12 of world’s top 20 fastest-growing economies in Africa – AfDB president

The African Development Bank Group President, Sidi Ould Tah, says 12 of the world’s 20 fastest-growing economies are in Africa.

Tah said this while inaugurating the 2026 African Economic Outlook of the bank at the ongoing AfDB Annual Meetings in Brazzaville on Tuesday.

“The report says African economies continue to demonstrate resilience in spite of global geopolitical tensions, trade uncertainties and declining development assistance.

“Africa’s real Gross Domestic Product (GDP) growth stabilised at 4.3 per cent in 2026 and is projected to rise to 4.5 per cent in 2027.

“The performance highlights the continent’s growing economic dynamism in a challenging global environment.

“Africa’s GDP per capita growth has also continued to improve, rising from 0.9 per cent in 2023 to 1.9 per cent in 2025,” he said.

According to Tah, foreign direct investment rebounded strongly in 2024, increasing by 75 per cent to 97 billion dollars.

He said remittance flows rose by 14 per cent in 2024 to 186 billion dollars, making them a leading source of external financing for African economies.

“Inflation across the continent declined from 21.8 per cent in 2024 to 13.6 per cent in 2025, although recent pressures have emerged due to rising energy and import costs,” he said.

The AfDB boss cautioned that, in spite of the positive indicators, structural challenges and financing gaps remained significant.

He urged African countries to consolidate gains through stronger investment-led growth, improved human capital development and expanded infrastructure financing.

The AfDB president called for deeper financial reforms to reduce reliance on external aid and strengthen Africa’s economic sovereignty.

Tah further reiterated the need for Africa to leverage its demographic advantages and emerging investment inflows to sustain long-term growth. (NAN)