Rand Merchant Bank Where To Invest In Africa 2018

Rand Merchant Bank Where To Invest In Africa 2018

Each year, Rand Merchant Bank (RMB) releases a new edition of Where to invest in Africa, which assesses the economic outlook and investment opportunities in Africa. In the seventh edition of the publication, Where to invest in Africa 2018, there are some significant changes in the “top 10” African nations to invest in – plus some warnings for the future economic outlook across the continent.


The seventh edition of Rand Merchant Bank’s (RMB) Where to Invest in Africa report marks the first time South Africa has not taken the top spot.

Instead of first place, South Africa has moved down to number two on RMB’s list. Top honours has gone to Egypt, mainly due to its superior economic activity score.


Other countries that have slipped down the rankings are Nigeria and Algeria. Both countries are out of the top 10 in 2018.

Let’s see who did make it into the top 10:

1. Egypt

Egypt managed to topple South Africa thanks to two factors: a larger economic score and South Africa’s declining growth rates.

2. South Africa

South Africa is not only plagued by stunted growth rates, but also growing concerns over issues of institutional strength and governance. However, it’s not all bad new for South Africa. Our currency, equity and capital markets are still doing well.

3. Morocco

Morocco stays put at number three. This north African country has benefitted markedly from a greatly enhanced operating environment.


4. Ethiopia

Ethopia was at number seven for 2017 but climbs three spots in 2018. This improvement can mainly be attributed to Ethiopia’s rapid economic growth which has made it the largest economy in East Africa.

5. Ghana

Ghana slipped one spot, from number four to number five. The culprits are worsening corruption and weaker economic freedom.

6. Kenya

Kenya is another big mover. It moves up four places in 2018. Kenya’s diverse economic structure, pro-market policies and brisk consumer spending growth are its most attractive investment features.

7. Tanzania

Tanzania moves up two spots in 2018. This result is mainly due to a host of business-friendly reforms introduced by the country.

8. Rwanda

East Africa is doing well! Rwanda also climbs 4 spots, just like Ethiopia. Rwanda’s performance is thanks to being one of the fastest-reforming economies in the world, high real growth rates and its on-going attempts to diversify its economy.

9. Tunisia

Tunisia reenters the top 10 in 2018 thanks to a combination of factors. Not only did the country introduce structural reforms while affecting an increase security and social stability, it also made great progress in advancing political transition.

10. Cote d’Ivoire

Cote d’Ivoire, one of the fastest-growing economies in Africa, slips two places in 2018. It’s mainly due to a low business environment score, but the country still manages to attract foreign direct investment.


Let’s hope South Africa reclaims its number one spot in 2019. Perhaps we can learn some lessons from the big climbers in 2018’s report.