The Cheapest Countries to live or retire in Africa, 2018

The aspect of surviving all depends on how well one manages their expenses and overall cost of living.

It is a huge toll to live in a country with a high cost of living. Be that as it may, it is not easy either to relocate to another country.

GoBankRates made a list of the cheapest countries in the world to live in (50 cheapest countries in the world to live in), and here we just picked out the cheapest countries in Africa to live in (nine countries).

The list is still quite 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 such a wonderful tourist destination, with its whitewatershed communities along the Mediterranean sea.

With its diverse, market-oriented economy, Tunisia has been one of the success stories in Africa.

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 percent cheaper. Consumer goods are cheaper, making it a relatively cheaper country to live in.

World Position: 4

2. Zambia

Zambia 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, with real GDP growth being at an average of 6.7 % per annum.

Zambia has a cost of living that's 54 percent lower than the U.S. and a purchasing power that's 1.26 percent greater.

However Zambia has one of the highest rents in Africa, but this is offset by a strong purchasing power.

World Position: 5

3. Egypt

Since the revolution of 2011, Egypt has hurtled down a path of political uncertainty, social instability and in a way this has regressed the economy, hurting tourism, manufacturing and other sectors.

In the face of that, there have been higher levels of investment which have in turn made the GDP have a rebound, pushing up employment too.

Living in Egypt is cheap, nonetheless. Consumer goods and rent are cheaper in Egypt; a one-bedroom in Cairo costs just $350 a month. Groceries are at a discount of 77%.

World Position: 8

4. Algeria

Gifted with abundant oil resources, Algeria is ranked is ranked 10th in the world in terms of natural gas reserves, and sixth- largest gas exporter. It ranks 16th in oil reserves.

The cost of living in Algeria Is not one you would expect to keep rising and 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. But it still remains one of the cheapest countries to live in not in Africa only but in the world.

South Africa has a robust tourism sector, with destinations such as Cape Town being some of the top attractions.

Being 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 and groceries, as well as rent.

World Position: 14

6. Morocco

This is the last country to complete the North African list on the cheapest countries to live in. Home to exotic cities such as Casablanca and Marrakech, Morocco is also one of the countries with the cheapest cost of living overall.

Industries anchoring the Moroccan economy are aerospace, phosphate mining, and processing, and manufacturing automotive parts.

In the mix is also how Morocco maximizes 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 a cost of living that is 63 percent less. 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 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 talk of tourism and safari without mentioning the country Kenya. It’s an enjoyable country for such. And so is it too when it comes to costs of living.

Despite some electoral challenges of late, Kenya Is one of East Africa’s biggest economies and its government generally perceived as stable.

Transport within the city may prove challenging due to congestion, but with other transport options like the mini-bus commonly known as a matatu, and boda-boda motorcycle taxi, one can enjoy a different mode of transport.

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 all the havoc caused by Boko Haram, the high levels of corruption, occasional fuel shortages and so forth.

But 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

Rents are 86 percent cheaper than in the U.S. city of New York and groceries are 64 percent less. It's also one of the countries that might be the best for taxes.

World Position: 49
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