10 Best African Countries For Investment in 2023
Investment opportunities in Africa have become numerous and diverse, after African countries – whether they are located in South, West, North or East Africa – have achieved remarkable growth and progress and have become a haven for investment. In a report issued by the “RMB” bank recently, in which it monitors investment opportunities in the brown continent, the report also included a list of the best African countries for investment for the year 2023.
Investing in Africa in 2023
The report reviewed the investment climate in various African regions, highlighting the most attractive countries for investments in each region.
Best African countries for investment 2023
Category Country Region
1 Egypt North Africa
2 South Africa South Africa
3 Morocco, West, sunset North Africa
4 Ethiopia East of Africa
5 Kenya East of Africa
6. Rwanda East of Africa
7 Tanzania East of Africa
8 Nigeria West Africa
9 Ghana West Africa
10 Côte d’Ivoire West Africa
Climate and investment opportunities in Africa
Egypt came first in the ranking as the best African country for investment, as it tried to consolidate economic gains in the wake of the Arab Spring, but it needs to enhance the operating environment.
Within the framework of North African countries, Morocco came in third place for the second year in a row, supported by strong economic growth, suitable geographical locations, strong infrastructure, effective regulatory policies, in addition to political stability.
South Africa comes in at number two on the list, losing ground due to declining growth prospects, and despite the many negative news specific to South Africa, it remains one of the best operating environments in Africa.
East of Africa
Despite the social and political instability in Ethiopia, which negatively affects the business environment in the country and its investment potential, Ethiopia managed to advance one place this year to occupy the fourth position compared to the fifth position in the previous sixth and fifth reports.
It is expected that Ethiopia – which is now the largest economy in East Africa – will occupy advanced positions if its economic progress is accompanied by some political and social stability.
On the other hand, Kenya lost its position as the largest economy in East Africa and fell to fifth place in the investment classification. Despite this, Kenya is still one of the strongest economies on the continent, but it suffers from several problems such as corruption, ethnic divisions, political instability and increased debt.
In sixth place came Rwanda, which is witnessing an increasing growth and diversification, while Tanzania came in seventh place, which is also one of the best investment destinations in East Africa.
Ghana was previously ranked fourth, but it has fallen to ninth place behind Nigeria in this year’s ranking, which is now the best destination for investment in West Africa.
Despite the many challenges Ghana faces, it is slowly rebuilding confidence in its operations and policies under the watch of the International Monetary Fund.
Côte d’Ivoire also fell to tenth place, compared to eighth place in 2016, after suffering years due to political paralysis.
Several factors have helped Côte d’Ivoire – the largest producer of cocoa in the world – to remain in the top ten in the ranking of the best African countries for investment, including a thriving economy and an emerging middle class, in addition to developing a strong infrastructure and improving the business environment.