In 2024, Seychelles and Mauritius have emerged as the most attractive investment destinations in Africa, marking a significant shift from previous leaders such as Egypt, Morocco, and South Africa in 2021. Seychelles, with a population of approximately 120,000 and a GDP of US$2 billion, has gained attention for its favorable investment climate. Similarly, Mauritius, home to 1.26 million people and boasting a GDP of US$14 billion, has solidified its position as a prime location for investors [ac65e959].
Despite these changes, Egypt remains Africa's largest economy with a GDP of US$394 billion, followed closely by South Africa at US$378 billion. Morocco continues to rank high due to its market accessibility and innovation, making it a competitive player in the investment landscape. Nigeria, with a GDP of US$375 billion, is the third largest economy on the continent but has been noted for scoring poorly in several investment metrics, which may hinder its attractiveness to foreign investors [ac65e959].
Algeria ranks fourth with a GDP of US$245 billion, while Kenya has slipped to the 11th position in the latest rankings. This report, compiled by Rand Merchant Bank, utilizes data from various global institutions to assess the investment potential across African nations [ac65e959].
In the context of Ghana's economic landscape, the country is also striving to enhance its attractiveness to investors. With a projected GDP growth rate of 4.7% in 2021 and a diversified economy, Ghana has been focusing on improving its public debt management and reducing unemployment. The government has been implementing policies aimed at fostering economic development and addressing challenges that could affect foreign investment [ef9440ea].
As Ghana continues to recover from economic turbulence, it aims to surpass the GH₵1 trillion mark in GDP by 2024, driven by the services sector, which has shown remarkable growth. The construction sector is expected to benefit from increased public investment, while the aviation sector, led by initiatives like Goldstar Air, seeks to stimulate trade and tourism, further enhancing the country's investment appeal [0746dac7].
Overall, while Seychelles and Mauritius are currently leading the investment rankings, Ghana's ongoing efforts to stabilize and grow its economy could position it as a competitive destination for future investments in Africa [ac65e959].