According to Yahoo Finance, the global power market is currently worth more than $1.94 trillion and is expected to grow to $3.9 trillion by 2032.
This prognosis is based on an estimated increase in power demand, which is expected to increase by 3.3% year on year.
This expansion would be fueled by population growth and economic development, with the industrial, residential, and commercial sectors serving as key consumers. On that basis, it is critical that Africa address the issues ailing its power business in order to reduce costs and increase revenue.
While Africa has relatively cheap energy costs on a global scale, there are still locations where prices are rather high in comparison to household earnings. There is also a shortage of appropriate electricity supply, underscoring the importance of addressing energy challenges.
The high cost of power in Africa is a multidimensional problem that necessitates a complete solution. When compared to average household income, the status of power infrastructure, and lack of access to electricity, the high cost of electricity can put a major strain on the economies of the most afflicted regions.
Global Petrol costs, a website that provides up-to-date information on retail energy costs around the world, including motor fuel prices, electricity prices, and natural gas prices, provided this list.
The data set was most recently updated on March 2023. With that said, the African countries with the lowest electricity rates in kilowatt-hours in 2023 are shown below.
| Rank | Country | Price of electricity (kilowatt/hour) | Global rank |
|---|---|---|---|
| 1. | Cabo Verde | $0.316 | 20th |
| 2. | Mali | $0.219 | 37th |
| 3. | Rwanda | $0.207 | 42nd |
| 4. | Burkina Faso | $0.206 | 43rd |
| 5. | Gabon | $0.205 | 44th |
| 6. | Togo | $0.194 | 48th |
| 7. | Senegal | $0.183 | 52nd |
| 8. | Kenya | $0.172 | 56th |
| 9. | Uganda | $0.170 | 58th |
| 10. | Sierra Leone | $0.155 | 65th |