If you look at the groups,
Ivory Coast has Brazil, Portugal and North Korea. I don't see them beating Brazil or Portugal.
Ghana has Germany, Australia and Serbia. This is definately one of the toughest groups. Australia and Serbia are pretty even with Ghana but I think Serbia should beat Ghana so Ghana could come 4th.
Cameroon has Netherlands, Denmark and Japan. They stand a good chance as they are pretty evenly matches with Denmark, they should beat Japan and Netherlands should top the group.
Nigeria has Argentina, Rep. Korea and Greece. Again stand a chance with Greece only slightly better than them and I don't rate Korea.
South Africa has Mexico, Uruguay and France. Tougher group than Nigeria and Cameroon but still do have a chance of going through.
Algeria has England, USA and Slovenia. One of the easier groups but Algeria isn't a great side so England and USA should easily progress.
So looking at that, Ivory Coast and Ghana aren't really worth the odds and I think only Cameroon, Nigeria and South Africa has a chance of progressing and Cameroon is the best team out of them so I'll put some money on them. And with odds of 11/2, it isn't a bad bet.