- Business Insider Africa presents the top 10 African countries with the highest cost of electricity in 2023.
- This list is courtesy of the Global Petrol Prices, a platform that publishes up-to-date information on retail energy prices.
- Electricity prices globally are expected to spike by a 3.3% year-on-year increase by 2024.
Top 10 African countries with the highest cost of electricity in 2023
Africa, the continent with the fastest-growing economy in the world, is poised for extraordinary growth. But several obstacles conceivably prevent the continent from reaching its fullest potential, not the least of which is the high cost of energy, particularly electricity.
Top 10 African countries with the highest cost of electricity in 2023
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According to Yahoo Finance, the world’s electricity market is currently valued at over $1.94 trillion and is projected to reach $3.9 trillion in 2032.
This projection is a result of an estimated rise in demand for electricity, expected to spike by a 3.3% year-on-year increase.
This growth would be driven by population increase, and economic development with the industrial, residential, and commercial sectors as the primary consumers. On this note, it is important that Africa addresses the challenges plaguing its power industry so as to mitigate costs and maximize revenue.
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While on a global scale, Africa boasts relatively low electricity costs, there still exist regions whose prices are relatively high compared to household incomes. There also exists a lack of adequate electricity supply, highlighting a need for energy concerns to be addressed.
The high cost of electricity in Africa is a multifaceted challenge that requires a comprehensive approach. Juxtaposed against the average household income, state of electricity infrastructure, and lack of access to electricity, the high cost of electricity can create a significant strain on the economy of the regions most affected.
Below are ten of these regions with the highest electricity prices.
This list is courtesy of Global Petrol Prices, a platform that publishes up-to-date information on retail energy prices around the world including motor fuel prices, electricity prices, and natural gas prices.
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The data set was last dated March 2023. With that said, below are the African countries in 2023 with the cheapest electricity prices in kilowatts per hour.
| Rank | Country | Price of electricity (kilowatt/hour) | Global rank |
|---|---|---|---|
| 1. | Cabo Verde | $0.316 | 20th |
| 2. | Mali | $0.219 | 37th |
| 3. | Rwanda | $0.207 | 42nd |
| 4. | Burkina Faso | $0.206 | 43rd |
| 5. | Gabon | $0.205 | 44th |
| 6. | Togo | $0.194 | 48th |
| 7. | Senegal | $0.183 | 52nd |
| 8. | Kenya | $0.172 | 56th |
| 9. | Uganda | $0.170 | 58th |
| 10. | Sierra Leone | $0.155 | 65th |
This is a Business Insider Article, for more articles like this, visit africa.businessinsider.com
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