Economic growth in Africa remains strong and is poised for lift-off . Growth in Africa was 5.9 percent, making it one of the fastest growing developing regions, according to a new World Bank report on Africa’s economy.
Over a third of countries in the region attained growth rates of at least 6 percent, with another 40 percent growing between 4 – 6 percent. Among fast- growing economies are resource-rich countries such as Ghana, Mozambique, and Nigeria, as well as other economies such as Rwanda and Ethiopia, all posting growth rates of at least 7 percent or above. Below are the top 5 most popular African nations to investment in.
Ghana
Why It’s Time To Invest
Ghana is considered one of the most stable, peaceful and democratic nations within the African continent. The West African country has seen five free elections and steady governance rendering growth and development. It has become something of a leading light within the continent.
Ghana’s has one of the highest GDP’s per capital in West Africa. The country has a diverse and rich resource base with gold, timber, cocoa, diamond, bauxite and manganese being the most important sources of foreign trade.
It is the world’s second largest cocoa producer; Africa’s second largest gold exporter; and, since 2010, the continent’s newest oil and gas producer.
With an open and entrepreneurial approach to business, English as the official language, and a secure, peaceful and friendly environment for international visitors, Ghana is fast developing as the leading gateway to Africa.
Nigeria
Why It’s Time To Invest
With a population of 162 million people, Nigeria is currently one of the world’s major investment destinationsand one of the fastest growing economies in the world. A burgeoning middle class has created huge opportunities for businesses in consumer markets such as financial services, food, energy and telecommunications.
Although the Nigerian economy is heavily dependent on revenues from oil and gas, the administration of President Goodluck Jonathan is committed to diversifying and reducing dependence on crude oil exports. Focus in recent times has been on increasing non-oil exports and reviving the agricultural sector.
Rwanda
Why It’s Time To Invest?
Rwanda is a small nation that refuses to be ignored in the mix of large economies of East Africa. Most of the population of Rwanda live upcountry and are dependent on agriculture.
Information and Communication Technology is a central engine to driving Rwanda’s transformation to a knowledge based economy, a fact Rwanda has acknowledged by allocating a budget to ICT – as a percentage of its GDP – that is at par with OECD countries.
Rwanda continues to be one of the fastest growing African countries in ICT and there are several avenues for growth for the ICT sector – from e-commerce and e-services, mobile technologies, applications development and automation to becoming a regional center for the training of top quality ICT professionals and research. A robust ICT industry can create wealth, jobs and entrepreneurs.
South Africa
Why It’s Time To Invest
For long south Africa has held the position of the most popular foreign investors attraction in Africa, but this is changing fast due to the fact that most of the sectors in Africa’s biggest economy have already been taken and held tightly by former investors thus leaving very few spots in the economy for new investors.
Nevertheless, South Africa still offers many opportunities for foreign investors. Its large population makes it an ideal market for consumer products and other ventures such as real estate, telecommunications and agribusiness.
Tanzania
Why It’s Time To Invest
Tanzania has emerged as the most attractive investment destination in East Africa and the ninth best in Africa, according to a report published by Rand Merchant Bank, “Where to Invest in Africa: A Guide to Corporate Investment”.
Tanzania’s gold reserves continue to attract investor interest over the medium term. The country’s relatively well-educated labor force, coupled with political stability and the government’s sound macroeconomic management of the economy, add to the country’s attractiveness. But the relatively small domestic market, poor infrastructure network and high levels of bureaucracy are a barrier to investment in the non-mineral sector of the economy.
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