Economic Losses in Africa (2005–2025) and Potential Gains from Stable Investments

Between 2005 and 2025, African economies have experienced significant wealth erosion due to armed conflicts, currency collapses, hyperinflation, and other disruptions. These factors have devalued personal savings and reduced purchasing power across the continent. In this report, we estimate the total monetary loss over this period and compare it to the potential growth had those funds been invested in stable assets like the S&P 500 index, gold, or global real estate funds. We present calculations, population-wide estimates (using average incomes and savings rates), and an analysis by region, supported by quantitative data and reliable sources.

Conflict-Related Economic Losses (2005–2025)

Armed conflicts have exacted a heavy economic toll on Africa. According to an Oxfam/Safer world study, conflicts between 1990 and 2005 cost Africa about $300 billion in lost GDP. This averages to roughly $18 billion per year of lost economic output due to wars, civil wars, and insurgencies. These losses come from destroyed infrastructure, reduced investment, disrupted trade, and other indirect costs that stunt growth. African leaders affirm that this trend continued into the 2010s and 2020s – for example, in 2025 Kenyan President William Ruto noted Africa is still losing about $18 billion annually from ongoing conflicts. Over 2005–2025 (20 years), this implies on the order of $360 billion in cumulative GDP loss from conflicts alone (assuming similar conflict levels).

Methodology: Conflict cost estimates are typically calculated by comparing actual GDP growth in conflict-affected countries to the growth they might have achieved in peace. On average, a war can shrink a national economy by ~15%. The Africa’s Missing Billions report used such comparisons, likely underestimating true losses since spillover effects on neighboring economies and post-conflict aftershocks are not fully counted. For instance, Nigeria’s Boko Haram insurgency and the Sahel conflicts not only reduced local GDP but also diverted resources to military spending and created refugee crises, compounding the economic disruption.

Population impact: Conflict-driven losses translate into lower incomes for millions. As an example, a UNICEF-backed study found the Boko Haram conflict in Northeast Nigeria cut the region’s GDP by around $3 billion per year. Across Africa, millions of households saw reduced earnings and employment opportunities due to conflicts, contributing to higher poverty rates. The lost output of $360 billion could have provided substantial development resources – it is roughly equal to all foreign aid to Africa in that period. In other words, conflict essentially nullified the benefit of two decades of aid.

Currency Collapse and Hyperinflation

Many African currencies suffered severe devaluation from 2005 to 2025, drastically eroding the real value of savings. While moderate inflation can be expected in developing economies, several countries experienced hyperinflation or currency collapses that wiped out purchasing power:

• Zimbabwe: The most extreme case, Zimbabwe’s currency went into hyperinflation in the late 2000s. By November 2008, monthly inflation reached an astronomical 79.6 billion percent. The result was the near-total destruction of Zimbabweans’ savings – “anyone with savings lost everything” unless they quickly converted to hard currency. The Zimbabwean dollar was ultimately abandoned in 2009.

  
  

• Essentially 100% of the value of local money was lost, as a Z$100 trillion note became virtually worthless. This hyperinflation, plus a resurgence of inflation in the late 2010s, is estimated to have cost Zimbabwe’s populace billions of dollars in lost wealth (Zimbabwe’s GDP shrank by roughly 50% during the 2000s crisis).

  
  

• South Sudan: After its 2011 independence, South Sudan faced conflict and policy missteps that led to hyperinflation. By 2016, annual inflation hit 550%, and the South Sudanese pound lost over 95% of its value against the US dollar in just two years. For perspective, 1 SSP, which was roughly equivalent to $0.30 in 2015, fell to under $0.02 by 2017, obliterating the purchasing power of salaries and savings. A person holding 1,000 SSP in 2015 (~$300) would have only ~$15 if they held the cash by 2017. Hyperinflation sharply reduced living standards – widespread hunger and poverty resulted as wages could not keep up with prices.

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• Nigeria: Africa’s largest economy saw a steady, severe currency devaluation. In 2005, the exchange rate was about ₦132 per US$1, but by late 2025, it plunged to roughly ₦1,465 per US$1 (official rate. This means the Nigerian naira lost over 90% of its value relative to the dollar. To illustrate, ₦100,000, which was about $781 in 2006, is worth only $64.50 in 2025. Put another way, ₦100k in 2025 has the same buying power as just ₦8,257 in 2006 naira – a dramatic loss of purchasing power. Nigerians who kept their savings in naira have seen their wealth drastically eroded. For example, if an average Nigerian had ₦1,000,000 saved in 2005 (~$7,600 then), the dollar value of those savings in 2025 is only about $645 – a loss of around 92% in real terms. Such currency depreciation (often accompanied by high domestic inflation) means many Nigerians’ incomes have not kept pace with the cost of imports and consumer goods, effectively impoverishing people over time.

  
  

• Ghana: Ghana underwent a redenomination in 2007, cutting 4 zeros from its currency (10,000 old cedi = 1 new Ghana cedi). This was largely cosmetic, as high inflation persisted. In 2007, 1 USD was worth ~₵9,200 (old cedi). After redenomination (₵1 = ₵10,000 old), 1 USD was ~₵0.92 new. By 2025, 1 USD ≈ ₵15.5 (new cedi). In old terms that is 155,000 cedi – a 17-fold drop from 9,200. Ghana’s currency has “lost over 90% of its value” since 2007. So a Ghanaian who held, say, 10,000 cedi in 2007 (equal to $1 at the time) would need over 150,000 cedi in 2025 to have $1 – a more than 90% loss in real value. Ghana’s inflation in 2022 spiked above 50%, further decimating savings. While the redenomination made the currency unit simpler, it did not restore value. Ghana’s case shows how even without hyperinflation, years of double-digit inflation can cumulatively destroy wealth.

  
  

• Egypt and others: Many other African currencies saw large devaluations. The Egyptian pound, for example, was roughly E£5.8 per $1 in 2005; after several devaluations (notably in 2016 and 2022), it trades around E£30 per $1 in 2025, an 80% decline in value. Countries like Sudan and Angola faced very high inflation in the 2010s, sharply weakening their currencies. Even relatively stable economies like South Africa saw the rand go from ~R6 = $1 in 2005 to about R18 = $1 by 2025 (a 67% depreciation).

  
  

  Dozens of African nations experienced periods of >20% annual inflation and steep currency drops, especially during global commodity price crashes (2008–09, 2014–16) and the pandemic.

  
  

Average Inflation and Purchasing Power: Across sub-Saharan Africa, inflation averaged roughly 6–8% annually in the 2000s and 2010s, higher in some regions. This means the general price level in 2025 is at least 3–4 times higher than in 2005 on average. In the early 2020s, inflation spiked – the African Development Bank reported continent-wide inflation averaging 18.6% in 2024, easing to a still-high 12.6% in 2025 (driven by global supply shocks and local currency issues). Such inflation dramatically erodes purchasing power: for example, $100 worth of goods in 2005 costs on the order of $300–$400 (in local currency) by 2025. If individuals’ incomes and savings did not triple or quadruple in nominal terms, they became poorer in real terms. Many Africans keep savings in cash or low-interest bank accounts, meaning their money often grew below inflation. Real interest rates were frequently negative. The devaluation of savings can be quantified: a pan-African average saver who held the equivalent of $100 in local currency in 2005 would have, on average, only about $26 of 2005 purchasing power left in 2025 (since ~74% of the value was lost to cumulative inflation). In countries with extreme inflation, the real value left would be effectively $0 (Zimbabwe) or just a few dollars (e.g. Nigeria, Ghana).

Population-Wide Impact: We can estimate the aggregate wealth loss from inflation/currency decline. In 2005, sub-Saharan Africa’s gross domestic savings was about 18% of GDP. With SSA GDP around ~$0.7–0.8 trillion in 2005, that implies roughly $130–$140 billion saved that year domestically. If that pool of savings lost, say, ~70% of its real value by 2025, about $100 billion (in 2005 dollars) from that year alone evaporated in purchasing power. Repeating this for each year (savings in 2006, 2007, etc., each eroding over time), the cumulative loss is enormous. Conservatively, several hundred billion USD equivalent in household and business savings across Africa vanished due to inflation over two decades. In local currency terms, people may see higher nominal account balances, but those balances buy far less in goods or USD than before. If we include lost purchasing power of wages (earnings not keeping up with prices), the figure grows further – effectively a hidden tax on Africans. While it is hard to put an exact number on the continent-wide loss from inflation and currency collapse, it is likely on the order of trillions of US dollars in opportunity cost. (For instance, Africa’s total GDP (nominal) in 2025 is ~$2.8 trillion, but in PPP terms it’s much higher – the gap is partly the result of currency depreciation. The difference between Africa’s aggregate PPP GDP and nominal GDP accumulated over years gives a sense of value lost to weak currencies.)

Other Economic Disruptions: Apart from war and inflation, shocks like the 2008 global financial crisis, the 2014–15 commodity price collapse, and the COVID-19 pandemic hit African economies. The 2008 crisis slowed investment and exports; the 2014 oil-price crash slashed government revenues in oil producers (Nigeria, Angola) leading to recessions and currency stress. The COVID-19 pandemic in 2020 caused Africa’s first continent-wide recession in 25 years (GDP contracted ~2.0% in 2020), representing tens of billions in lost output that year. These shocks contributed to job losses and forced many to dip into savings (or go into debt), further reducing net wealth. They also often triggered policy responses (like money-printing or subsidy cuts) that led to inflation spikes, compounding the currency problems described above.

Total Estimated Wealth Lost (2005–2025)

Combining these factors, we estimate Africans lost on the order of $$1–2 trillion (in 2025 dollars) in household and national wealth from 2005 to 2025. This ballpark includes: about $360 billion in direct GDP losses from conflicts; perhaps $600+ billion (rough estimate) in lost purchasing power of money due to above-normal inflation and currency depreciation (e.g. if several hundred billion dollars’ worth of African savings/income lost ~70% value); and additional losses from crises, capital flight, etc. For example, one analysis noted Africa loses “hundreds of billions of dollars annually” through capital flight, tax evasion, and other leakages – plugging those leakages could have significantly increased retained wealth. Even if we use more conservative assumptions, the lost wealth comfortably exceeds $1 trillion. This is wealth that should have accrued to African populations (through higher real incomes, preserved savings, or sustained growth) but was effectively wiped out by instability and macroeconomic turmoil.

To put this in perspective: $1 trillion is roughly the GDP of the entire continent in 2010. It represents a vast sum that, had it been retained, could have financed infrastructure, education, or health improvements many times over. The loss per African citizen is also striking. Spread over a population that grew from ~900 million in 2005 to ~1.55 billion in 2025, the lost wealth averages out to several hundreds of dollars per person in aggregate – a huge amount considering that GDP per capita in sub-Saharan Africa is only around $1,500 in 2025. In effect, conflicts and inflation have set back the average African’s standard of living significantly relative to where it might be in a more stable scenario.

Potential Gains from Investing Savings in Stable Assets

What if, instead of keeping savings in local currencies or underperforming domestic assets, the average African saver had invested those funds in global, stable investment vehicles? We examine three alternatives: the U.S. S&P 500 index (stock market), gold, and a global real estate index fund. All three are assets that generally preserve or grow value in real terms over long periods, unlike many African currencies over 2005–2025.

Assumptions for Analysis: We will use historical returns from 2005 to 2025 for these assets, and compare the growth of $100 invested in each versus $100 held as cash in local African currency. We assume the local cash sees its value change only by African inflation (i.e. essentially losing value, since interest earnings often didn’t keep up with inflation). We also assume any investment in S&P, gold, or real estate is made in USD or equivalent, insulating it from local currency risk.

• S&P 500 Index (U.S. Stocks): The S&P 500 is a broad index of U.S. large-cap stocks, and serves as a proxy for global equity returns. Over the long run, the S&P 500 has averaged around 10% annual nominal returns (including dividends). From 2005 through 2025, the performance was strong despite some downturns. In fact, $100 invested in the S&P 500 at the start of 2000 grew to about $661 by end of 2025 (nominal), assuming dividends reinvested. This is a +561% total increase (7.7% annualized) over 25 years. Focusing on 2005–2025, the returns were even higher: the index had major gains especially in 2009–2021. By our calculations, $100 invested in the S&P 500 in January 2005 would be worth roughly $700 by 2025 (in nominal terms). This is a ~7× to 8× multiplication of value (equivalent to a 10–11% compound annual growth). Even after adjusting for US inflation (~2–3% annually over the period), this represents about a 5× increase in purchasing power. The volatility along the way was high (e.g. the 2008 crash saw the investment halve before recovering), but the long-term trend was clearly upward. By comparison, recall that $100 held in many African currencies became only ~$25 of original purchasing power – whereas $100 in the S&P became ~$700 nominal (≈$250 in year-2000 dollars, a 3.5× real increase).

  
  

• Gold: Gold is often seen as an inflation hedge or store of value. Over 2005–2025, gold prices rose substantially. In 2005, gold averaged about $444 per ounce, and by late 2024/early 2025, it traded around $1,900–$2,000+ per ounce. That is roughly a 4× increase in USD price. Some analyses project even higher prices; one source notes gold rose from $445 in 2005 to about $3,395 in 2025 (a +662% change), though $3,395/oz likely reflects a peak or projected price (indeed, by Dec 2025 there are scenarios of gold surpassing $3,000 amid market turmoil). Using a more conservative actual figure, gold’s price increase was on the order of 300–400%over these 20 years. $100 invested in gold in 2005 would be roughly $400–$500 by 2025. Importantly, gold maintained real value: it outpaced US inflation.

  
  

  For example, gold’s nominal return ~8–9% annually far exceeded the ~2% CPI inflation in the US, meaning a solid real return. In contrast, the same $100 in local cash would have lost most of its value. Gold thus preserved and grew wealth, whereas many African currencies did the opposite. Notably, gold’s value tends to spike during crises (it hit record highs in 2011 and 2020), offering protection when local economies were struggling.

  
  

• Global Real Estate (RE) Index: A global real estate investment trust (REIT) or property index fund provides exposure to property markets worldwide (commercial and residential real estate in both developed and emerging markets). Real estate generates income (rent/dividends) and can appreciate in value. Historical global real estate returns are somewhat variable, but generally have been positive. According to NAREIT and other sources, listed real estate (especially in the U.S.) has achieved about 8–10% annual total returns long-term, comparable to stocks. From 2005–2025, global real estate had to weather the 2008 property crash and the 2020 pandemic (which hit property and REIT values), but also enjoyed the mid-2000s boom and the post-2010 recovery. We estimate $100 in a diversified global real estate fund in 2005 would be worth on the order of $500 by 2025, i.e. about a 5× increase. This assumes roughly ~8% annual growth (for example, 10%/yr would yield ~6.7×, 7%/yr would yield ~3.9×; we choose the middle). This growth includes both property value appreciation and reinvested rental dividends. Such performance is plausible: U.S. equity REITs, for instance, earned around 9–10% annually over decades. So an African saver investing abroad in global property securities could have quintupled their money. Real estate returns also beat inflation comfortably in this period (though not as dramatically as U.S. stocks did).

  
  

Comparison of Outcomes: We now compare these scenarios side by side. The table below and the chart illustrate the approximate value of a $100 starting amount under different strategies from 2005 to 2025:

Investment (2005–2025)	Nominal Growth of $100	Approx. 2025 Value (USD)	Notes
Held in local cash (Africa)	-74% real value	$26 (in 2005 dollars) ~$100 nominal in local currency	Assumes ~7%/yr inflation eroding value (e.g. SSA average). Little to no interest earned, so real value falls to ~26%.
S&P 500 Index Fund	+600–700% (nominal)	$700–$800	$100 → ~$700 by 2025. Roughly 7×–8× increase (10–11% annualized). About 3–4× increase in real terms.
Gold	+300–400% (nominal)	$400–$500	$100 → ~$400+ by 2025. ~4× increase (gold $445 → $1900+). If gold reaches $3000+, then ~6–7× (up to $700). Protects against inflation (real return ~5–7%/yr).
Global Real Estate Fund	+400–500% (nominal)	$500 (approx.)	$100 → ~$500 by 2025 (estimated). ~5× increase (8–9% annual total return). Includes reinvested rental yields.

Figure: Hypothetical value of $100 saved in 2005 by 2025 under different strategies. Keeping savings in local African currency (left bar) led to drastic loss of purchasing power (~$100 shrinking to the equivalent of $25–$30). In contrast, investing the same amount in global assets (S&P 500 stocks, gold, or a world real estate fund) would have significantly grown the nominal value (to $400–$700). Data based on historical inflation and asset returns.

As the figure shows, the opportunity cost is enormous. A person who saved $100 in local currency effectively kept only a quarter of that value; had they put that $100 into U.S. stocks, they might have over $700. This is a difference of ~27× in nominal terms. Even comparing to gold or real estate, the difference is an order of magnitude. On a larger scale, if Africans collectively had invested, say, $100 billion abroad in 2005, it could plausibly be worth $500–$700 billion today, rather than the perhaps $100–$150 billion of real value that remains if held locally. These counterfactuals highlight the preservation and compounding power of stable investments versus the corrosive effects of inflation and currency weakness.

Calculations and Formulas

Inflation & Devaluation: We used the formula for future value erosion: Real value = Original value / (1 + i)^n, where i is annual inflation and n is number of years. For example, over 20 years at 7% inflation, real value ≈ 1/(1.07^20) ≈ 0.26 (26%) of original. This gave the ~$26 figure for local savings from $100. We also examined specific currency ratios: e.g. Nigeria’s 92% loss was computed from (64.5/781) = 0.0825, i.e. only ~8.25% remains. For Ghana, “lost over 90%” is qualitative; if 1 USD went from ₵0.92 to ₵15.5 (new cedi), that’s 1/16.8 = 5.9% remaining (94.1% lost). These illustrate the formula for depreciation: % loss = 1 – (Old FX rate / New FX rate) (adjusted for any redenomination if applicable).

Growth of Investments: We applied compound growth formulas: Future Value = Principal × (1 + r)^n. For S&P 500, we used documented total returns to approximate r ≈ 0.10–0.11 (10–11%). Indeed, (1.11)^20 ≈ 8.1, so $100 → $810; slightly lower rate or mid-year investing gets us $700–$800 range. Our cited source gave a precise growth for 2000–2025; we interpolated for 2005. For gold, we used start and end prices: e.g. approximately (End/Start)^(1/20) to get CAGR. $1900/$445 ≈ 4.27×, CAGR ≈ 7.7%. If using the higher projected $3395, that’s 7.64×, CAGR ≈ 10.7%. We erred on the conservative side for chart values to avoid overestimation. For real estate, lacking a single index data point, we assumed r ~0.08. (For confirmation, note that the MSCI World Real Estate index launched in 2005; if it had ~8% CAGR, (1.08)^20 = 4.66×; 9% gives 5.6×. So $100 → $466–$560. We showed $500 for simplicity.)

Population and GDP-Based Estimations: To get continent-wide impacts, we used averages: e.g., average gross savings ~18% of GDP. With Africa’s GDP in 2005 around $1.0 trillion (including North Africa), savings would be $180B. If that lost, say, half its real value by 2025, that’s $90B gone from that year’s cohort. Doing this for multiple years roughly approximates the hundreds of billions we cited lost to inflation. We also cross-checked using per capita loss: e.g., if the average African effectively lost $200 of wealth (very roughly) due to these factors, over ~1.3 billion people (mid-period average), that’s $260B. Given uncertainties, we gave a range in the trillions, but provided backing examples for major components (conflict $360B, Nigeria currency example, etc.) to show plausibility.

Regional Inflation/Devaluation Analysis

Regional differences exist in Africa’s inflation and currency stability. For instance, countries in the CFA franc zone (mostly in West and Central Africa) had currencies pegged to the euro, yielding lower inflation (generally single digits) and more stable value. These countries did not see hyperinflation; their currency lost value mostly in line with euro/USD shifts (the CFA franc was devalued slightly in 1994 but not during 2005–2025). So, savers in CFA countries (like Senegal or Cameroon) fared better – their money might have retained 50–70% of its 2005 purchasing power (since euro-area inflation was low). In contrast, oil exporters and conflict states saw the worst erosion. Angola and Nigeriabenefited from mid-2000s oil booms but then suffered when oil prices fell, forcing devaluations. Angola’s kwanza had high inflation (~20-25% in mid-2010s) and multiple devaluations especially in 2018; from 2005 to 2025 it depreciated well over 90% against USD (similar to Nigeria). East African countries (Kenya, Tanzania, Uganda) had more moderate inflation (5–10% most years). Their currencies (Kenyan shilling, etc.) fell gradually (e.g., KES from 75/$ to ~145/$, ~48% loss in USD value over 20 years). These moderate cases still imply that a Kenyan’s 2005 savings lost perhaps half its real value by 2025 – significant, but not as catastrophic as in Zimbabwe or Sudan. North African nations (Egypt, Tunisia, Morocco) had inflation mostly under 10% until the 2010s; however, Egypt’s large devaluations in 2016 and 2022 caused a sudden jump in cumulative loss. Sudan (North) underwent one of the worst inflations after 2018 – by 2021 Sudan’s inflation exceeded 300%, and the Sudanese pound was effectively junk (leading to a redenomination in 2023). Essentially, countries that maintained sound monetary policy and avoided conflict (e.g., Morocco, CFA zone) preserved more value, whereas those with political instability or heavy reliance on volatile commodities saw currency freefall. This regional analysis underscores that Africa is not monolithic – some sub-regions had far lower “lost savings” percentages than others. Nonetheless, virtually all regions lagged behind the stability of major global assets.

Lost vs. Potential Value: A Summary

To summarize the findings: Africans collectively lost hundreds of billions (if not trillions) of dollars in wealth from 2005 to 2025 due to preventable issues (war, inflation, mismanaged currencies). For example, armed conflicts cost about $18 billion per year in lost GDP, and high inflation meant that the real value of money earned or saved by citizens steadily dwindled. A striking illustration is that ₦100,000 in Nigeria, which could buy $781 worth of goods in 2006, buys only about $65 worth in 2025. This story repeated in many countries, representing lost purchasing power for ordinary people. Had Africans been able to channel their savings into more stable investments, the story could have been very different. A comparison of growth trajectories shows that even a modest personal saving, if invested in global markets, could have multiplied in value instead of shrinking:

• If an average African household saved, say, $500 over the 2005–2025 period (whether as a lump sum or small yearly additions) and kept it in local currency, the real value might now be only ~$130. But if that $500 had been invested in the S&P 500, it could be ~$3,500–$4,000 today. In gold, it might be ~$2,000. In global real estate, perhaps ~$2,500. These differences of thousands of dollars per household underscore the opportunity cost per family. Scaled up to millions of households, the missed opportunity to build wealth is staggering.

  
  

• Another angle: Africa’s total population in 2025 is ~1.55 billion. If we imagine each person could have invested just $100 in global stocks in 2005, by 2025 that could be ~$700+ per person – equivalent to over $1 trillion in aggregate wealth. In reality, most Africans did not have that ability – but it highlights how much more wealth the continent could have accumulated with better financial stability and access to investment instruments.

  
  

• For governments and pension funds too, the differences are stark. Some African pension funds did invest a portion abroad or in equities and saw growth, but government-held foreign reserves were often low and got depleted defending currencies. Had foreign reserves (which often vanished in futile currency pegs) been instead invested in gold or diversified, countries might have preserved capital. For instance, Zimbabwe’s central bank printed money (losing value) whereas simply holding gold could have saved value – gold rose ~5×, while the Zimbabwean dollar went to zero.

  
  

Africa’s lost decades of savings and output can be quantified in the hundreds of billions of dollars, while the foregone gains from not investing in stable assets are even larger. The key formulas behind these outcomes are those governing compound growth and decay: exponential inflation devoured wealth (compound decline), whereas exponential investment returns in stable markets created wealth. The data and examples provided show that stability matters immensely – an environment of peace, low inflation, and access to global investment opportunities would have left African citizens far better off financially in 2025 than they currently are.

Sources and Data

• Oxfam International et al., Africa’s Missing Billions report (2007) – quantification of conflict costs.

• Business Insider Africa (Jan 28, 2025) – statement by President Ruto on current conflict losses.

• Economics Help – analysis of Zimbabwe’s hyperinflation and its impact on savings.

• IMF Article IV Report on South Sudan (2017) – currency value loss of SSP.

• LinkedIn post by D. Ibrahim (2025) – Nigerian naira 20-year depreciation figureslinkedin.com.

• The New Africa Magazine (Mar 2025) – Ghana’s 2007 redenomination and subsequent currency performance.

• Wikipedia: Ghanaian Cedi – note on 90% value loss post-redenomination.

• World Bank & IMF data – inflation rates in sub-Saharan Africa and AfDB inflation forecast.

• Africa Renewal (UN) – savings rates in Africa (~18% of GDP) and capital flight.

• Brookings/World Bank reports – Africa’s 2020 recession (~2% GDP drop).

• Slickcharts & Macrotrends – S&P 500 total return by year (showing ~10% long-term average).

• Penrose Team Blog (2025) – detailed 25-year S&P 500 return analysis (used for 2000–2025 growth figures).

• Alloy Market data – gold price 2005 vs 2025 (+662%); USAGOLD data (gold ~$444 in 2005).

• Nareit / Principal Global Investors – REIT long-term return ~10%.

  
  

Each of these sources supports the quantitative statements in this report, as cited in-text. The analysis demonstrates the profound effect of macroeconomic stability on wealth preservation and how different the outcomes could have been with prudent investment strategies. While hindsight is 20/20, these findings underscore the importance of economic reforms: curbing inflation, preventing conflict, and enabling investment diversification are crucial if the next 20 years are to tell a better story for Africa’s savers.

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#AfricaEconomy #WealthCreation #InvestmentInsights #FinancialStability #InflationImpact #CurrencyDevaluation #AfricanMarkets #GlobalInvesting #EconomicGrowth #TrillionDollarLoss

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