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Top 10 most rewarding African countries to do business in 2023

23. Addis Ababa, Ethiopia — The capital city is going through a building boom, but many of its citizens are suffering from extreme poverty.
  • Business Insider Africa presents the top 10 most rewarding African countries to do business in 2023. 
  • This list is derived from Oxford Economics Africa’s report titled “The Africa Risk-Reward Index.” 
  • The research is based on the assessment of 3 major factors.

Businesses have the option to go beyond national boundaries for new markets and investment opportunities in today's globally adjacent world. Even though doing business abroad might be difficult, there are some nations that stand out as being highly conducive for both businesses and individuals. These countries have welcoming business environments, strong infrastructure, steady economies, and accommodating regulatory frameworks.

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This is especially true in Africa which has become a hub of investment. Africa is considered one of the fastest-growing economies in the world, and although the continent has its own fair share of socioeconomic issues that hinder business growth, a good number of countries in the region are quickly becoming accommodating to business owners.

A report by Oxford Economics Africa, an independent economic advisory firm, highlights the aforementioned point in its 2023 “The Africa Risk-Reward Index” report. The report examines the profits and pitfalls of polarization in each African country, African-led security interventions, and how African countries are financing for the future.

By accessing these three factors, the research can deduce the countries with the highest risk-to-rewards ratio when it comes to conduciveness for establishing foreign businesses.

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A list of the top 10 riskiest African countries to do business in was published earlier, and the list in comparison with the list below shows that some of the riskiest African countries to do business in are also some of the most rewarding to invest in.

The reward scores incorporate medium-term economic growth forecasts, economic size, economic structure, and demographics. The economic growth outlook has the biggest weight in the reward score, as investment opportunities multiply where economic growth is strong.

Rank Country Reward index
1. Ethiopia 6.58
2. Côte d'Ivoire 5.77
3. Uganda 5.53
4. Nigeria 5.50
5. Senegal 5.41
6. Egypt 5.38
7. Kenya 5.22
8. Tanzania 5.19
9. DRC 5.15
10. Morocco 4.99

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