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Top 5 fastest growing economies in Africa 2018

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Ghana fastest gowing economies 2018

Lets check out the Top 5 fastest growing economies in Africa 2018 as Ghana leads the way.

According to World Bank report released early 2018, Africa’s economy is projected to continue to rise to 3.2 percent in 2018 and to a further 3.5 in 2019-2020. According to the report, non-resource intensive countries are expected to expand at a solid pace, helped by robust investment growth. South Africa, Nigeria and Angola, the region’s largest growing economies will be slightly weaker than expected, as the region is still experiencing negative per capita income growth, weak investment, and a decline in productivity growth, but the rest of Africa will be more favourable.

Related Article: Ghana Agriculture: Ghana Launches Nationwide Census Of Agriculture

According to the World Bank, Africa has six of the world’s ten fastest growing economies this year. We shall project 5 of them in this article. The list is led by Ghana, followed by Ethiopia and Côte d’Ivoire, with Senegal and Tanzania occupying the fifth and sixth spots respectively. The latest forecast places East African country, Ethiopia at 8.2 percent with the West African nation, Ghana leading the continent at 8.3 percent. The low post-crisis increase in total-factor productivity (TFP) growth in Sub-Saharan Africa has been attributed to a slowdown in convergence to the technological frontier after a rapid catch-up in the decade preceding the crisis according to the World Bank.

1. Ghana
Ghana saw an improved performance in 2017 after a difficult 2016. The West African country is projected to see an 8.3 percent growth in 2018. According to the 3rd edition of the Ghana Economic Update, the service sector bounced back, and the fiscal consolidation is paying off. The inflation rate is also down to just 10 percent. In January, Ghana’s benchmark stock index achieved the world’s highest rate of growth at 19 percent.

2. Ethiopia
Ethiopia’s economy is growing at 10 percent a year and is expected to double within the next seven years. According to the World Bank, this means that by 2025, it will have grown to a middle-income nation. Ethiopia’s economy is concentrated in the services and agriculture sectors. The last 10 years has seen Ethiopia average around 10 percent economic growth. The East African country has the second highest growing economy and predicted to grow by 8.2 percent this year. Ethiopia’s economy is boosted by a number of large-scale infrastructure projects, including the Grand Renaissance Dam and a railway network.

3. Côte d’Ivoire
The country’s annual growth estimates hovered around 8 percent in 2017. The West African country remains among the fastest on the African continent. Côte d’Ivoire is forecast to expand by 7.2 percent in 2018. The economic outlook for this country for the next two to three years is positive due to several factors. Côte d’Ivoire is among the largest economies in the West African Economic and Monetary Union.

4. Senegal
In 2016, Senegal was termed by the World Bank as the second fastest growing economy in Africa, further validated with this past year’s economic growth. In its third quarter in 2017, Senegal’s economy grew at a rate of 7.1 percent, its strongest since the last quarter of 2015, when it was at an all-time high. Analysts expect overall growth to be as high as 6.8 percent in 2017 and the World Bank has predicted a growth of 6.9 percent for 2018.

5. Tanzania
In the last decade, Tanzania has seen a relatively high economic growth, averaging 6–7 percent. With an overall population of about 55 million in 2016, the East African country has seen a decline in poverty. Although the real gross domestic product (GDP) growth rate slowed in 2017, in 2018 economic growth is expected to hover around 6.8 percent. Private sector involvement in the country’s development can help finance the government’s ambitious investment plans, be a source of finance and innovation, and create jobs for new entrants into the job market.

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Afro Success Stories

African Entrepreneurs creating Jobs and Employment in Their Communities – Olasupo Abideen

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Olasupo Abideen ” My greatest achievement is being a 25yr old employer who employs 35 people and has trained 475 Others” as one of african entrepreneurs.

Meet Olasupo

I am a 25year old one of Nigerian african entrepreneurs, founder/CEO of OPAB Gas with over 6 years of transnational experience leading and working with diverse teams to facilitate youth empowerment, development projects and youth involvement in policy. I am a UNESCO ESD Young Leader, a WEF Global Shaper and a Fellow, Young Africa Leadership Initiative.

Since receiving the $5000 Seed Capital in December 2018, my Company has created employment for thirty-five (35) University undergraduates (through our Work Student and Student Ambassadorship Program), opened ‘four (4) new Gas stores’, and trained ‘four hundred and seventy-five (475) unemployed youth and corps members‘ (through our #Gasprenuer Initiative). As a means of giving back to the community, we have also helped ‘five (5) kids’ return to school through our #StreetToSchool programme for our Community.

My Humble Beginnings

I watched my mother walk long distances to gather firewood and buy coal to cook for my family in my growing up years in my village in south-west Nigeria, where I was raised. It wasn’t peculiar to my mother; this was commonplace for all families. We all knew it wasn’t safe. We knew that if it made them this uncomfortable, there was no way it was safe, but we didn’t know there were alternatives. After all, this is how our grandparents and their parents before them lived.

It bothered me to see my mother’s red eyes, and the wet eyes of other women in our rural community bothered me a lot. Even though I did not know until recently that cooking with firewood is equivalent to smoking 400 cigarettes per hour, and is one of the three causes of mortality among women and children, I knew there had to be something I could do, but I couldn’t figure it out; or better put, I did not have enough education nor access to information to figure it out.

 

My Business Idea

The Idea to start my business came from a need that I identified and solving that problem meant a business opportunity. As a student of chemistry at the University of Ilorin, I was exposed – through volunteering – to MDGs (and subsequently SDGs), and I took a keen interest in clean, renewable energy, that could be used instead of orthodox fuelling options, and one of them was Liquefied Petroleum Gas.

After a long time of advocacy for SDGs, as an undergraduate, my SDGs advocacy and youth development organization, Brain Builders International, signed an agreement with the Kwara State University’s Community Development and Entrepreneurship Centre to train young Nigerians african entrepreneurs on the Sustainable Development Goals, their benefits, and ways toward actualisation.

I noticed that every time I took the 55min trip to Kwara State University to facilitate these training sessions, I would encounter students carrying gas cylinders: either going to fill Gas in Ilorin or coming back from Ilorin after filling Gas. I later learnt that the only cooking gas supplier in the community at that time was exploiting the students by using a manual scale that could be manipulated and also selling at a rip-off price.

 

Solving the Problem

In 2017, I took a soft loan from a friend, added some of my own moneyand after conducting intense market research, filing necessary papers, and satisfying ethical and professional standards, we opened our first OPAB Gas station. The services we offered hinged on three things; convenience, safety, and trust. Students could now focus on academics, as we did not only sell gas at the standard rate, but we also offered pick-up and delivery services. We used safe measures alongside a digital scale to address the issue of trust. Within three months we had broken even.

The TEF Intervention

In 2018, I applied for the Tony Elumelu Foundation Entrepreneurship Programme but was only selected for the GIZ list to be one of the 210 beneficiaries of the training and $5000 funding. The training provided by the foundation on business planning, financial intelligence, scalability, among others could only be likened to a mini MBA.

Immediately after the training myself and my team we started discussing how to dominate the market in which we operate and capture new markets.

With the seed capital, we were able to expand our business.

 

Our Growth and Milestones as one of african entrepreneurs

  • Expansion: We have expanded the business to 6 stations in two townships to target the student populations and made over $25,000 since receiving the seed capital from the foundation.
  • Employment: Staff strength – 2 (in 2017), 35 people (2019).
  • Gas on Wheels: We now own delivery vans and offers delivery services
  • Digitization: We now take orders on the business’ website in both cities where we operate.
  • Introduced Customer Loyalty service
    • Health safety card – to educate users about safety measures.
    • Customer reward: Points reward system.
    • Holiday Promos
  • we also have a few impact initiatives that we run.
  • OPAB Gas has trained 450 Youth Corps members, unemployed youth in Kwara State on the economic merits of the Gas economy and the many opportunities that abound in the sector.
  • In line with the UN SDGs, OPAB student work experience – an internship programme where we train students. During this internship, they work on Sundays for a stipend. They then receive N10,000 for every 1000kg of gas sold.
  • OPAB gas student ambassador scheme – delivery service.

 

The Future

The vision for OPAB Gas has always been to solve energy availability and ease of use for everyone across Nigeria so we are constantly working on ways to reach out to more Nigerians.

Our OPAB telemetry solution will allow people to monitor and manage their gas usage, notify them when it is almost finished, connect them to the nearest gas stations and pay for gas with existing mobile money applications.

 

 

Contact Details

Website: https://opabgas.com

Instagram: @opabgas_

Phone call/WhatsApp: 07068775529.

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