Cheapest Countries To Live or Retire in Africa
GoBank Rates made a list of the cheapest countries in the world to live in (50 cheapest countries to Live or Retire in Africa), and here we just picked out the most affordable countries in Africa to live in (nine countries). The aspect of surviving all depends on how well one manages their expenses and the overall cost of living.
Living in a country with a high cost of living is a huge toll. Nevertheless, relocating to another country is a challenging task. The list remains largely the same when compared to the 2016 one, but we have some new entrants like Nigeria and Uganda.
Below are the cheapest countries in Africa to live in:
1. Tunisia
Tunisia is a wonderful tourist destination, with its white water shed communities along the Mediterranean Sea. With its diverse, market-oriented economy, Tunisia has been one of Africa’s success stories. The economy is primarily buoyed by bolstering exports, foreign investment, and tourism.
Tunisia’s liberal strategy, coupled with investments in education and infrastructure, fueled decades of 4-5% annual GDP growth and improving living standards.
Tunisia is one of the least expensive countries to live in. When compared to a place like New York City, rents are 94 per cent cheaper. Consumer goods are more affordable, making it a relatively cheaper country to live in.
World Position: 4
2. Zambia
Zambia has made it into the top five cheapest countries worldwide. That is partly, or wholly, aided by an economy that has not been slowing down for the past eleven or so years, with real GDP growth averaging 6.7 % per annum.
Zambia has a cost of living that’s 54 per cent lower than the U.S. and a purchasing power that’s 1.26 per cent greater. However, Zambia has one of the highest rent rates in Africa, but a strong purchasing power offsets this.
World Position: 5
3. Egypt
Since the 2011 revolution, Egypt has hurtled down a path of political uncertainty and social instability and in a way, this has regressed the economy, hurting tourism, manufacturing and other sectors. In response to this, there have been higher levels of investment, which have, in turn, contributed to a rebound in GDP, as well as increasing employment.
Living in Egypt is cheap, nonetheless. Consumer goods and rent are more affordable in Egypt; a one-bedroom in Cairo costs just $350 a month. Groceries are on sale for 77% off.
World Position: 8
4. Algeria
Gifted with abundant oil resources, Algeria ranks 10th in the world in terms of natural gas reserves and is the sixth-largest gas exporter. It ranks 16th in oil reserves.
The cost of living in Algeria is not one you would expect to continue rising. Consumer goods are relatively cheap in Algeria. Excluding rent, a single person’s monthly costs average $400 in Algiers, the nation’s capital.
World Position: 12
5. South Africa
At some point, South Africa used to occupy the first position in such rankings. However, it remains one of the most affordable countries to live in, not only in Africa but also worldwide. South Africa boasts a robust tourism sector, with destinations such as Cape Town being some of the top attractions.
As the world’s largest producer of gold, platinum, and chromium, the country has a rich economy. This results in a high local purchasing power that is about 52% lower than in New York. South Africa offers lower prices on consumer goods, groceries, and rent.
World Position: 14
6. Morocco
This is the last country to complete the list of the cheapest countries to live in North Africa. Home to foreign cities such as Casablanca and Marrakech, Morocco is also one of the countries with the most affordable overall cost of living.
Industries that anchor the Moroccan economy include aerospace, phosphate mining, and processing, as well as manufacturing automotive parts. In the mix is also how Morocco maximises its closeness to Europe, with the economy being propelled by agriculture, tourism, textiles, apparel, and subcomponents.
In Morocco, rents are 89% lower than in New York, and the cost of living is 63 % lower. To enjoy the capital of Rabat, one needs monthly expenses that can stretch to $750.
World Position: 21
7. Uganda
Uganda makes its first appearance on the list. Uganda can be a money-smart place to settle down. The rents are 93% lower than in New York, and you’ll earn some of the highest interest rates in the world on your deposit accounts.
World Position: 33
8. Kenya
One cannot discuss tourism and safari without mentioning the country of Kenya. It’s an enjoyable country for such. And so it is too when it comes to the costs of living. Despite some recent electoral challenges, Kenya is one of the largest economies in East Africa, and its government is generally perceived as stable.
Transport within the city may prove challenging due to congestion. Still, with other transportation options, such as the mini-bus commonly known as a matatu, and the boda-boda motorcycle taxi, one can enjoy a different mode of transportation.
As one of the cheapest countries to live and work, Kenya offers plenty of time to do what you love.
World Position: 43
9. Nigeria
Nigeria is another new entrant on the list. One may wonder at the havoc caused by Boko Haram, the high levels of corruption, occasional fuel shortages and so forth. However, Nigeria is actually one of the cheapest countries in Africa.
From national parks with wide-open savannahs and towering mountains to a thriving Lagos nightlife, Nigeria is one of the cheapest countries to live and work in. Rents are 86 per cent more affordable than in the U.S. city of New York, and groceries are 64 per cent less. It’s also one of the countries that might offer the best tax benefits.
World Position: 49
