Competing economies have shown greater improvements in both the economic and operating environment indices across Africa in the last one year, RMB, a Johannesburg-based investment and advisory firm, said in its new report.
In its latest annual study known as ‘Where to Invest in Africa,’ RMB listed top 10 investment attractiveness-ranked countries on the continent.
RMB’s Investment Attractiveness Index considered two important conditions for viable investment: economic activity and operating environment.
“Structural change is essentially the only hope for sustainable growth in Africa,” says Celeste Fauconnier, who, along with fellow RMB Africa Analyst, Neville Mandimika, have co-authored RMB’s new Where to Invest in Africa report.
Drive for Financial Inclusion in Africa is being led by public and private sectors for business and growth purposes. Drive for Financial Inclusion in Africa is being led by public and private sectors for business and growth purposes.
Here are the top 10 investment attractiveness-ranked countries in Africa:
1. Egypt is Africa’s largest economy GDP
2. South Africa is also still a hot spot for foreign direct investment in 2019
3. Morocco is Africa’s fifth-largest market with growth projection at 4% boasts by an enhanced environment.
4. Ethiopia – the fastest-growing economy in Africa, averaging 8.2% for the next six years – is supported by improved macroeconomic policies and higher government investment in local industries and human capital.
5. Kenya as one of the leaders in East African community delivered a diverse economy and sustained expansion in consumer demand, urbanisation, integration and structural reforms.
6. Rwanda is another fast-growing economy, boasting the second-best business environment as government is investing in domestic industries.
7. Tanzania is expected to overtake Kenya’s, supported by its resource-based manufacturing, tax incentives and development of special economic zones, according to RMB report.
8. Nigeria is back on the top 10 attractive countries due to improved macroeconomics, recovering global oil prices, production and favourable demographics attracting FDI.
9. Ghana’s pro business reforms have supported a strong growth in the non-oil sector.
10. Côte d’Ivoire also has strong growth rates, supported by large infrastructure investment, particularly in transport and energy.