Businesses in high-inflationary settings face a number of challenges, notably in African countries. Inflation and economic instability can disrupt industrial operations, drive up input costs, and lower profit margins. Furthermore, volatile currency rates and inflationary pressures may deter investment and slow economic growth.
In a report titled Africa’s Macroeconomic Performance and Outlook 2024, the African Development Bank highlighted the African economy’s economic trajectory by projecting major economic indices for each African country.
The study had a positive outlook on Africa’s economic growth, predicting that “Africa will account for eleven of the world’s twenty fastest-growing economies in 2024.”
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Africa continues to face various issues, including rising inflation. However, there are certain countries on the continent that have successfully addressed this issue.
Many African countries have struggled to maintain consistent inflation rates in the face of economic challenges. However, things appear to be improving now that some regional measures are underway to support the optimistic inflation estimates for the future.
Despite this, the African Development Bank’s research reveals that several African countries would struggle with inflation.
With that said, here’s a list of African countries with the highest predicted inflation rates in 2024.
| Rank | Country | Inflation % |
|---|---|---|
| 1. | Sudan | 119.8% |
| 2. | Egypt | 27.7% |
| 3. | Sierra Leone | 26.3% |
| 4. | Malawi | 21.0% |
| 5. | Nigeria | 20.4% |
| 6. | Angola | 19.3% |
| 7. | Ethiopia | 18.4% |
| 8. | Ghana | 17.1% |
| 9. | Zimbabwe | 16.4% |
| 10. | Burundi | 12.0% |