Top 10 African countries where citizens prefer to save in dollars

Ghana has seen impressive economic growth in recent years, with its oil and gas sector playing a major role. The country has also made efforts to diversify its economy, which should help it build up even more savings in the future.

By Rhema On Nov 2, 2023

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Measuring a country’s financial strength involves assessing various economic indicators, one of which is its savings. Gross savings – including savings by households, businesses, and the government – are a reflection of a country’s economic stability and growth potential.

According to data from the World Bank, the 28 African countries with available information had an average savings of 17.69 billion U.S. dollars in 2021.

However, some countries surpassed this average by a significant margin, with Nigeria leading the way with 149.32 billion USD in savings.

Nigeria – 149.32 billion USD

Nigeria leads the pack with a staggering 149.32 billion U.S. dollars in savings. This is largely due to its vast oil reserves, which have made it the largest economy in Africa.

South Africa – 67.81 billion USD

As one of the most developed economies in Africa, it’s no surprise that South Africa comes in second place. The country’s diversified economy and strong financial sector have helped it amass significant savings.

Algeria – 59.56 billion USD

Algeria’s oil and gas sector is the main driver of its economy, and this is reflected in its high savings. The country has also made efforts to diversify its economy in recent years, which bodes well for its financial future.

Morocco – 41.17 billion USD

Morocco has seen impressive economic growth in recent years, with its tourism and manufacturing sectors leading the way. This has helped the country build up a sizable amount of savings.

Egypt – 31.09 billion USD

Egypt’s economy is one of the largest in Africa, and its strategic location has made it a key player in global trade. Its savings are a testament to its economic strength.

Ethiopia – 27.93 billion USD

Ethiopia has one of the fastest-growing economies in Africa, with its agriculture and manufacturing sectors driving growth. The country has also made significant investments in infrastructure, which should pay off in the long run.

Angola – 27.1 billion USD

Angola’s oil reserves have been a major source of wealth for the country, but it has also made strides in diversifying its economy. This has helped Angola build up significant savings.

Kenya – 18.11 billion USD

Kenya’s economy is driven by services such as tourism, telecommunications, and financial services. The country has also made significant investments in infrastructure, which should help it continue to grow.

Ghana – 16.87 billion USD

Ghana has seen impressive economic growth in recent years, with its oil and gas sector playing a major role. The country has also made efforts to diversify its economy, which should help it build up even more savings in the future.

DR Congo – 13.27 billion USD

Despite its challenges, the Democratic Republic of Congo has managed to amass a significant amount of savings. Its natural resources, such as copper and cobalt, have contributed to its economy.