Africa’s business leaders have named their top 10 most attractive countries for investment in 2020, and Africa’s biggest economy is not among the top five.
Côte d’Ivoire, Kenya, Ghana, Senegal and Rwanda are the top five most attractive countries in Africa for investment in 2020, according to the survey conducted by Deloitte and Africa CEOs Forum, while Nigeria comes in seventh, unchanged from last year’s ranking.
The survey index known as “The Africa Investment Attractiveness Index” is based on the responses of African business leaders to the following question: “Which African countries do you find to be the most attractive for investment at the present time?”
The report states that its aim is “to provide an overview of the investment appetite of private sector leaders. It is not designed to analyse investment conditions or rank the ease of doing business in a given country”.
Ethiopia, Nigeria, Morocco, Democratic Republic of the Congo and South Africa rank 6th to 10th in that order, according to the report.
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Apart from the survey on investment destinations, 95 percent of African companies say that the COVID-19 crisis has had a negative impact on their revenue, although the extent of the damage varies from one industry to another. Leaders in the consumer business, financial services and energy sectors were the most optimistic prior to the crisis, but have since undergone the most drastic change in outlook and are now the most pessimistic.
By contrast, the food and health & education industries were the least impacted by Covid-19.
“Dropping from 80 percent to 25 percent, the optimistic outlook of African private sector leaders for 2020 was significantly impacted by the sudden onset of the Covid-19 crisis. Nevertheless, African business leaders are highly confident that the situation will return to normal by the end of 2021,” the report stated.
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