Rabat – One month after being dubbed the top investment destination in Africa, Morocco has been ranked the 3rd best place to invest in Africa.
The latest annual report by the Rand Merchant Bank (RMB) underscores the country’s attractive new investment opportunities as a result of Morocco’s recent extensive economic reforms.
The report, “Where to Invest in Africa,” further demonstrates that Morocco has become a priority destination for investors eyeing expansion ventures on the continent.
According to the report, the top 10 most attractive African countries for investment have instituted regulatory advances or institutional reforms, diversifying (or in some cases, expanding already-diversified) national economies.
Additionally, Africa’s “Top 10” all maintain large populations with an emerging and lively middle-class.
Rand Merchant Bank, which bases it assessment on market activity, the operating environment (rules and regulations), and investment attractiveness, says that, overall, “it has been a smooth ride for Africa.”
Referencing Morocco’s steady presence among Africa’s economic leaders and trendsetters, the report said: “Morocco has retained its #3 rank for a third consecutive year, pulling well ahead of Ethiopia (#4) and Ghana (#5). A greatly-enhanced operating environment has served Morocco since the Arab Spring.”
The report’s top 5 includes Egypt, South Africa, and Ethiopia, which respectively came in first, second, and fourth. As for the bottom five of the top 10, it includes Ghana, Kenya, Tanzania, Rwanda, Tunisia, and the Ivory Coast.
However, in spite of the remarkable pace of the continent’s fastest-growing economies, the report noted that some continental giants have been struggling “to adapt to the prolonged slow-down in commodity prices and sluggish levels of production growth.”
These under-performing “regional stalwarts” include Nigeria and Algeria, which have fallen to 13th and 15th respectively.