• Friday, December 13, 2024
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Top 10 most stable African countries

Low credit ratings cause high borrowing costs, liquidity challenges in Africa

As Africa continues to make progress towards a more stable and prosperous future, several countries are standing out for their efforts in achieving peaceful transitions of power and building stronger economies.

According to the 2023 Fragile States Index (FSI) report by The Fund for Peace (FFP), some African nations have shown significant resilience and strength in the face of challenges. These countries are making strides towards stability, offering a glimpse into Africa’s potential for long-term growth.

Read also: Top 10 African countries by GDP per capita in 2024

The FSI, which assesses the vulnerability of states across different phases of conflict, highlights countries that are managing to maintain stability despite the pressures they face. The index uses twelve key conflict risk indicators, including factors such as security forces, factionalised elites, economic decline, uneven economic development, human rights, rule of law, and the pressures of internal displacement.

Countries in Africa that have ranked among the least fragile in the FSI report reflect how the continent is moving towards a more secure and promising future. These nations have made remarkable progress in building institutions, addressing economic disparities, and ensuring human rights protections, which contribute to their increased resilience against internal and external crises.

According to the Fund for Peace, here are the top 10 most stable African countries

1. Mauritius — Index score: 38.0

Mauritius reflects its strong political stability and good governance. The country’s consistent economic performance and robust democratic systems have contributed to its position.

2. Seychelles —Index score: 53.3

Seychelles benefits from a well-functioning government and solid economic growth. Its commitment to environmental protection and sustainable tourism has bolstered its international standing.

Read also: Five countries contribute to half of Africa’s $1.4 tn GDP

3. Botswana —Index score: 55.3

Botswana has long been known for its democratic governance and stable political environment. The country’s efficient management of natural resources, particularly diamonds, has driven economic growth, and its commitment to transparency and anti-corruption measures sets an example for other African nations.

4. Cape Verde —Index score: 60.1

Cape Verde has made great strides in political and economic stability over the years. The government’s focus on economic diversification, tourism, and renewable energy has strengthened the country’s position as one of the most stable in Africa.

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5. Namibia — Index score: 60.3

Namibia enjoys a peaceful political environment and a relatively high standard of living. Namibia has focused on economic development through mining, agriculture, and tourism, which has fostered a stable environment for its citizens.

6. Ghana — Index score: 62.3

Ghana is known for its political stability and consistent economic growth. The country has held regular and peaceful elections, contributing to its position on the list. Ghana has also made strides in reducing poverty and improving infrastructure, which has helped ensure a stable environment for its people.

Read also: Top 10 Africa countries poised to drive GDP growth in 2024

7. Gabon — Index score: 65.5

Gabon’s political landscape has remained stable, and it continues to rely on its oil resources to drive its economy. Gabon has worked on strengthening governance and reducing corruption, which has positively impacted its overall stability.

8. Tunisia — Index score: 66.4

Tunisia has shown resilience in its political journey since the Arab Spring. Despite challenges, the country’s commitment to democratic reforms and stability has been notable. Tunisia continues to work on its economic and social issues, striving for greater stability.

Read also:7 African country’s trade-to-GDP ratio and their population 

9. Morocco — Index score: 68.2

Morocco has maintained political stability and economic progress, particularly through its strategic investments in infrastructure and renewable energy. The government has worked on promoting political inclusivity, contributing to the country’s overall stability despite regional challenges.

10. São Tomé and Príncipe — Index score: 69.7

São Tomé and Príncipe has shown strong political stability and a commitment to improving living standards for its citizens. The government’s efforts to diversify the economy and reduce poverty have strengthened the country’s position on the stability index.

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.

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