Rwanda, Côte d'Ivoire, Tanzania, Ethiopia and Benin were the fastest growing economies in Africa in 2024, according to an African Development Bank study. Moreover, they are regularly ranked among the top 10 fastest growing economies in the world.
Rwanda
Rwanda is a small country in East Africa that has gone from the tragic events of the 1994 genocide to one of the fastest growing economies on the continent in recent decades. Rwanda is dubbed the ‘Singapore of Africa’ for its drive for innovation, business climate and sustained economic growth.
Before the arrival of Europeans, Rwanda was a centralised kingdom ruled by the Tutsi dynasty. In the late 19th century, it became a focus of colonial interests. During the partition of Africa, Rwanda, along with the neighbouring Burundi, became part of German East Africa, and after World War I it came under Belgian administration. The Belgians emphasized existing ethnic differences among dynasties by introducing identity cards marking their bearers as Hutu, Tutsi or Twa. This played a fatal role in future conflicts.
In 1962, Rwanda gained independence and the Hutu majority came to power. Repressions against the Tutsi began, culminating in the 1994 genocide. Between 800,000 and one million people were killed in the 100 days between April and July 1994.
Shortly after these events, Rwanda began a period of transformation. Since early 2000s, the economy has shown steady growth through reforms, investment and technological modernisation. Today, digital economy, tourism and financial services are booming here. Rwanda pioneered the use of drones to deliver medical supplies. It is also known as Africa's first smartphone manufacturer and the continent's space industry leader.
The main economic sectors are:
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agriculture – production of coffee, tea, bananas, maize, and potatoes;
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industry – mining, food processing, textiles, construction;
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services – financial services, IT, tourism.
Main Rwanda’s exports: coffee and tea (30-40% of all export revenues); minerals i.a. tin, tantalum, tungsten, gold; flowers, fruits, vegetables; textiles and light industry products; IT-services and financial technologies.
Key trading partners: UAE, China, EU, USA, East African countries.
Rwanda imports fuel and petroleum products; industrial equipment and machinery; construction materials; foodstuffs; cars and vehicles.
Main suppliers: China, India, Kenya, UAE, Tanzania, EU.
Interesting facts about Rwanda:
1. Africa's cleanest country. Rwanda banned plastic bags in 2008. Once a month there is a Community Service Day, Umulganda.
2. one of the safest countries on the continent, despite its tragic past.
3. more than 60% of MPs are women, a world record.
4. an innovation hub. In 2021, Kigali Innovation City opened in Kigali, attracting startups and investment.
Côte d'Ivoire
Côte d'Ivoire, or Ivory Coast, is a country in West Africa known for its beach resorts, rainforests and French colonial heritage.
France occupied the territory of Côte d'Ivoire in 1893. Systematic colonisation began, leading to significant changes in the social, economic and political structure. The state gained independence in 1960.
The first president of the country was Félix Houphouët-Boigny, who ruled Côte d'Ivoire until 1993. He followed a policy of unity and economic development, which contributed to relative stability and economic growth. After his death, Côte d'Ivoire faced political instability, civil conflicts, and economic hardship. As a result, a civil war broke out in 2002, which lasted until 2007.
In 2010, elections took place in Côte d'Ivoire, the results of which triggered a new crisis and another conflict. President Laurent Gbagbo did not accept defeat and refused to cede power to Allassane Ouattara. This led to violence and humanitarian disaster. In 2011, Gbagbo was arrested and Ouattara became president.
Since then, Côte d'Ivoire has been undergoing a process of recovery. It is fuelled by the start of gas and oil production from the Baleine field discovered between 2021 and 2022. Today, the country's GDP is growing thanks to accelerated reforms and investment under the National Development Plan 2021-2025.
The main economic sectors are:
– Agriculture. Côte d'Ivoire is the largest producer of cocoa in the world. Coffee, rice, potatoes, maize, and palm oil are also grown here.
– Industry, including processing of agricultural products, canned food manufacturing, textiles and building materials.
– Extraction of minerals. Côte d'Ivoire has large deposits of minerals, including gold and diamonds.
– Services. The services sector in Côte d'Ivoire is growing in finance, telecommunications, tourism, and trade.
Key Côte d'Ivoire's export staples: cocoa, coffee, palm oil, cashews, fruit, cotton, fish and seafood, minerals.
Key trading partners: Netherlands, France, Germany, USA, West African countries.
Côte d'Ivoire imports fuel and petroleum products; food (cereals, sugar, vegetable oil); machinery and equipment for industry, transport and utilities; chemical products, fertilisers; clothing, footwear, electronics and household appliances.
Its main suppliers are France, China, USA, Nigeria and other West African countries.
Interesting facts about Côte d'Ivoire:
1. It has a large timber industry. Exports of hardwoods are comparable to those of Brazil. The forests are harvested for valuable timber, including ebony, collection of hevea sap for rubber production.
2. The only fully intact forest in Côte d'Ivoire is the Taï National Park, which is home to more than 150 endemic species and endangered species such as pygmy hippos and 11 species of monkeys.
3. French is the main official language of the country, but more than 60 local languages and dialects are spoken in Côte d'Ivoire.
4. Football is one of the most popular sports in the country. The Côte d'Ivoire national team, known as the Elephants, has significant achievements on the international stage.
Tanzania
Tanzania is one of the most attractive touristic spots in East Africa. It is considered to be the continent’s best safari destination. On the territory of Tanzania, there are world-famous national parks Serengeti, Ngorongoro, Kilimanjaro, Lakes Victoria and Tanganyika. And it is here that you can see the famous ‘Big African Five’ in one place.
At the end of the XIX century Tanzania became a target of colonisation by Germany. Later, in 1916 - during the First World War - British troops seized control of the territory. The country achieved independence from colonial rule in 1961. Julius Nyerere became its first president. He sought to create a socialist society based on the principles of uhiku - self-government and economic self-sufficiency.
Nyerere stepped down in 1985 and the following decades were marked by economic reforms. After the 2008 crisis, Tanzania's GDP began to grow at an accelerated rate. This was driven by a rapidly increasing population and the formation of sustainable SMEs.
Thanks to the development of infrastructure projects, Tanzania began to attract investment and transit flows passing through Kenya. International development institutions predict that by 2030, Tanzania could overtake Kenya in terms of economic size. This looks natural as the country has a larger resource base (coal, gas, metals) and a more significant demographic potential.
Tanzania is the fourth largest gold producer in Africa after South Africa, Ghana and Mali. Gold exports are a key source of foreign exchange for this East African country. In addition to gold, deposits of diamonds, tanzanites, natural gas and phosphate rock are exploited.
Agriculture makes big strides as well. Tea is one of key local crops, which quality is comparable to the Kenyan and highly priced in the international market.
Tanzania's exports include: gold, coffee, cotton, cashews, tea, coconuts, clove fruits, gold, diamonds, antidotes, firewood, beef, pork.
Major trading partners: China, USA, India, Japan, Germany, UK.
Tanzania imports rice, wheat, sugar, oil, gas, construction machinery, agricultural equipment, vehicles, medicines, medical equipment, fertilisers, clothing, footwear.
Major trading partners: China, India, South Africa, Saudi Arabia, Kenya, European Union countries.
Interesting facts:
1. On the territory of Tanzania, there is the highest mountain in Africa – a 5895-meter Kilimanjaro stratovolcano.
2. Tanzania is among the countries in Africa with the lowest inflation, which bolsters macroeconomic stability and draws foreign investment.
3. It is forbidden to take the national currency - Tanzanian shillings – out of the country.
4. English and Swahili are the official languages of Tanzania. However, almost no one uses English here, but the population speaks 120 other languages.
Ethiopia
Ethiopia is a state in East Africa. It is home to about 120 million people, which makes it the 12th most populous country in the world. Ethiopia is considered the only country on the continent that retained its independence during the colonisation of Africa.
It was, however, occupied by Italy in 1930s, and regained independence only in 1941. Emperor Haile Selassie I modernised the country and actively participated in the formation of the African Union. In 1974, the ruler was overthrown by a military coup and a socialist regime under the leadership of the Derg was established. This period was characterised by repression and internal strife.
Civil war broke out in Ethiopia in the 1980s. In 1991, the Derg regime was overthrown and the process of democratic reforms began. However, Ethiopia soon faced political instability, ethnic division, as a result of which an armed conflict erupted in 2020. This led to a humanitarian disaster.
Today, Ethiopia's economy struggles with many challenges, including poverty, poor economic infrastructure and low productivity. At the same time, a potential for development exists, particularly in tourism, natural resources and IT sectors.
In 2024, Ethiopia embarked on a digital transformation strategy with a view to building an innovative and sustainable economy. It is a comprehensive initiative called Digital Ethiopia 2025. One of its main objectives is to achieve a more diversified economy. Transformations are under way in the key areas of agriculture and manufacturing. Digital tools are also expected to promote Ethiopia's cultural and natural heritage, which should boost tourism as a source of foreign currency.
Ethiopia exports coffee, spices, pulses, leather goods, textiles and clothing, gold and precious stones.
Main trading partners are Germany, Netherlands, UK, UAE, USA, India, Turkey.
Ethiopia imports rice, grains, vegetable oils, oil and petroleum products, fertilisers, medicines, machinery and equipment for agriculture, cars and spare parts.
Import countries include China, Saudi Arabia, India, USA, European Union states.
Interesting facts about Ethiopia:
1. Ethiopia uses its own calendar, which consists of 13 months: 12 months of 30 days and one additional month with 5 or 6 days. New Year's Day in Ethiopia is celebrated on 11 or 12 September.
2. Ethiopia is the ancestral home of coffee. Local goats were said to be the first to appreciate the effects of this invigorating plant. Later shepherds told people about the miraculous beans, which energised the cattle.
3. About 60 per cent of the population are Christians. Ethiopians accepted the word of Christ from the Egyptian Copts in the IV century, the second in the world, right after the Armenians.
4. Ethiopia is home to nine UNESCO World Heritage Sites.
Benin
Benin, which is located in the western part of the continent, is considered an ideal place to start exploring the authentic Africa. Here nature is preserved in its virgin state, original culture and customs of West Africa are fascinating, Christianity, paganism and ancient beliefs of African tribes are closely intertwined. Benin is also called the cradle of Voodoo.
The state gained independence from France in 1960. Initially, the country had a democratic government, but regime changes and political crises soon followed. During the 1970s and 1980s, Benin went through a series of military coups and authoritarian regimes.
In the 1990s, reforms began in the country, resulting in a more or less tranquil political climate. Today, Benin is considered one of the most stable states in this region of Africa, although it still faces challenges of poverty and corruption.
Overall, Benin's economy is showing moderate growth rates, but remains vulnerable to external shocks and internal political instability. Growth is fuelled by strong performance of the industry and agriculture, as well as the resilience of the services.
Benin has some mineral resources like iron and phosphate, although mining is underdeveloped.
Following liberalisation programmes, Benin signed gold mining agreements with companies from Australia, Canada, Germany, Ghana, Ghana, Nigeria, South Africa and the UK.
Benin's manufacturing industry is generally underdeveloped and is limited mainly to the processing of primary materials and production of consumer goods.
Benin's export commodities (mainly raw unprocessed ones) include cotton, cashew, shea butter, textiles, palm products, seafood.
Main trading partners are Côte d'Ivoire, Nigeria, France.
Benin imports foodstuffs, petroleum products, machinery, equipment.
Main import countries include France, China, Tunisia, Nigeria.
Interesting facts about Benin:
1. Benin boasts what is called the ‘Venice of Africa’ - the floating village of Ganvier. This village is located on Lake Nokoue and all its dwellings, markets and public buildings stand on stilts over the water.
2. There are about 40 gold deposits explored in Benin, most of them discovered by satellites. Every year about 0.5 tonnes of gold is extracted in this country.
3. There are only 10 paved highways in the whole country. The rest of the roads are ordinary dirt tracks.
4. Benin has had more coups d'état since independence than any other country in Africa.
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