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Top 10 Cheapest African Countries to Live or Retire

Have you been thinking of making a move to Africa for business, family, or for leisure?

Using four key affordability metrics, Go Banking Rates has tiered cheapest nations across the world. Here are the top ten African nations you should consider to live or retire:

10. Ethiopia

For more than a decade now, Ethiopia has grown at a rate of 8-11 percent, making it the fifth-fastest growing economy among the 188 IMF member countries.

The growth is majorly contributed by the country’s agriculture (which employs about 80 percent of Ethiopians) and service sectors. Despite the high growth rate, the country is still struggling with poverty due to rapid population growth and drought.

Ethiopia’s service industry led by Ethiopian airlines contributes to the country’s export earnings. Coffee remains the largest foreign exchange earner, but lately, the country is diversifying its exports and commodities such as gold, sesame, khat, livestock and horticulture products.

Ethiopia remains a one-party state with a planned economy. In the fall of 2015, the government finalized and published the current 2016-2020 five-year plan, known as the Growth and Transformation Plan (GTP II). GTP II emphasizes developing manufactures in sectors where Ethiopia has a comparative advantage in exporting, including textiles and garments, leather goods, and processed agricultural products. New infrastructure projects are to include power production and distribution, roads, rails, airports and industrial parks.

Rent costs about $45 a month. Food and other amenities are also affordable for anyone who wants to live in the country.

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