According to the African Development Bank’s most recent economic predictions, several African countries are on track to have low inflation. While inflation has traditionally been viewed with skepticism in economic discourse, current estimates portray a more optimistic picture for most. These estimates signal a new age of economic vibrancy and opportunity for the continent.
The African Development Bank’s report, “Africa’s Macroeconomic Performance and Outlook 2024,” provides projections for various economic indices in each African country.
According to the research, “Africa will account for eleven of the world’s 20 fastest-growing economies in 2024.”
While the continent has faced with difficulties such as currency depreciation, global warming, and growing living costs, among others, this year holds some promise for recovery.
READ ALSO: Top 10 African Countries Expecting Highest Inflation in 2024
Historically, Africa has had numerous economic issues, including high unemployment rates, limited infrastructure, and shifting commodity prices.
Despite these hurdles, many African nations have struggled to sustain stable inflation rates. However, the tide appears to be shifting, as various measures across the area have been planned to contribute to the upcoming positive inflation estimates.
Having said that, below are the African countries with the lowest expected inflation rates for 2024, according to the African Development Bank’s research.
| Rank | Country | Inflation (%) |
|---|---|---|
| 1. | Djibouti | 1.6% |
| 2. | Comoros | 1.9% |
| 3. | Benin | 2.2% |
| 4. | Seychelle | 2.4% |
| 5. | Togo | 2.5% |
| 6. | Mali | 2.6% |
| 7. | Burkina Faso | 2.7% |
| 8. | Cabo Verde | 2.7% |
| 9. | Libya | 2.7% |
| 10. | Gabon | 2.8% |
PS: Guinea-Bissau also has an inflation rate projection of 2.8% alongside Gabon, however, Gabon has a better current account balance and fiscal balance.