Where to Invest in Africa Top Ten


  • Egypt continues to be the largest economy in terms of GDP as well as one of the most diversified African economies.
  • South Africa’s upcoming elections are currently a risk for South Africa and might affect their ranking position.
  • Morocco has maintained a good operating environment since the “Arab Spring” with an expected growth of 4% for the medium term.
  • Ethiopia continues to be the fastest growing economy.
  • Kenya has an expected GDP growth of above 5% attributed to its favorable weather conditions and political stability.
  • Rwanda is considered as the second best business environment country in the continent although its market remains very small.
  • Tanzania has an expected growth of above 6.5% with the size of the economy overtaking Kenya. Its operating environment continues to be its biggest challenge.
  • Nigeria has the largest population in Africa, it came back to the top 10 from the 2018 rankings after a recovering from the drop of oil prices, its operation environment continues to be its biggest challenge.
  • Ghana with its political stability and strong democracy will continue to grow strongly based on the booming of the oil and gas sector.
  • Côte d’Ivoire will continue to be one of the most diverse francophone economies in the continent.

Source: Where to invest in Africa 2019, Rand Merchant Bank, RMB Global Markets, page 17

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