Here are the ten best African countries to start a business.
- Egypt: One of the best places to do business in Africa is Egypt. Although it was one of the hardest-hit African countries during the Covid pandemic, it was also one of the first African economies to recover. This was largely due to the government's rapid implementation of economic measures. Economists are optimistic that GDP will rise 3.8 percent by the end of the year. Furthermore, Egypt is also expected to expand its economy by 5.20 percent in 2023.
- Morocco: Moroccan government maintains closer ties with Europe, but also sees the potential for diplomatic relations with other African countries. The country has reintegrated into the African Union and is working towards membership in the Economic Community of West African States (ECOWAS).
- South Africa: It is probably the most popular place to invest in Africa. It has received the majority of direct investment in foreign stocks across the African continent due to its developed market. This is mainly due to its sound economic policies, mature capital market and availability of financial services. In addition, the established land infrastructure and ports that facilitate the transportation of goods and services are added.
- Rwanda has emerged as one of Africa's emerging markets, leaving an impression on private equity firms, venture capitalists, multinational companies, institutional investors and even local business leaders.
- Ghana – is another country to consider if you want to invest in Africa. Ghana has undergone significant changes in recent years due to its largely commodity-dependent economy. This presents a double-edged sword: it provided a solid foundation before the pandemic, but was hit when demand slowed.
- Botswana: has one of the strongest economies to invest in in Africa, with great development potential. As the least indebted country in Africa, Botswana has high foreign exchange reserves thanks to the Pula Fund.
- Mauritius: It is mainly known for two things: its tax-friendly environment and its sugary products. Although the agricultural sector is essential, investors will be happy to note that Mauritius is diversifying its economy.
- Ivory Coast: has experienced strong and stable economic expansion over the past decade. The global pandemic disrupted growth, although the economic forecast remains positive. Domestic demand for consumer goods, services and exports leads the way in the country's economic recovery.
- Kenya: This East African country is the economic, commercial, financial and logistical center of Africa. It is mainly driven by young technology entrepreneurs, specifically in the financial technology (fintech) segment. Additionally, startups with a focus on social impact are very popular among foreign investors.
- Tanzania: Mainly attributed to the economic slowdown in the country's changing trade policies. However, government investment in the energy, telecommunications and finance sectors helps keep the economy afloat
Article source:NOMAD CAPITALIST