Thursday, August 21, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » News » Angola, Ethiopia overtake Kenya on Africa’s richest countries list

Angola, Ethiopia overtake Kenya on Africa’s richest countries list

March 14, 2023
in News
0
540
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

Angola and Ethiopia have overtaken Kenya on Africa’s richest countries list, according to data from the International Monetary Fund (IMF).

The data cited by Time Africa shows that Kenya has now moved down from sixth to the eighth richest country in Africa in the past year, despite the country’s overall gross domestic product improving from 100 to 117 billion USD over the same period.

Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production or the total amount spent on final goods and services (less imports).

As per the latest rankings, Angola is now ranked sixth on Africa’s rich list with a GDP of 135 billion.

Angola’s emergence as a force in Africa is attributed to the high cost of fuel. The Southern African country is the second largest oil producer on the continent.

ReadAlso

African Nations Warn Students of Russian Education Scams

Cash for Kidneys: Kenya may have become an organ trafficking hub

The price of the precious commodity has almost doubled in the past year owing to external forces such as the war between Russia and Ukraine.

Meanwhile, the stability in Ethiopia, occasioned by a truce in the internal war involving the Tigray and government forces has stabilized the country’s economy.

ADVERTISEMENT

Ethiopia is the second most populous country in Africa, after Nigeria.

Kenya’s economy meanwhile slowed down in 2022, mainly owing to the political season and election jitters which slowed down investment. Other factors such as drought, increased importation of food and the shilling depreciation against the dollar has negatively impacted on Kenya’s economy.

The dwindling economy has made a number of Kenyans struggle to put food on the table owing to the high cost of living. Additionally, the lack of rain has made the drought to persist worsening the availability of food.

Though bogged down by a lack of amenities such as electricity, road network and security, Nigeria remains the richest African country, closely followed by Egypt and South Africa.

Nigeria’s economy is powered by oil exportation, a savvy human resource, and talented sports athletes and artists who remitt millions of dollars back home each year. South Africa’s economy has meanwhile also slowed down and is yet to fully recover from the shocks of Covid-19, civil unrest and a persistence lack of electricity.

Algeria and Morocco are fourth and fifth on the richlist, respectively.

Tanzania and Ivory Coast are ranked ninth and tenth behind Kenya.

Top ten richest African countries.

Nigeria – 574 billion USD

Egypt – 471 billion

South Africa – 436 billion

Algeria – 190 billion

Morocco – 150 billion

Angola – 135 billion

Ethiopia – 126 billion

Kenya – 117 billion

Tanzania – 84 billion

Cote d’Ivorie – 72 billion

Tags: AngolaEthiopiaInternational Monetary Fund (IMF)Kenya
ADVERTISEMENT
Previous Post

Wenger arrives in Rwanda for FIFA congress

Next Post

FIFA: World Cup 2026 increased to 104 matches, 48 teams

You MayAlso Like

News

NYSC Speaks On Assaulted Female Corps Member in Anambra

August 21, 2025
News

When Truth Fights Back: A Rebuttal to the False Allegations Against Delta State Polytechnic, Ogwashi Uku

August 21, 2025
News

South Africa looks to enhance global cooperation in face of sweeping US tariffs

August 21, 2025
News

Nigeria Deletes Nearly 59 Million Harmful Posts, Shuts 13 Million social media accounts

August 20, 2025
News

Africa loses over $580 billion annually to corruption — AfDB President

August 19, 2025
News

Delta Governor Approves N10bn to Settle Pension Backlogs, Earns Praise from TUC Leadership

August 19, 2025
Next Post

FIFA: World Cup 2026 increased to 104 matches, 48 teams

A Brutal New Phase of Putin’s Terrible War in Ukraine

Discussion about this post

Ibom Air: My side of the story, by Comfort Emmanson

PUBLIC ANNOUNCEMENT: The Resumed Impunity Of Violent And Unlawful Dispossession of Agidiasie People’s Ancestral Land Inheritance and Farmlands Under the Custodian of the Iyase Of Ogwashi-uku Kingdom By “HRH” Ifechkwude Okonjo

Brutalized female NYSC in Anambra —Dismissals make headlines. Convictions make justice

The Unexplained Professorship of Stella Ngozi Lemchi, Vice-Chancellor of Alvan Ikoku Federal University

Stripped, Beaten, Accused: NYSC Corps Members Brutalized by Anambra Vigilantes

Adaora Umeoji Means Business

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1240 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1066 shares
    Share 426 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    971 shares
    Share 388 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    903 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

NYSC Speaks On Assaulted Female Corps Member in Anambra

August 21, 2025

When Truth Fights Back: A Rebuttal to the False Allegations Against Delta State Polytechnic, Ogwashi Uku

August 21, 2025

South Africa looks to enhance global cooperation in face of sweeping US tariffs

August 21, 2025

Brutalized female NYSC in Anambra —Dismissals make headlines. Convictions make justice

August 20, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.