Do you want to start a business in Africa? If yes, check out this list of countries with the best ranks on ease of doing business. Read details!
Best Countries to Start a Business in Africa
While Africa is famous for its vast national resources and fertile soils, the World Bank reports that it offers a favorable environment for people to do business or start new companies. Today’s article will list the best countries to start a company or business in Africa. Read on!
Morocco has earned a significant reputation for its gorgeous landscapes, delicious food, and vibrant culture. However, the country’s business environment has prominent features, allowing people to start and run successful companies.
The government and private sector have made substantial efforts to improve the operating environment with easy access to investors and funds. Because Morocco is accessible to Europe, it offers a tremendous atmosphere for businesses to remain competitive and generate higher profits.
Kenya has excellent business relationships with countries in Africa, Europe, and Asia. The recent collaboration with IBM for technology development and the IT industry has paved a path for people to start and run successful tech companies.
According to the World Bank, Kenya’s economy will grow at a stable 6.1% per annum. IMF has made the exact prediction, and various sectors, including financial, transportation, food, and technology, are the best industries to start a company.
Rwanda has had over six percent annual growth for the last twenty years, making it one of the best countries in Africa for starting a business. The country claims the fast-growing economy in Africa.
Rwanda implemented favorable entrepreneurial reforms in 2018, and since then, the country’s industrial and business growth has skyrocketed. In addition, the country makes efforts to streamline technology, software, insurance, and financial sectors. Rwanda is second to New Zealand regarding easy business registration.
Ghana has over 47 billion dollars in GDP with major commodities like gold, oil, and cocoa. Ghana started producing petroleum products in 2020, and since then, the country has enjoyed fast and efficient economic growth.
According to the World Bank, Ghana will have a more streamlined business growth between 2021 and 2030 because the government has developed business-friendly laws and policies with increased access to funds.
Although Mauritius has a small market size, investors pay more attention to the country due to the ease of business, making it the highest-ranked country in Africa to start and run successful companies.
Mauritius has introduced new laws to ensure an open-minded financial sector, implement low taxation policies, and provide businesses with a steady socioeconomic environment.
Ethiopia is a landlocked nation and has become Africa’s most prominent manufacturing hub. Starting and running a business in Ethiopia is straightforward and profitable due to improved infrastructure development, cheap labor, and tax incentives, attracting more and more investors to the country.
UNCTAD makes efforts to enable investors to find opportunities for business in Ethiopia. The purpose is to help them understand laws, industrial standards, business procedures, and costs.
Although Africa has many countries to start a profitable business, these countries provide people with favorable environments and funding sources to run successful companies. Until Next Time!
- Article based on personal opinion, experience and research.
- Photos from Unsplash & canva.