Introduction
This article ranks the ten highest-performing economies among the eighteen African countries assessed in the current AfricaInfoBase Africa Investment and Development Index. The AIDI goes beyond the ease of registering a company. It assesses the conditions that support business continuity, investment growth, local partnerships, employment creation, capital retention and long-term development impact.
Starting a business is not the same as sustaining one. The UK Office for National Statistics reported that 93.4 percent of businesses born in 2023 survived their first year. However, only 38.4 percent of businesses born in 2019 remained active in 2024 (ONS, 2025). Therefore, fewer than four in ten businesses from that cohort survived for five years.
The United States records a similar pattern. Approximately half of new businesses close within five years (United States Bureau of Labour Statistics, 2024). These failures occur despite reliable infrastructure, mature banking systems and established business-support services.
In many African markets, the operational challenge is greater. A country may register a company within 24 hours, yet the business may still close within two years. Electricity outages disrupt production. Commercial banks frequently restrict working-capital finance. Consumers may lack sufficient purchasing power, while tax enforcement may differ from written regulations.
The AIDI therefore asks a practical question: which assessed African economies provide the strongest conditions for businesses to operate, expand and create lasting value?
Africa’s Investment Context
Africa attracted approximately USD 97 billion in foreign direct investment during 2024. This represented a 75 percent increase from 2023. One major development project in Egypt influenced the total. However, underlying investment still increased by approximately 12 percent to USD 62 billion when that transaction was excluded (UNCTAD, 2025).
Africa accounted for approximately 6 percent of global FDI inflows in 2024. This was an increase from 4 percent in the previous year.
However, high investment volumes do not always create supportive business environments. Several operational constraints remain widespread. These include unreliable electricity, limited SME finance, and currency instability. Inconsistent regulation and shallow consumer purchasing power also create major challenges.
International energy and regulatory evidence shows that unreliable electricity imposes severe costs on Nigerian businesses (IEA, 2022; NERC, 2024). Access to finance is another major challenge. More than half of SMEs in emerging markets lack adequate funding (World Bank, 2024).
At the same time, the African Continental Free Trade Area is creating new opportunities. The agreement is developing a market of more than 1.5 billion people across participating countries. Sub-Saharan Africa is also projected to grow by approximately 4.3 percent in 2026 (IMF, 2026). These conditions create both opportunity and risk. The AIDI is designed to distinguish between them.
AfricaInfoBase AIDI Ranking
The current edition assesses eighteen African economies. The index evaluates Morocco, Rwanda, Mauritius, Côte d’Ivoire, Ghana, Senegal, Botswana, Kenya, Tanzania, and Egypt. It also assesses Nigeria, South Africa, Ethiopia, Namibia, Zambia, Tunisia, Benin and Togo.
The ten highest-performing economies are ranked by their performance score:
Morocco — 78.3
Rwanda — 75.0
Mauritius — 73.3
Côte d’Ivoire — 70.0
Ghana — 68.3
Senegal — 66.7
Botswana — 65.0
Kenya — 65.0
Tanzania — 63.3
Egypt — 61.7
Botswana and Kenya achieved the same total score. Botswana ranks above Kenya because it achieved a stronger score for business continuity and operational resilience. This criterion is the AIDI’s disclosed tie-breaker.
Evidence mainly reflects conditions in major commercial centres. Secondary cities and rural areas may present very different operating environments.
How the AIDI Differs from Other Rankings
World Bank B-READY Assessment
The World Bank Business Ready index examines regulatory frameworks, public services and operational efficiency. It covers ten topics across the business lifecycle.
Rwanda and Morocco perform strongly among the African economies included in the 2025 interim edition. However, B-READY is not designed to measure long-term business continuity. It does not directly track profitability, employment creation or local capital retention.
The AIDI uses B-READY evidence within its analysis. It also examines electricity, finance, consumer demand and post-registration enforcement.
RMB Where to Invest in Africa
The Rand Merchant Bank and Gordon Institute of Business Science report assesses 31 African economies. It considers GDP, income, urbanisation, inflation, political stability and exchange-rate performance.
The report is useful and methodologically transparent. However, it does not include a separate business-continuity criterion. It also gives limited attention to local supplier development and capital-retention risk. The AIDI addresses these areas directly.
The Ibrahim Index of African Governance
The Ibrahim Index assesses 54 African countries. It uses 96 indicators across 16 subcategories and four main categories. These include security, participation, economic opportunity and human development.
The index is essential for understanding governance. However, it is not designed as a dedicated investment ranking. A country may perform strongly in public health or education while presenting serious business-operating constraints. The AIDI therefore uses governance data as one part of a wider investment assessment.
Commercial and Consulting Rankings
Some commercial rankings do not disclose their complete methodologies. Readers may see recommended countries without seeing the underlying data, weights or scoring rules.
Such rankings are difficult to reproduce or challenge. The AIDI follows a different approach. It states its criteria, variables, weights, sources, tie-breaker and limitations.
AIDI Methodology and Calculations
Each AIDI criterion is scored out of ten. The six criterion scores are totalled out of 60. The result is then converted into a score out of 100.
The calculation uses the following formula:
The scale is reversed where a lower value represents stronger performance. For example, fewer electricity outages produce a higher score.
Component results are weighted within each criterion. Each criterion is then rounded to the nearest whole point. The six rounded scores produce the final total.
No substituted comparator values were used for the ten countries presented in this edition. Future editions will disclose any estimated variable, comparator or adjustment used.
The Six AIDI Criteria
Criterion 1: Investment Volume and Momentum This measures the scale and direction of investment flows. It considers FDI relative to GDP, three-year FDI trends, domestic investment and private-sector credit growth. Large transactions are assessed separately when they distort national totals.
Criterion 2: Investment Opportunity Depth This measures the breadth of investable sectors. It considers economic growth, diversification, consumer purchasing power and regional market access. AfCFTA positioning is also included.
Criterion 3: Business Continuity and Operational Resilience This measures conditions associated with a business remaining viable after establishment. Electricity reliability carries the largest weight. Working-capital access, consumer purchasing power and regulatory predictability are also considered. Business-support ecosystems complete the assessment.
Criterion 4: Local Partnership and Economic Integration This measures whether investment builds local economic capacity. It examines local-content rules, partnership frameworks and supplier-development programmes. It also considers the role of local financial institutions.
Criterion 5: Employment Creation and Capital Retention This measures whether investment generates formal local employment. It also examines whether invested capital remains protected over time. Currency stability, debt management, profit repatriation and rule of law are included.
Criterion 6: Development Impact and Sustainability This measures whether investment improves wider economic and social conditions. It considers poverty reduction, governance, environmental standards and human development. Community-benefit arrangements are also assessed.
1. Morocco — AIDI Score 78.3
Morocco leads the AIDI ranking because it scores consistently across all six assessment criteria. No other assessed economy currently matches this composite profile.
Navigating Operational Challenges Consider an automotive-parts manufacturer expanding to Tangier. The operator registers quickly but faces immediate supply-chain tests. However, established local ecosystems provide reliable input components. Therefore, the manufacturer can sustain production and meet strict export deadlines.
Investment Volume and Opportunity Depth Morocco attracts consistent foreign direct investment across automotive production, aerospace, logistics, financial services and renewable energy. The automotive sector produced more than 700,000 vehicles in 2023 (Moroccan Ministry of Industry and Trade, 2024). Tanger Med processed approximately 9.4 million containers in 2024 (Tanger Med Port Authority, 2024).
Morocco also holds a substantial share of global phosphate reserves. This creates long-term opportunities in fertiliser production and food-security supply chains.
Business Continuity and Operational Resilience Available World Bank Enterprise Survey evidence indicates relatively low reported power-outage frequency. However, survey years differ between countries, so comparisons should be treated cautiously.
Electricity supply remains dependable in major industrial zones. The developed banking sector also supports working-capital access for established businesses, while tax administration provides greater predictability than in many African markets.
Local Partnership and Economic Integration Investment models encourage genuine local economic integration. The government promotes local value-added production targets. Consequently, major manufacturers increasingly rely on domestic suppliers. This approach creates deeper operational ties with local firms and communities.
Employment Creation and Capital Retention The automotive industry supports approximately 220,000 direct and indirect jobs. The managed dirham reduces extreme exchange-rate volatility, while investors benefit from relatively strong contract enforcement and legal protection. However, formal employment remains concentrated in coastal industrial centres.
Development Impact and Market Context Governance indicators show a decade of measurable progress (Mo Ibrahim Foundation, 2024). Environmental standards are improving under international supply-chain requirements. However, income inequality remains a challenge outside coastal regions.
Businesses in Casablanca, Tangier and Agadir face supportive continuity conditions. Reliable infrastructure and banking create a competitive advantage, although intense competition within European-linked supply chains remains the main challenge.
2. Rwanda — AIDI Score 75.0
Rwanda ranks second overall and achieves the highest score for business continuity. The government has systematically reduced many operational hazards affecting new businesses.
Testing Local Market Scale A software-development firm launches a regional platform in Kigali. The founders complete digital registration quickly and configure tax systems through online platforms. However, scaling requires expansion beyond Rwanda’s small consumer market. Regional trade therefore becomes essential.
Investment Dynamics and Services Growth Absolute investment volumes remain modest because Rwanda has a population of approximately 14.5 million. However, the country attracts consistent inflows into technology, tourism, property and financial services. The economy lacks a large commodity base. Therefore, growth depends heavily on services and regional hub positioning.
Operational Resilience and Framework Stability Rwanda performs strongly in the World Bank B-READY interim assessment. Streamlined government services improve operational efficiency (World Bank, 2025).
Tax administration is largely digital. Electricity access has also expanded through grid and off-grid investment. The Rwanda Development Board provides post-registration assistance. These conditions remain strongest in Kigali, while secondary towns face greater infrastructure and service limitations.
Partnership and Retention Frameworks The investment framework encourages local employment and technology transfer. Local procurement is also supported through public policy.
The country has not recently experienced forced nationalisation or abrupt contract repudiation. This consistency gives commercial investors operational confidence.
Development Trajectory and Future Outlook Healthcare, education and gender indicators have improved substantially (UNDP, 2023). Public-service delivery remains strong.
However, political and civic restrictions reduce broader governance scores (Mo Ibrahim Foundation, 2024). Kigali offers a supportive environment for well-capitalised firms serving regional markets.
3. Mauritius — AIDI Score 73.3
Mauritius ranks third overall. Strong capital retention, advanced financial infrastructure and predictable regulation support its position.
Managing High Operating Overheads An investment-fund manager establishes an office in Port Louis. The firm benefits from transparent tax rules and straightforward profit repatriation. However, high commercial rents and professional salaries increase operating costs. The manager therefore needs substantial reserves during the early trading period.
Sector Diversity and Infrastructure Quality Mauritius offers strong opportunities in financial services, tourism, fintech and the ocean economy. Land availability and labour costs limit large-scale manufacturing.
Electricity reliability remains strong. A business operating in Port Louis faces fewer physical infrastructure disruptions than in many African markets.
Economic Integration and Capital Security The domestic professional workforce is highly skilled. Tourism and financial services are deeply integrated into the local labour market.
However, international holding-company activity produces fewer local supplier links than manufacturing. Capital-retention conditions remain strong, while profit repatriation is generally straightforward.
Governance and Sustained Value Mauritius maintains a competitive multiparty political system (Mo Ibrahim Foundation, 2024). Human development indicators are also strong (UNDP, 2023).
However, the supportive operating environment cannot compensate for weak financial planning. Port Louis provides a secure base for internationally focused businesses.
4. Côte d’Ivoire — AIDI Score 70.0
Côte d’Ivoire ranks fourth. Strong investment momentum, agricultural depth and regional financial importance support its position.
Overcoming Regional Infrastructure Gaps A cocoa-processing startup opens a facility outside Abidjan. The company benefits from currency stability when exporting to European customers. However, local power disruptions affect production. The business may therefore need backup generation and storage systems. These additional costs reduce margins.
Opportunity Depth and Financial Capital Côte d’Ivoire produces approximately 40 percent of global cocoa (ICCO, 2024). Abidjan is a major corporate centre and hosts the regional WAEMU stock exchange.
Investment is increasing across agribusiness, retail, telecommunications, logistics and energy. A sovereign credit upgrade also reflects improving macroeconomic management (Moody’s, 2024).
Currency Stability and Geographic Variation The CFA franc has a fixed parity with the euro. This reduces exchange-rate volatility for euro-denominated transactions.
However, US dollar and sterling exposure still creates currency risk. Infrastructure and banking services remain concentrated in Abidjan, while rural operations face greater transport, electricity and financing difficulties.
Employment Dynamics and Growth Equity Agro-processing and construction generate formal employment. However, economic benefits remain unevenly distributed.
Environmental concerns also affect the cocoa industry. These include deforestation and child labour.
Abidjan offers strong consumer and financial depth. However, rural expansion requires careful infrastructure planning.
5. Ghana — AIDI Score 68.3
Ghana ranks fifth. The country combines democratic stability and economic diversity with recent debt and currency challenges.
Mitigating Foreign-Exchange Exposure A fintech entrepreneur launches a payment application in Accra. The company recruits skilled local developers. However, currency depreciation increases the cost of imported servers and software services. The founder must adjust pricing quickly. Holding part of the company’s reserves in stable currencies may also reduce exposure.
Resource Wealth and Market Diversification Gold export earnings reached approximately USD 20 billion in 2025 (Bank of Ghana, 2026). The investment landscape also includes cocoa, oil, gas, technology, healthcare and agribusiness.
Diaspora engagement supports property, tourism and entrepreneurship. GDP growth reached approximately 6 percent in 2025 (IMF, 2026).
Banking Recovery and Public-Contract Risks Following restructuring, Ghana’s banking sector is better capitalised. Electricity is also more reliable than in several West African markets.
However, businesses serving public institutions may face payment delays. Companies that depend heavily on government contracts require larger working-capital reserves.
Democratic Governance and Capital Security Ghana suspended payments on selected external debts in December 2022. This affected investor confidence.
However, the restructuring proceeded in an orderly manner. Six peaceful electoral transitions demonstrate strong institutional continuity (Mo Ibrahim Foundation, 2024). Accra remains attractive for service-sector and technology investment.
6. Senegal — AIDI Score 66.7
Senegal ranks sixth. The country is developing into an important energy, logistics and services destination.
Managing Specialist Skill Shortages A logistics provider expands heavy-freight operations at the Port of Dakar. The company secures contracts linked to offshore oil and gas activity. However, specialist technical workers are difficult to recruit. Management must therefore invest in training. This increases early costs but strengthens long-term local capacity.
Hydrocarbons Momentum and Sector Strategy Commercial oil production from the Sangomar field began in 2024. The Senegal 2050 strategy prioritises energy, agriculture and digital services.
Dakar is becoming an important operational hub for Francophone West Africa. Investment opportunities are also growing in tourism, finance and fisheries.
Operating Continuity and Monetary Stability The CFA franc provides stability for euro-denominated financing. This reduces sudden exchange-rate disruption.
However, electricity reliability still requires improvement. SMEs also struggle to secure expansion finance. Conditions are strongest in Dakar. Regional areas face greater infrastructure constraints.
Institutional Maturity and Development Risks The peaceful electoral transition in 2024 strengthened institutional confidence. The petroleum code also promotes local participation.
Long-term success will depend on transparent management of energy revenues. Investors must also budget for training and supplier development.
7. Botswana — AIDI Score 65.0
Botswana ranks seventh. It ranks above Kenya because of stronger operational-resilience scores.
Scaling Beyond a Limited Population A specialist manufacturer opens an assembly facility in Gaborone. The directors benefit from transparent regulation and low day-to-day corruption. However, the domestic market contains only about 2.7 million people. The company must therefore develop export markets. Regional expansion is necessary for long-term survival.
Resource Profile and Institutional Strength Botswana depends heavily on diamonds and conservation tourism. Financial services and beef exports provide additional opportunities.
The peaceful transfer of power in 2024 demonstrated institutional strength. However, broad private-sector diversification remains limited.
Operational Predictability and Legal Protection Tax administration is generally predictable. Contract enforcement functions more reliably than in many regional markets.
Commercial banks are stable, although the financial market is small. Available World Bank evidence has historically indicated comparatively strong electricity conditions. Gaborone offers the best business infrastructure.
Capital Retention and Revenue Governance Botswana has avoided sovereign payment suspension during the AIDI assessment period. The pula is independently managed.
Diamond revenues are supported by long-term public financial management structures. The Pula Fund remains central to this framework. Botswana is particularly suitable for niche exporters, mining suppliers and tourism operators.
8. Kenya — AIDI Score 65.0
Kenya ranks eighth. It combines a highly developed technology ecosystem with high operating and financing costs.
Navigating High Credit Costs A mobile-health startup launches a platform in Nairobi. The company integrates with M-Pesa and recruits experienced developers. However, commercial lending rates remain high. The founders may therefore depend on equity finance rather than bank debt. Remote working may also reduce office costs.
Service Depth and Renewable-Energy Advantages Nairobi hosts one of Africa’s strongest technology ecosystems. M-Pesa demonstrates Kenya’s capacity for financial innovation.
Approximately 90 percent of electricity generation comes from renewable sources, particularly geothermal power (EPRA, 2025). Agriculture, logistics, healthcare, finance and professional services create further opportunities.
Continuity Pressures and Currency Exposure Nairobi has high commercial-property and security costs. Tax enforcement can also create uncertainty for some operators.
The Kenyan shilling depreciated significantly during 2023. This affected import costs and foreign-currency obligations. Public debt creates further macroeconomic pressure.
Democratic Contestation and Operational Knowledge Kenya has competitive political and civic institutions. However, protests and fiscal-policy tensions may create temporary disruption.
9. Tanzania — AIDI Score 63.3
Tanzania ranks ninth. The country offers stability, scale, natural resources and improving infrastructure.
Resolving Regulatory Licensing Hurdles An eco-lodge operator develops a tourism site near Arusha. The business accesses a globally recognised safari market. However, environmental and local-government licences take longer than expected. The operator experiences delays before opening. Careful licensing preparation therefore becomes essential.
Infrastructure Investment and Resource Diversity International lenders arranged a USD 2.33 billion railway-financing package (Ecofin Agency, 2025). This was infrastructure finance rather than FDI. However, it demonstrated confidence in national development plans.
Tourism, gold, gas and agriculture remain major opportunities. The domestic population is approximately 67 million.
Electricity Improvements and Regional Challenges Electricity conditions have improved in Dar es Salaam. Established businesses can access commercial banking services.
However, infrastructure remains weaker outside the main commercial centre. Operations in remote areas or on Zanzibar may face greater transport and service constraints.
Investment Policy and Social Stability The current administration has adopted a more investor-friendly approach. Local-content frameworks have improved across mining and telecommunications.
Political continuity supports a stable operating environment. Tanzania is suitable for patient investors who can manage licensing and regional infrastructure challenges.
10. Egypt — AIDI Score 61.7
Egypt ranks tenth. The country demonstrates that large investment inflows do not automatically create easy operating conditions.
Surviving Macroeconomic Shocks A textile manufacturer operates within the Suez Economic Zone. The company benefits from global shipping access and a large domestic market. However, currency depreciation sharply increases imported material costs. The manufacturer must renegotiate contracts and supplier prices. Without careful pricing, margins can disappear quickly.
Investment Scale and Consumer-Market Depth Egypt attracted approximately USD 35 billion in FDI during 2024. The Ras El-Hekma project influenced this total (UNCTAD, 2025). The country also has approximately 107 million people.
The Suez Canal and associated economic zone provide major logistics and industrial advantages. Manufacturing, pharmaceuticals, tourism and digital services offer substantial opportunities.
Inflation and Capital-Retention Risk The Egyptian pound lost approximately 60 percent of its value between 2022 and 2024 (IMF, 2024). Inflation exceeded 35 percent during 2023. These conditions complicated long-term planning.
Public debt also reached approximately 88 percent of GDP. Import-dependent businesses face the greatest pressure.
Strategic Long-Term Positioning The IMF programme provides a path towards structural reform. However, investment remains concentrated in Cairo and the Suez corridor.
Egypt offers exceptional market scale. It is most suitable for investors with long time horizons and high tolerance for currency volatility.
Cross-Cutting Lessons for Investors
Electricity Reliability A business cannot operate consistently without power. Backup generation increases costs and reduces competitiveness. Investors should examine local outage data before choosing a site. National averages may hide major differences between cities.
Working Capital Management Profitable businesses can fail because customers pay late. This is common in government and corporate supply chains. Investors should calculate realistic payment periods before launch. They should also maintain sufficient cash reserves.
Currency Stability and Mitigation Local-currency revenue growth can hide losses in foreign-currency terms. This is especially important for importers and international investors. Currency exposure should be assessed before investment.
Strategic Local Partnerships Local suppliers understand regulation, labour markets and customer behaviour. They can also reduce dependence on imports. Partnerships should therefore be treated as strategic assets.
AfCFTA Opportunities and Implementation AfCFTA implementation is gradually reducing barriers between African markets. Countries with strong transport, customs and financial infrastructure may become regional hubs. However, implementation remains uneven. Investors must assess actual border and customs procedures.
Challenges and Structural Opportunities
African investment markets remain uneven. A capital city may offer excellent infrastructure while secondary cities remain underserved. A strong banking system may still exclude SMEs. Modern investment laws may coexist with inconsistent enforcement.
These weaknesses create risk. They also create opportunities for companies solving problems in electricity, logistics, and digital finance. Firms specializing in local manufacturing, SME funding, and business-support services can capture substantial value.
Future Trends and Outlook
Future AIDI editions will expand beyond the current eighteen-country assessment. Improved evidence will support more detailed regional and sector comparisons.
AfCFTA implementation will become increasingly important. Renewable energy, digital finance, logistics and manufacturing will also influence future scores.
Countries that improve electricity reliability will gain a major advantage. The same applies to countries that expand SME finance and reduce regulatory uncertainty.
Frequently Asked Questions
What Is the AfricaInfoBase AIDI? The AIDI is an independent framework for comparing African investment environments. It assesses investment momentum, opportunity depth, business continuity, local partnerships, employment, capital retention and development impact.
Why Does Morocco Rank First? Morocco combines diversified investment flows with strong infrastructure and established supplier networks. It performs consistently across all six AIDI criteria.
Why Does Rwanda Rank Above Larger Economies? Rwanda performs strongly on operational efficiency and regulatory predictability. Its main limitation is market size.
Why Does Botswana Rank Above Kenya? Both countries scored 65.0. Botswana ranks higher because it achieved a stronger business-continuity score.
Which Country Offers the Best Conditions for SMEs? The answer depends on the sector. Rwanda, Morocco, Mauritius and Botswana offer supportive operating conditions. Côte d’Ivoire and Ghana offer stronger consumer-market scale.
How Often Will the AIDI Be Updated? AfricaInfoBase will review the AIDI annually. Scores will change when new primary evidence becomes available. Country coverage will also expand.
Conclusion
Morocco leads the current AIDI edition because it combines investment scale, diversification, infrastructure and operational resilience. Rwanda and Mauritius demonstrate that smaller economies can outperform larger markets. Predictable public services and capital protection remain decisive advantages.
The ranking also confirms that FDI volume alone does not determine investment quality. Electricity, finance, demand, currency stability and local partnerships shape real business outcomes. Future AIDI editions will track these conditions as African markets evolve. The framework will also expand as comparable evidence becomes available.
Editorial and Investment Disclaimer The AfricaInfoBase Africa Investment and Development Index is an independent analytical framework. It uses publicly available evidence and editorial assessment. The ranking is intended for general information and comparative research. It does not constitute financial, legal, tax or investment advice. Conditions may change after publication. Investors and entrepreneurs should conduct country-specific and sector-specific due diligence before committing capital.
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