15 Most Powerful Countries in Africa in 2024

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In this article, we look at the 15 most powerful countries in Africa in 2024. You can skip our detailed analysis on the economic potential and the race for power in this critical resource-rich region and head over directly to the 5 Most Powerful Countries in Africa in 2024.

Africa is the second fastest growing region in the world after Asia. Nine of the top 20 countries that experienced the highest rate of economic growth between 2018-2022 were African. Despite facing challenges associated with the coronavirus pandemic first, and later the disruption of global supply chains with Russia’s invasion of Ukraine, the continent remains resilient and recorded a growth of 3.4% in 2023, which is set to rise to 3.8% in 2024, according to the African Development Bank.

This region of immense cultural heritage and diversity is home to several countries that wield significant influence on the global stage due to their wealth of natural resources, economic prowess, political soft power, and military strength – all key factors that have an impact on the region’s socio-political landscape.

Africa’s Riches

According to the United Nations Environment Programme (UNEP), Africa is home to 30% of the world’s mineral reserves, 12% of all oil reserves, and 8% of the world’s natural gas deposits. The continent also has 40% of the world’s gold. Therefore, given the wealth of natural resources present in Africa, it is no surprise that several of the world’s largest mining companies such as AngloGold Ashanti plc (NYSE:AU) and Gold Fields Limited (NYSE:GFI) operate in the region.

AngloGold Ashanti plc (NYSE:AU) has operations in five mines across Africa. These are in Congo at Kibali, Geita in Tanzania, Iduapriem and Obuasi in Ghana, and at Siguiri in Guinea. According to the company’s financials released in November, the total production of gold at AngloGold Ashanti plc (NYSE:AU)’s mines across Africa was 397,000oz for the quarter ended September 2023 – which accounted for 60% of its overall production worldwide.

Gold Fields Limited (NYSE:GFI), which is headquartered in Johannesburg has operations across South Africa and Ghana. In November last year, the company was ranked first among the Top 100 corporations of 2023 list released by the Sunday Times. The company delivered returns of 668% to its shareholders over the last five years, between September 2018 and August 2023. The award is a recognition of Gold Fields Limited (NYSE:GFI)’s financial performance and operational sustainability in Africa’s gold industry.

Regional Power Ambitions

If Africa’s richness of natural resources was not enough, another reason why the continent holds significance is that it is home to several key allies of the western world, some with regional power ambitions.