Lowest Cost of Living: Top 10 African Countries

A modest cost of living in Africa serves as more than merely an economic perk; it acts as a catalyst for transformation, progress, and prosperity.

With its rich natural resources, Africa is well-positioned for wealth generation, offering the potential for equitable distribution to enhance the lives of its inhabitants.

Though this ideal is yet to be fully realized continent-wide, several nations serve as effective examples.

One significant advantage of a modest cost of living is its ability to allure international investment.

Lower costs for personnel, resources, and general living expenses make it financially appealing for companies to establish operations, leading to increased foreign direct investment (FDI).

ALSO READ: Highest Cost of Living 2024 – Top 10 African Countries

Highest Cost of Living 2024 – Top 10 African Countries

This influx of capital stimulates economic growth and creates job opportunities.

Furthermore, a modest cost of living diminishes barriers for local businesses across diverse sectors.

This fosters an environment conducive to the flourishing of small and medium-sized enterprises (SMEs). As the cost of conducting business declines, individuals are more inclined to take entrepreneurial initiatives, fostering economic variety.

Practically speaking, a modest cost of living contributes to a favorable business environment, complemented by the significant benefit of affordable goods and services for the average citizen.

Here are the 10 African countries with the lowest cost of living, based on data from Numbeo, a reputable data and research platform.

ALSO READ: Top African Countries with the Highest Quality of Life Index

Top African Countries with the Highest Quality of Life Index

Methodology Adopted by Numbeo:

Numbeo collects data from user inputs and manual collection from authoritative sources, including supermarket websites, government institutions, and surveys.

This data is updated semi-annually for accuracy and reliability. More detailed information on the methodology can be found on Numbeo’s website.