15 Friendliest Countries in Africa

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In this article, we shall discuss the 15 friendliest countries in Africa. To skip our detailed analysis of the hospitality and tourism industry in Africa in 2024, go directly and see 5 Friendliest Countries in Africa.

Africa's Economic Outlook 2024: An Overview

According to the IMF, economic growth in Sub-Saharan Africa is slated to rise from 3.4% in 2023 to 3.8% in 2024, with nearly two thirds of countries expecting higher growth rates. The report projects economic recovery to persist far beyond 2024, with growth projections reaching 4% in 2025. Additionally, inflationary pressures have subsided by more than 50%, public debt ratios have broadly stabilized, and multiple countries have issued Eurobonds this year, a culmination of a two-year hiatus from international markets. However, there is a significant downside, especially with respect to Northern Africa. As African governments continue to struggle with financing shortages, high borrowing costs, and incoming debt repayment deadlines, there is a substantial financial squeeze impeding greater financial growth in many of the friendliest countries in Africa. Moreover, the continent continues to be increasingly vulnerable to global external shocks as the current geopolitical climate exacerbates political instability in the region.

ETF performance in the region is a good indicator of the financial unfavourability of some of the best countries to visit in Africa as of April 2024. Take for instance, the iShares MSCI South Africa ETF (NYSE:EZA), which aims to mirror the performance of an index composed largely of South African equities. The ETF provides investors with access to large and mid-sized companies in South Africa with net assets north of $254 million as of April 19. As of April 19, the fund has 32 holdings, with the most prominent ones being Standard Bank Group (JSE:SBK) and Bid Corporation Ltd. (JSE:BID). In the last five years, the ETF is down 32.45% as of April 22. Another ETF with substantial African exposure is the Amundi Pan Africa UCITS ETF (BIT:LAFRI), which tracks the benchmark index SGI Pan Africa Index, which in turn tracks some of the largest stocks listed in Africa like Naspers Ltd. (JSE:NPN) and Commercial International Bank Egypt (OTC:CIBEY). The index is equally exposed to three zones with the largest constituents capped at 10%. In the last five years, the ETF is down by 8.04% as of April 2022. With the impact of geopolitical turbulence in the Middle East and Sudan, oil production cuts, and tight policy settings in several economies, the IMF has downgraded projected growth by 0.5 percentage points to 2.3% in Northern Africa as of Q1 2024. Investors are waiting out the storm to see what the policy response to the aforementioned crises will be before ascertaining the region conducive for investment, with venture capital inflows to African startups plummeting 31%, according to Bloomberg.