The African economic region is expected to grow by 3.4% in 2024, trailing only Emerging and Developed Asia. A report from the Rand Merchant Bank (RMB) attempts to rank the top investment destinations within Africa based on economic performance & potential, market accessibility & innovation, economic stability & investment climate and social & human development.
Top Investment Destinations in Africa
Based on the metrics stated earlier, island nations such as Seychelles & Mauritius rank as the most attractive investment destinations of the continent. Within the rest of the top investment destinations, we find Egypt, South Africa, Ghana and Nigeria, amongst others. Kenya narrowly misses the top 10 but remains an attractive investment option.
Top Innovative Countries
Mauritius, South Africa, Morocco and Botswana remain at the forefront of the “innovation score” although seem to be lagging in terms of economic growth forecast. On the other hand, Kenya, Rwanda and Ivory Coast are countries which emit strong growth forecast and some reasonable innovation potential.
Some Key Takeaways
The economic and technological potential of Nigeria, Ghana, Kenya, Mauritius, and Cameroon presents a compelling case for investment and development across diverse sectors. These statistics underscore the dynamic and diverse economic potential across these key African countries.
- Nigeria: With over 200 million people and rich in oil and gas, Nigeria's GDP growth averages 2.5% annually.
- Ghana: Boasting 6-7% GDP growth, Ghana is rich in gold and cocoa and has a stable business environment.
- Kenya: Known as "Silicon Savannah," Kenya sees 5-6% GDP growth, driven by ICT, agriculture, and tourism.
- Mauritius: A financial hub with 3-4% GDP growth, Mauritius excels in diversified sectors like tourism and IT.
- Cameroon: With 3-4% GDP growth, Cameroon's economy benefits from its natural resources and infrastructure investments.
