February 16, 2025
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Economic Optinions & World World

Who drives the economic strategies of Africa’s largest economies?

Africa’s top 10 economies, ranked by nominal GDP in 2024, are advancing ambitious reforms designed to address unique challenges and unlock growth potential. Below is a detailed analysis of the key figures driving these economies, along with projects, investment data, and statistical insights reflecting the ongoing transformation efforts.

  1. South Africa – GDP: $401 billion

President: Cyril Ramaphosa | Key Leader: Enoch Godongwana (Finance Minister)

The economic strategy of South Africa under President Cyril Ramaphosa is coordinated by Enoch Godongwana, the Minister of Finance. Godongwana plays a critical role in managing fiscal policy, overseeing public spending, and implementing structural reforms to stabilize the economy. His leadership is particularly focused on tackling the energy crisis through the restructuring of Eskom, South Africa’s state-owned power utility, which has been divided into three entities—generation, transmission, and distribution—aimed at improving operational efficiency and ensuring reliable power supply.

Godongwana is also driving efforts to attract investment and reduce public debt, with a focus on revitalizing South Africa’s industrial sector and expanding infrastructure. In 2024, the government projects GDP growth of 1.8%, boosted by renewable energy investments that aim to add 2,000 MW of new capacity by 2025. His strategy also includes fiscal consolidation measures to manage the national debt while providing targeted social support for the country’s vulnerable populations.

A key pillar of the economic strategy is addressing youth unemployment, which remains a significant challenge, with over 60% of young people aged 15-24 unemployed. Godongwana has introduced incentives for businesses that employ young workers and initiatives to support small and medium enterprises (SMEs). These measures, alongside expanded public-private partnerships, are designed to stimulate job creation, boost economic resilience, and ensure inclusive growth.

Minister Godongwana mum on impending tax hikes for NHI

  1. Egypt – GDP: $358 billion

President: Abdel Fattah al-Sisi | Key Leader: Hassan Abdalla (Central Bank Governor)

The economic strategy of Egypt under President Abdel Fattah al-Sisi is coordinated by Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE). Abdalla plays a pivotal role in implementing monetary policy reforms, stabilizing inflation, and managing currency fluctuations to attract foreign investment. His focus includes enhancing Egypt’s competitiveness in the global market through financial liberalization and currency adjustments.

Abdalla works closely with Prime Minister Mostafa Madbouly, aligning fiscal policy with economic goals such as increasing infrastructure investment and promoting private-sector growth. Together, they aim to improve food securitythrough expanded agricultural programs and cutting food imports by 15%. Their coordinated efforts reflect the government’s focus on macroeconomic stability, sustainable development, and integrating Egypt further into international trade networks.

Hassan Abdalla’s leadership at the Central Bank of Egypt (CBE) has been instrumental in stabilizing foreign reserves, which currently stand at $45 billion, thanks to currency adjustments and prudent monetary policies. His efforts have improved investor confidence, resulting in $5 billion in new foreign direct investments (FDI) in 2024. The CBE’s strategies are designed to manage inflation, which remains a challenge due to global economic pressures, while supporting essential sectors such as manufacturing and exports.

Egypt’s economic strategy also places a strong emphasis on infrastructure development and agriculture. Key projects like the New Administrative Capital and transportation networks aim to enhance economic connectivity and urban growth. On the agricultural front, improved irrigation systems have increased productivity and reduced reliance on food imports, contributing to greater food security. With a projected GDP growth of 4.2% in 2024, these reforms ensure that Egypt remains competitive and resilient amid regional and global uncertainties.

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  1. Nigeria – GDP: $395 billion

President: Bola Ahmed Tinubu | Key Leader: Wale Edun (Finance Minister)

The economic strategy of Nigeria under President Bola Ahmed Tinubu is coordinated by Wale Edun, the Minister of Finance and Coordinating Minister for the Economy. Edun plays a central role in advancing fiscal reforms, including the removal of fuel subsidies and unification of exchange rates, to stabilize the economy and attract foreign investment. His focus on enhancing agricultural productivity, promoting tech innovation, and fostering private sector growth aligns with Tinubu’s agenda for economic diversification and inclusive growth. These measures aim to address inflation, boost employment, and build a more resilient economy.

Under Wale Edun’s leadership, Nigeria is targeting economic stabilization through structural reforms. The removal of fuel subsidies saved $7 billion, redirected towards infrastructure, healthcare, and education. This initiative also helps balance the budget and create fiscal space for additional public investments. The unification of exchange rates has improved transparency and increased foreign direct investment (FDI) inflows by 20%, reinforcing market confidence.

The government emphasizes agriculture and tech innovation as key drivers of diversification. Programs supporting smallholder farmers and agribusinesses aim to boost food security, while investments in startups and fintechs are fostering job creation, modernizing the economy, and expanding financial inclusion across Nigeria.

Ex-Investment banker, Wale Edun, is Minister of finance and coordinating minister of the economy - Nairametrics

  1. Algeria – GDP: $266 billion

President: Abdelmadjid Tebboune | Key Leader: Laaziz Faid (Finance Minister)

The economic strategy of Algeria under President Abdelmadjid Tebboune is coordinated by Aymen Benabderrahmane, the Prime Minister and former Finance Minister. Benabderrahmane plays a crucial role in overseeing Algeria’s fiscal policies, public investments, and economic reforms. His leadership is focused on diversifying the economy, reducing reliance on hydrocarbons, and promoting private sector participation.

In 2024, Algeria aims for 4.2% GDP growth, driven by investments in agriculture, industry, and public infrastructure. The government is also advancing renewable energy projects and modernizing public services to attract international investments and foster sustainable growth.

Finance Minister Laaziz Faid Emphasizes Crucial Need for Public Finance Reforms - Dzair tube en

  1. Morocco – GDP: $152 billion

King: Mohammed VI | Key Leader: Nadia Fettah Alaoui (Minister of Economy and Finance)

The economic strategy of Morocco under King Mohammed VI is coordinated by Nadia Fettah Alaoui, the Minister of Economy and Finance. Her leadership focuses on enhancing macroeconomic stability and supporting the country’s economic recovery efforts through public investment, fiscal reforms, and regional development projects.

In 2024, Morocco has prioritized key areas, including agriculture, renewable energy, and tourism, as part of its “Green Generation” strategy and efforts to diversify the economy. Public investments are directed toward sectors with high job-creation potential, and Morocco aims to generate 52% of its energy from renewables by 2030. Major infrastructure projects, including preparations for hosting the 2030 World Cup, are also underway to boost the economy and enhance Morocco’s international standing.

Alaoui’s efforts are essential in managing the financial aspects of these strategic goals. The government’s focus on sustainable water resource management and post-earthquake reconstruction aligns with broader social reforms. This integrated approach reflects Morocco’s goal of maintaining economic sovereignty and sustainable growth, with a projected 3.3% growth in 2024, rising to 4.6% in 2025 as the reforms take full effect.

Nadia Fettah Alaoui News - HESPRESS English - Morocco News

  1. Ethiopia – GDP: $205 billion

Prime Minister: Abiy Ahmed | Key Leader: Ahmed Shide (Finance Minister)

In Ethiopia, Ahmed Shide, the Minister of Finance, coordinates the economic strategy under Prime Minister Abiy Ahmed. Shide plays a critical role in managing Ethiopia’s ambitious reform agenda, which focuses on macroeconomic stability, fiscal discipline, and attracting foreign investment. His efforts include advancing the liberalization of key sectors, such as banking, and reforming state-owned enterprises to enhance efficiency and stimulate economic growth.

In 2024, Ethiopia’s economy is projected to grow by 6.2% to 7.9%, driven by infrastructure development, improved agricultural productivity, and fiscal reforms aimed at reducing national debt. The country also secured significant international funding, nearing $10.5 billion in support for development projects and poverty reduction efforts. These reforms align with Ethiopia’s goals to expand private sector involvement, stabilize inflation, and diversify exports to reduce reliance on external borrowing.

Ahmed Shide’s leadership is crucial in implementing Ethiopia’s economic transformation by fostering private investments and ensuring the government’s financial sustainability while the country navigates regional and global economic challenges.

Ahmed Shide named chairman of the Somali region ruling party - Ethiopia Observer

  1. Kenya – GDP: $104 billion

President: William Ruto | Key Leader: Ndung’u Njoroge (Central Bank Governor)

The economic strategy of Kenya under President William Ruto is coordinated by Njuguna Ndung’u, the Cabinet Secretary for the National Treasury and Economic Planning. Ndung’u plays a critical role in shaping fiscal policies, public investments, and budget management to support the government’s Bottom-Up Economic Transformation Agenda. This plan emphasizes key sectors such as agriculture, micro and small enterprises, digital economy, housing, and healthcare to foster inclusive growth and economic resilience.

To strengthen agricultural productivity, Ndung’u has overseen reforms like fertilizer subsidies, which increased maize production by 514% between 2022 and 2024. These policies have also reduced Kenya’s dependency on imports, lowering the cost of staple foods and improving food security. The government has registered six million farmers to ensure better access to inputs, markets, and financial services.

Ndung’u’s leadership extends to managing public debt, with the Treasury adopting more prudent borrowing strategies amid challenging global financial conditions. The Kenyan economy is projected to grow by 5.5% in 2024, driven by expanded infrastructure projects, including 6,000 km of new roads and investments in renewable energy to connect 2.3 million households with electricity. His focus on fiscal discipline and job creation aligns with Ruto’s vision of economic transformation, targeting the creation of 1.2 million jobs annually to boost livelihoods and sustainable development.

Number of banks have shrunk 10 percent under Dr Njoroge's watch

  1. Angola – GDP: $92 billion

President: João Lourenço | Key Leader: José de Lima Massano (Minister of State)

The economic strategy of Angola under President João Lourenço is coordinated by José de Lima Massano, who serves as the Minister of State for Economic Coordination. Massano plays a pivotal role in overseeing key reforms focused on economic diversification, reducing the country’s dependence on oil exports, and improving macroeconomic stability.

His leadership has been crucial in implementing policies that emphasize agricultural growth, fisheries development, and the promotion of products “Made in Angola”, which have helped reduce imports and bolster local industries. Massano’s economic strategy also aims to attract foreign direct investment (FDI) by streamlining regulatory processes and creating favorable conditions for business, such as through the development of Zonas Económicas Especiais (ZEEs).

Massano previously served as the Governor of the National Bank of Angola (BNA), where he was instrumental in introducing exchange rate liberalization and stabilizing inflation. His experience in financial governance now informs Angola’s focus on monetary policy and fiscal discipline, ensuring a stable economic environment that supports sustainable growth and job creation across multiple sectors.

José de Lima Massano assume a função de Ministro de Estado para a Coordenação Económica - Luanda Post

  1. Ivory Coast – GDP: $86 billion

President: Alassane Ouattara | Key Leader: Adama Coulibaly  Ministre des Finances et du Budget 

The economic strategy of Ivory Coast is coordinated by Adama Coulibaly, the Minister of Finance and Budget. Appointed in 2019, Coulibaly has a distinguished background in economics, having previously worked with international organizations like the United Nations Development Programme (UNDP). He plays a crucial role in managing public finances, leading reforms, and ensuring fiscal stability for the country.

Under Coulibaly’s leadership, Ivory Coast’s 2024 budget aims to stimulate economic growth by increasing public investments, with a budget growth of 17.3% from the previous year. His priorities include reducing the fiscal deficit to 4% of GDP, expanding infrastructure projects, and mobilizing both domestic and external financial resources. These efforts are aligned with the government’s broader development goals under President Alassane Ouattara, aimed at fostering sustainable growth through strategic investments in agriculture, energy, and industrial development.

Coulibaly’s approach focuses on maintaining macroeconomic stability while enhancing revenue mobilization through tax reforms. This strategy aims to sustain Côte d’Ivoire’s impressive economic growth, projected to reach 7% in 2024, making the country a regional leader within the West African Economic and Monetary Union (WAEMU).

LE CONSEIL DES MINISTRES DE L'UEMOA A UN NOUVEAU PRESIDENT : Adama COULIBALY succède à Sani YAYA | UEMOA

  1. Tanzania – GDP: $79 billion

President: Samia Suluhu Hassan | Key Leader: Mwigulu Nchemba (Finance Minister)

The economic strategy of Tanzania under President Samia Suluhu Hassan is coordinated by Mwigulu Nchemba, the country’s Minister of Finance and Planning. Nchemba plays a pivotal role in driving Tanzania’s fiscal policies, tax reforms, and public investment initiatives. His focus is on maintaining fiscal discipline while supporting the government’s economic diversification efforts, which are aligned with the 4R framework: Reconciliation, Resilience, Reforms, and Rebuilding.

In 2024, the government is focusing on major infrastructure projects, including investments in transportation networksand the Standard Gauge Railway (SGR), which aim to boost regional trade and industrialization. Additionally, agriculture remains a critical sector, contributing to 27% of GDP, with efforts focused on expanding agro-industries and improving supply chains. Tanzania has also secured $3.16 billion in investments across industrial and tourism sectors, reflecting Nchemba’s push for private-sector engagement to sustain growth and enhance economic competitiveness.

Through a combination of targeted tax reforms, infrastructure development, and sustainable agriculture, Tanzania is set to achieve a 5.5% economic growth rate in 2024. Nchemba’s leadership complements President Hassan’s diplomatic efforts, fostering partnerships with key international players such as the U.S., China, and neighboring East African nations, solidifying Tanzania’s economic position within the region.

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