2023 GDP per capita.
23. Comoros
GDP Per Capita (2023): $3,460
GDP (2023): $3.43 Billion
Located in East Africa, Comoros has a GDP of $3.43 billion and a GDP per capita of $3,460. Comoros is ranked 23rd among the poorest countries in Africa based on 2023 GDP per capita.
22. Guinea
GDP Per Capita (2023): $3,240
GDP (2023): $48.75 Billion
The West African country has a GDP of $48.75 billion. Guinea has a GDP per capita of $3,240 and ranks among the poorest countries in Africa based on 2023 GDP per capita.
21. Lesotho
GDP Per Capita (2023): $3,230
GDP (2023): $6.92 Billion
Lesotho is situated in the southern part of Africa. The country has a GDP of $6.92 billion and a GDP per capita of $3,230. Ranked 21st on our list, Lesotho is one of the poorest countries in Africa based on 2023 GDP per capita.
20. Uganda
GDP Per Capita (2023): $3,220
GDP (2023): $145.16 Billion
Uganda is a landlocked country situated in East Africa having a GDP of $145.16 billion. With a GDP per capita of $3,220, Uganda is one of the poorest countries in Africa based on 2023 GDP per capita.
19. Rwanda
GDP Per Capita (2023): $3,140
GDP (2023): $42.35 Billion
Rwanda is a small country located in East Africa. Rwanda has a GDP of $42.35 billion and a GDP per capita of $3,140. The country is placed 19th among the poorest countries in Africa based on 2023 GDP per capita.
18. Guinea-Bissau
GDP Per Capita (2023): $3,090
GDP (2023): $5.98 Billion
Guinea-Bissau is a tropical country located in West Africa along the Atlantic coast. The country has a GDP of $5.98 billion and a GDP per capita of $3,090. Guinea-Bissau is ranked among the poorest countries in Africa based on 2023 GDP per capita.
17. The Gambia
GDP Per Capita (2023): $2,840
GDP (2023): $7.5 Billion
The Gambia is a small West African state having a GDP of $7.5 billion. With a GDP per capita of $2,840, The Gambia is placed 17th among the poorest countries in Africa based on 2023 GDP per capita.
16. Togo
GDP Per Capita (2023): $2,770
GDP (2023): $25.1 Billion
The West African nation on the Gulf of Guinea, Togo suffers from political instability, external debts, and fluctuations in commodity prices. With a GDP of $25.1 billion and a GDP per capita of $2,770, Togo ranks as one of the poorest countries in Africa based on 2023 GDP per capita.
15. Zimbabwe
GDP Per Capita (2023): $2,750
GDP (2023): $44.45 Billion
Zimbabwe is a country located in the southern part of Africa. The country has a GDP of $44.45 billion and a GDP per capita of $2,750. Zimbabwe is ranked 15th among the poorest countries in Africa based on 2023 GDP per capita.
14. Burkina Faso
GDP Per Capita (2023): $2,680
GDP (2023): $62.79 Billion
Burkina Faso is situated in the western part of Africa and has a GDP of $62.79 billion. The country has a population of 23.41 million and a GDP per capita of $2,680. Burkina Faso ranks among the poorest countries in Africa based on 2023 GDP per capita.
13. Mali
GDP Per Capita (2023): $2,640
GDP (2023): $61.63 Billion
Located in West Africa, Mali has a GDP of $61.63 billion. The country has a GDP per capita of $2,640. Mali is placed 13th among the poorest countries in Africa based on 2023 GDP per capita.
12. Sierra Leone
GDP Per Capita (2023): $2,100
GDP (2023): $17.78 Billion
Sierra Leone is located in West Africa having a GDP of $17.78 billion. With a GDP per capita of $2,100, Sierra Leone ranks among the poorest countries in Africa based on 2023 GDP per capita.
11. Somalia
GDP Per Capita (2023): $2,000
GDP (2023): $32.08 Billion
Located in East Africa, Somalia has a population of 16.05 million and a GDP of $32.08 billion. Somalia has a GDP per capita of $2,000 and is placed 11th among the poorest countries in Africa based on 2023 GDP per capita.
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Disclosure: None. 35 Poorest Countries in Africa Based on 2023 GDP Per Capita is published on Insider Monkey.