Which is the best African country to make money? Regarded as the fastest-growing continent, Africa is a hub for businesses and investors. There has been massive growth for businesses of all industries ranging from transportation, agriculture, technology, FinTech, among others in Africa.
African countries have tremendous economic potential with rewarding opportunities for investors. Although there is a glowing review of the opportunities in Africa, some countries are more favourable for business compared to others. If you are looking for the best African country to make money, consider the countries we have highlighted below.
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1. Egypt
Egypt ranks top among the best African countries to invest in. It is regarded as the business hub of Africa by virtue of its strong GDP growth, unique geographical location and high literacy rates. Despite the COVID-19 pandemic affecting most economies in Africa, Egypt’s GDP grew by 3.6%.
The North African country boasts developed infrastructure due to the support the government receives from the International Monetary Fund and the World Bank. Egypt’s good infrastructure makes it easy for businesses to succeed, a reason why it ranks top when the discussion is about the best African country to make money.
Egypt is regarded as the business hub of Africa. Photo/ AmCham Egypt.
2. Morocco
Morocco may be most known for its amazing culture and outstanding landscapes. Still, it is an amazing environment for investors to make money. The North African country ranked 53rd on the index scoring points on ease of starting a business, availability of labour, political stability and paying taxes.
According to AFRICAN VIBES, Morocco provides a much better business environment compared to Egypt. In a bid to attract more foreign investments, the North African country now offers incentives to investors by providing government aid.
3. South Africa
South Africa is, without a doubt, the most industrialized economy in Africa. It is also one of the easiest countries to do business considering its advanced legal and financial structures. As a result, you can’t fail to mention South Africa when talking about the best African country to make money.
According to the US Department of State, South Africa is the fastest-growing consumer market in the world. It is also a “comparatively” low-risk location for doing business in the African continent.
South Africa’s GDP outlook is promising. Photo/ Nedbank.
4. Rwanda
Since the World Bank began the Doing Business initiative in 2005, Rwanda is the nation that has carried out the most reforms. It is one of the best countries to invest in and one of Africa’s fastest-growing economies. Apart from economic growth, Rwanda has also sustained improved governance and an investor-friendly climate.
The ease of doing business in Rwanda has transitioned from the traditional bureaucratic structures to a digitized system. As of now, New Zealand is the only country in the world that has beaten Rwanda when it comes to the ease of property registration in the world.
5. Botswana
Botswana is the third freest economy in Africa, with its government promoting investments in telecommunication infrastructure, electricity, diamond and transportation. In Botswana, investors enjoy low tax rates, minimal labour strife and the absence of foreign exchange controls.
The country, which is located in Southern Africa, is a member of the Southern African Customs Union (SACU). It is also a member of the Southern African Development Community (SADC). This makes it easy for investors who want to do business in Botswana with South African countries.
Botswana, the best African country to make money. Photo/ Africa Outlook Magazine.
Which Country in Africa Has the Most Job Opportunities?
Nigeria and Ethiopia had the highest number of people employed in Africa in 2022. Their working population amounted to around 60 million and 56 million, respectively.
Which African Country is the Easiest to Make Money?
Ghana. The Ghanaian government is working hard to build a resilient and robust economy by promoting private sector-led growth to revive the non-oil and non-agricultural sectors.
Which Country Has the Most Billionaires in Africa?
In Africa, Egypt has the most billionaires, followed by South Africa and then Nigeria, and Morocco.
Which Country in Africa is the Fastest Growing Economy?
Ethiopia has the fastest-growing economy in Africa. According to World Finance, efforts to modernize Ethiopia’s economy have paid off. Several state-owned companies were sold to overseas investors in China during a wave of privatization.
