6 out of 10 of the fastest growing economies in 2018 are in Africa

Last Updated: 

Africa is the fastest growing Continent

2018 has shown a lot of promise for African countries – the world’s top five fastest growing economies are on the African continent. This surge in growth is mainly attributed to the young and fast-growing population on the continent. Latest forecast also points out that most top performers are non-commodity intensive economies, which are expected to continue growing at a steady pace.

Here are, in ascending order, the top 5 growing economies in Africa for 2018.

Fifth Position: Senegal

Senegal started 2018 with high expectations after the inauguration of its new airport in late 2017, at the cost of $575 million. The country’s economy is driven primarily by its strong agricultural sector, with a number of support programs and a solid external demand. Secondary sectors such as energy, food and chemicals have slowed down, despite positive performances. The transport and hospitality sectors have also seen a strong positive demand and has been strongly contributed to lowering the unemployment rate over the past years.

Fourth Position: Djibouti

With its newly operating railway and upgraded port facilities, Djibouti has been setting every chance on its side to become a logistics powerhouse. With the help of China, Djibouti constructed a new export-processing free zone to enhance its industrial activities. The country has seen strong positive demand and will very likely benefit from investment growth again in the near future. In 2017, Djibouti’s gross domestic product amounted to around $2.03 billion and is projected to reach around $2.19 billion in 2018.

Third Position: Ivory Coast

Ivory Coast, also known as Cote d’Ivoire, is one of Africa’s most promising economies. The country is the world’s leading cocoa and cashew nut producer and oil exporter. The past few years saw Ivory Coast make a strong rebound in the agricultural sector, showing its resilience to internal and external conditions. Current political stability and an exceptional cocoa yield has had a highly positive impact on the country’s GDP, expected to hit the $45.88 billion mark in 2018.

Second Position: Ethiopia

Ethiopia’s current growth strategy has been to diversify its economy as much as possible and this has clearly had very positive effects on the country. Coffee is the major export crop of Ethiopia, and the country has been pushing for energy conservation, manufacturing and textiles. Another major driver is its successful aviation industry – Ethiopian Airlines, which has recently become an example to follow on the continent. In 2017, Ethiopia’s gross domestic product amounted to around $80.87 billion, and is expected to reach $83.84 billion in 2018.

First Position: Ghana

As revealed by the World Bank, Brookings Institution, International Monetary Fund and the African Development Bank, Ghana is the world’s fastest growing economy this year (2018). With the discovery of major offshore oil deposits and the rise of oil prices, the country’s oil production has rapidly expanded.

Other reasons for Ghana’s success may be attributed to market-based economy, with few policy barriers to trade and invest, compared to other countries in the region. Sound political reforms and sustained reduction of poverty levels in recent years have contributed to the country successful performance. In 2017, Ghana’s gross domestic product amounted to around $47.02 billion and is expected to hit $51.82 billion in 2018.

Forecast for the upcoming year

Economist Corporate Network suggests that the global economy has been shifting from developed countries to move to developing ones. Statistics this year proves them right, with the world’s top 5 fastest growing economies all belong to the African continent.

2018 has been a highly promising year for Sub-Saharan African economies. According to the World Bank, growth rate on the African continent will reach around 3.5% in 2019.

The African continent is booming in recent years. From famous brands to state-owned companies, everyone is making a move to join the next business revolution.

Expansion on the African continent may be daunting for many, due to the number of obstacles associated to a wide number of laws and regulations. However, to avoid most of the setbacks and get started the ‘smart way’, companies often use the services of Africa HR Solutions – the top PEO and Payroll Solutions provider on the African continent.

If you are venturing in Africa, talk to us to see how we can help.

What Can We Help You With?




Grant Geraghty is the longest-serving member of the Africa HR team. This resident subject matter expert and client champion is responsible for gaining a deep understanding of our clients’ unique HR needs in Africa and providing tailored solutions that align with their business objectives. Grant collaborates closely with our clients to ensure that their requirements are properly implemented, providing ongoing support and guidance throughout the process.

Grant brings a wealth of experience to his role, having served as Africa HR’s longest-serving employee. He holds a Bachelor of Commerce degree, with a major in Economics and Business Finance, from the University of Natal in South Africa. Additionally, he has completed a certification program in Payroll and Tax Administration from the University of Cape Town, further enhancing his expertise in HR operations and compliance.

His commitment to delivering exceptional service and his extensive knowledge of HR in Africa make him an invaluable member of the Africa HR team.




Kevina Takoordyal has a BA Hons Business Management from the University of Glamorgan, UK, with MBA in leadership and Innovation, MBA General, PMP Certified, and Agile Scrum Master. She currently works as the Head of Operations at Africa HR Solutions Ltd with more than 20 years of proven leadership capabilities in Operations, Business Development, People Management, Process Optimization, and Project Management in the Financial Services, BPO, Banking Industry, and Heath Care Industry. In Senior leadership roles with an international footprint across Europe working and extensive Pan- African experience from a compliance, finance, and operations angle, Kevina comes across with a panoply of cross-functional skills. Kevina also serves on a few Boards, Non-Independent Executive at MioD and for NGOs on a voluntary basis, a coach and mentor to aspiring female leaders across Africa and Mauritius.

Kevina is a firm believer in Servant Leadership with a strong focus and commitment to uplifting others, with the ability to deliver through a highly engaged – diverse team, and works towards consistently synergistic value creation. While being a focused and adaptive thinker and Kevina is actively participating in panel discussions on Innovation, CX, Digital transformation.

Kevina serves as Project Assessor for the National Youth upskilling program. She has been recognized as Global Talent in a few companies, Ceridian, and International SOS Ltd whereby she has been awarded a few scholarships and had the opportunity to be mentored by Senior Vice President in the US. Award Winner in various fields and at a national level and recognized including Super Achiever Leader Award in Africa in 2016, Awarded Africa Women Leader 2018.



Head of Finance & Business Support

Viloshna is an experienced finance professional with 18 years of expertise in strategic financial planning, financial analysis, cash flow management, systems and controls implementation, financial reporting, and continuous process improvements. She currently serves as Head of Finance & Business Support, where she has successfully automated and leveraged the financial reporting system capabilities to ensure efficient company operations.

Viloshna’s background includes senior roles in a multinational pharmaceutical company and a large listed Mauritian conglomerate. Her meticulous attention to detail and strategic thinking have streamlined financial processes, making her a valuable addition to any finance team. Viloshna is a qualified finance professional with an FCCA qualification and an MBA, bringing valuable expertise to any organization.

In her current role, Viloshna leads the company’s Treasury and Payments function, including the fulfillment of the company’s cross-border payments into Africa. With her strong educational background and extensive experience, Viloshna consistently demonstrates her ability to optimize financial operations, minimize risks, and improve profitability. Her expertise in financial reporting and process improvements make her a valuable asset to any organization.



Head of Legal & Compliance

A qualified lawyer who joined Africa HR Solutions in July 2020, Mark Du Preez has experience working in private practice for a reputable law firm in South Africa. He also played commercially focused roles at a leading private bank, wealth management company, and outsourcing firm in South Africa and Mauritius.

Mark has played a pivotal role in Africa HR Solution’s risk mitigation strategy, which positively impacted P&L performance over the years.

He currently leads the Partnerships function of the company including relationships and oversight with in-country partners (ICPs) across Africa.

Alex Daruty - Africa HR Team


Head of Commercial

Alex has more than 15 years of experience in the global, strategic development of both enterprise and consumer brands in categories including technology, transport, enterprise software, entertainment, and travel.

With experience in roles on both agency and corporate side, he has worked across international brands and has led the development and execution of multi-discipline campaigns across EMEA, NORAM and Asia Pacific.

His focus is on driving meaningful business impact through brand differentiation and building high-functioning, digitally oriented, and analytically driven capabilities. He is motivated by working with, and developing dynamic people, teams, and organizations.

He leads, manages, develops and mentors the Key Account Management department, including line management responsibility for the team of Key Account Managers and Key Account Administrator who represent the Company as the primary communication link between all relevant stakeholders, including clients, third party in-country partners and internal functions.

Originally from Mauritius, he holds bachelor’s degrees in International Business, Finance and Management from the University of Nevada, Reno.