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Morocco overtakes South Africa as Africa's fourth-best investment destination

Published

Rand Merchant Bank's Where to Invest in Africa report ranks 31 nations. The bank says Morocco gained from industrialisation, export diversification and faster growth, while slower growth cost South Africa a place. Seychelles, Mauritius and Egypt keep the top three spots.

Morocco's economy grew 4.9% in 2025, against 1.1% for South Africa. The bank said Morocco is one of Africa's leading manufacturing hubs and credited years of infrastructure investment.

The bank said South Africa still benefits from deep financial markets, improving energy security and reform momentum. It said slower growth meant the country narrowly lost ground this year. The report uses 20 metrics grouped into four pillars.

Nigeria rose seven places to 11th. The bank said Nigeria's removal of fuel subsidies, its liberalisation of the foreign-exchange market and its statistical reforms are resetting the economy on a more sustainable course.

Senegal fell five places to 19th. The bank said political turbulence, a fiscal-credibility crisis and sovereign-credit downgrades have taken a toll. Angeline Moseki, Africa macroeconomist at the bank, said the top three nations have built resilience to navigate their vulnerabilities.

Key facts

Who
Angeline Moseki (Africa macroeconomist at RMB); Rand Merchant Bank (publisher of the Where to Invest in Africa report, subsidiary of FirstRand)
What
RMB's Where to Invest in Africa report ranks Morocco fourth among 31 African nations, ahead of South Africa, citing industrialisation, export diversification and faster growth. Seychelles, Mauritius and Egypt keep the top three positions.
When
27 October 2026
Where
Morocco, South Africa, Seychelles
Status
Reported

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