Accra, Kumasi to become 15th, 16th biggest economies in Africa by 2035 – EIU

Accra and Kumasi, two of Ghana’s leading cities will become the 15th and 16th biggest economies in Africa by 2035, The Economist Intelligence Unit has stated.

Accra’s position will be a decline from the 13th position occupied in 2023, but Kumasi will rise from the 19th position.

According to a compound annual growth rate, Accra’s economy will expand by an average of 6.7% between now and 2035, whilst Kumasi’s economy will grow at an average rate of 7.4%.

But Greater Cairo will remain the number one largest economy in Africa. It will be followed by Greater Johannesburg and Lagos in 2nd and 3rd respectively.

Behind Kumasi is Abuja (17th), Kampala (18th), Kano (19th) and Algiers (20th) respectively.

The report mentioned that Africa has and will continue to have the fastest rate of urbanization of the world’s major regions through to 2035.

It added that Africa’s urban population will rise from about 650 million in 2023 to almost one billion in 2035.

This represents a compound annual growth rate of about 3.5% and will take the proportion of Africans living in towns and cities to over 50% in 2035.

In Africa, the East, Central and West African subregions will record the fastest rate of urban population growth in 2023 to 2035.

It continued that the emergence of new urban heavyweights and megacities, the rapid expansion of city clusters and the rising importance of megalopolises will be a major feature of Africa’s demographic and economic future.

Source : MyjoyOnline.com