Measuring a country’s financial strength entails analyzing a variety of economic variables, one of which is its savings. Gross savings, which include savings by individuals, businesses, and the government, show a country’s economic stability and growth potential.
According to World Bank data, the 28 African countries with relevant information saved an average of 17.69 billion US dollars in 2021. Some countries, however, outperformed the average by a wide margin, with Nigeria leading the way with 149.32 billion USD in savings.
1. Nigeria – $149.32 billion
Nigeria tops the list with a whopping 149.32 billion US dollars in savings. This is partly owing to its massive oil reserves, which have helped it become Africa’s greatest economy.
2. South Africa – $67.81 billion
South Africa is unsurprising in second place, as it has one of the most developed economies in Africa. The country’s diverse economy and strong banking sector have enabled it to accumulate substantial savings.
3. Algeria – $59.56 billion
Algeria’s oil and gas sector is the key driver of its economy, as seen by the country’s high savings rate. In recent years, the government has also made attempts to diversify its economy, which speaks well for its financial future.
4. Morocco – $41.17 billion
Morocco’s economy has grown rapidly in recent years, with tourism and manufacturing industries leading the way. This has enabled the country to accumulate significant savings.
5. Egypt – $31.09 billion
Egypt is one of the greatest economies in Africa, and its strategic location has made it a major player in global trade. Its savings demonstrate its economic strength.
6. Ethiopia – $27.93 billion
Ethiopia has one of Africa’s fastest-growing economies, with agriculture and manufacturing driving expansion. The country has also undertaken considerable infrastructure investments that should pay off in the long run.
7. Angola – $27.1 billion
The country’s oil deposits have been a major source of revenue for Angola, but the government has also made achievements in diversifying its economy. This has enabled Angola to accumulate enormous savings.
8. Kenya – $18.11 billion
Tourism, telecommunications, and financial services are key drivers of Kenya’s economy. The country has also made considerable infrastructural expenditures, which should help it grow further.
9. Ghana – $16.87 billion
Ghana has had rapid economic expansion in recent years, with the oil and gas sector playing a significant role. The country has also worked to diversify its economy, which should help it save even more money in the future.
10. DR Congo – $13.27 billion
Despite its difficulties, the Democratic Republic of the Congo has managed to accumulate large savings. Natural resources like as copper and cobalt have aided its economy.