ABN- Egypt has taken the top spot away from South Africa for the best country to invest in Africa according to a new report.
It is the first time South Africa has not been number one since the Rand Merchant Bank Where to Invest in Africa report was launched seven years ago.
Nigeria was another faller, failing to make the top-10 for the first time, due to erosion of its short-term investment appeal by recessionary conditions says the report.
Egypt knocked South Africa off the top primarily based on its superior economic activity score, as South Africa showed slow growth rates which have declined over the past seven years.
While the financial markets in South Africa are still a “cut above the rest” the report said, the country faces growing issues over institutional strength and governance.
Botswana, Mauritius and Namibia have all been tipped as attractive investment destinations but none made the report’s top-10 mainly due to their relatively small market sizes.
"From a global perspective, African countries are still at the lower end of the global-performance spectrum, which continues to be dominated by the US, UK, Australia and Germany," the report stated.