Zimbabwe has been rated the most expensive country in Africa according to InsiderMonkey, a United States website which says it “provides high quality evidence based articles to inform individual investors about the intricacies of investing”.
It says to determine the most expensive countries in Africa, “we determined the ratio between the real GDP of each (country) versus its GDP by PPP, ranking the countries based on how high the ratio is, with data taken from the World Bank”.
Here are the 10 most expensive countries in Africa.
- Comoros
Real GDP / GDP by PPP ratio: 0.44
5 year GDP growth rate: 18.1%
An archipelago located on ancient trade routes of the Indian Ocean, Comoros is considered to be one of the most food-dependent countries in the world, because of which food is so expensive in the country.
- Niger
Real GDP / GDP by PPP ratio: 0.45
5 year GDP growth rate: 31.0%
Niger is among the poorest countries in the world, but despite that, it is one of the most expensive African countries in the world, with a poorly diversified economy accounting for a lot of issues, with many goods having to be imported.
- Equatorial Guinea
Real GDP / GDP by PPP ratio: 0.47
5 year GDP growth rate: -7.6%
Equatorial Guinea is among the biggest oil producers in the continent of Africa and despite a higher GDP per capita than other African nations and a high level of wealth, inequality is very high in Equatorial Guinea with extreme levels of poverty. Accusations state that state funds and resources are used by politicians to fund ultra-luxury lives while “prestige projects” see hundreds of millions of dollars being wasted without success.
- South Africa
Real GDP / GDP by PPP ratio: 0.48
5 year GDP growth rate: 9.9%
South Africa is the richest country in Africa, which traditionally translates to the country being more expensive. In June 2022, the country’s consumer price index inflation rate reached 7.4%, which was a 13-year high and was driven primarily by fuel and food prices. The country has also been impacted by the Russian-Ukraine war.
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