Uganda is the 9th best country to invest in Africa in 2011, according to a new survey. The survey by business professionals in 53 African countries, ranked Kenya top in the East African region, followed by Tanzania and Rwanda.
“Virtually all African economies show promising year-on-year growth. This is attracting the attention of the international investor community who increasingly see Africa as ‘the last frontier’ for attractive growth opportunities,” Africa Business Confidence Index, a monthly survey by business professionals across 30 African countries, said in its latest report.
Overall, international investors chose South Africa, Nigeria and Kenya as the best African countries, the survey indicated.
Ghana, Angola, Tanzania, Rwanda, Botswana, Uganda and Mozambique are the runners up and complete the top 10 favourite countries for international investors.
The Africa Business Confidence Index has published a month-on-month business confidence index since January 2011. The index results, for Africa based on surveys of 800 business professionals from more than 30 countries on the continent consistently show growth.
Calculations are based on the purchase managers index methodology used globally.
The outcome of the business confidence index for Africa is consistent with the trust of the international investor community.
The manufacturing business confidence index for May is 53.8 and for non-manufacturing 57.1 for the same month. Any number over 50 indicates growth.
“It is no coincidence that the top-10 countries selected by the international investor community in 2011 are all sub-Saharan.
“Northern Africa has suffered a setback in confidence from investors owing to the political turmoil, which started at the beginning of the year,” the report pointed out.
“Another interesting outcome with regard to the most attractive African economies to invest in is the fact that they are among the largest on the continent and - with the exception of Rwanda.”