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Accra’s Projected GDP to Reach $68 Billion by 2050

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Accra’s Projected GDP to Reach $68 Billion by 2050

According to the latest report by Oxford Business Economics Africa, Accra is projected to become the 7th largest economy in Sub-Saharan Africa by 2050, with a Gross Domestic Product (GDP) estimated to be around $68 billion.

This represents significant growth from its 8th position in 2023, where its economy was valued at approximately $25 billion.

The report highlights that while Sub-Saharan African cities will experience rapid growth between 2024 and 2050, none of them are expected to enter the global top 100 ranking for the size of their economies. However, there will be notable variations within the region.

Currently, Johannesburg in South Africa holds the title of the largest city by GDP in Sub-Saharan Africa, closely followed by Lagos.

However, Lagos is forecasted to surpass Johannesburg by a significant margin by 2050, driven primarily by sectors such as consumer and business services. Lagos’ development trajectory differs from the typical industrialization path observed in most Sub-Saharan cities.

Additionally, Luanda, the capital of Angola, is anticipated to experience substantial GDP growth over the forecast period, solidifying its position as the region’s third-largest city economy.

Despite governmental aims for sectoral diversification, industrial activities remain significant contributors to Luanda’s economy.

Despite the rapid urbanization across Sub-Saharan Africa, the report underscores that these cities will lack a significant global economic presence by 2050.

 

 

 

 

Source: Ghananewsonline.com.gh

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