Here are the 7 cheapest African Countries to live in right now – You should try these greener pastures if you’re tired of Nigeria (Photos)
It is often advisable to put together a budget to track how you spend in order to properly manage your expenses and survive.But following the results of this year’s GoBankingRates study, you could be better off if you moved to a different country. Measuring each against prices found in New York City, GoBankingRates weighted and ranked countries based on these key affordability metrics: the local purchasing power index, the rent index, the groceries index, the restaurant price index and the consumer price index. GoBankingRates made a list of the 50 cheapest countries in the world to live in. Here are the African countries that made the list.
Described by GoBanking as a money-smart place to live in, Uganda also gives some of the highest interest rates in the world on deposits of people.
In the world, it was 33, but in Africa, it was ranked 7th.
The North African country, which is one of the countries with the cheapest cost of living, houses exotic cities such as Casablanca and Marrakech. Key sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents.
Morocco has taken advantage of its closeness to Europe and its low labour costs to work towards building a diverse and open economy that is market-oriented. In Morocco, rents are 89 percent lower and the cost of living is 63 percent less.