The Best African Countries To Be an Entrepreneur in 2023
Over the years, African countries have been recognised as a harbinger of great wealth potential. These African countries although marred with cases of political instability and ethnic differences possess an enabling environment for entrepreneurs.
Possessing human capital needed for economic growth, these African countries are taking up the challenge of throwing their doors open to foreign investments. This comes as some of them with the aid of the United Nations and other international organizations are trying to find solutions to their economic challenges. A report by the World Economic Forum on African Countries spotlights some of these challenges including unemployment and underemployment, underinvestment in infrastructure, fiscal crises, political change, and climate change.
In procuring solutions to the above challenges, African countries must prioritise the ideas of citizens, and diversify as they spread their tentacles by investing in strategic diplomatic relations. These relations will open their borders to foreign businesses more than they can ever imagine.
As the year rolls on, entrepreneurs looking for the right environment to build a business idea should explore the following 6 best African countries as presented by a report released by US News and World Report.
|No||Countries||GDP||GDP Per Capital||Entrepreneurship Score||Global Rank|
|1.||South Africa||$420 billion||$14,420||15.0||39|
|2.||Egypt||$ 404 billion||$13,316||10.9||44|
|3.||Morocco||$ 133 billion||$8,144||5.1||59|
|4.||Tunisia||$ 46.8 billion||$11,595||3.4||69|
|6.||Cameroon||$ 45.2 billion||$4,064||2.3||74|
The report which listed the 85 best countries for entrepreneurship in the world considered the following metrics:
Quality of life
US News and World Report examined how the job market, public education system, health system, and income equality in these African countries were doing.
It examined how connected these African countries were to the rest of the world, educated population, entrepreneurial, innovative, provides easy access to capital, skilled labor force, technological expertise, transparent business practices, well-developed infrastructure, well-developed digital infrastructure, well-developed legal framework.
The report questioned how adaptable, dynamic, modern, progressive, and responsive these African countries were.
The report checked how these African countries cared about human rights, the environment, gender equality, religious freedom, property rights, trustworthiness, well-distributed political power, racial equity, animal rights, commitment to climate goals, and social justice.
Movers and Cultural Significance
This metric examined the cultural influence of African countries in terms of entertainment, fashion, and strong consumer brands.
Open for business and adventure
The report analysed the manufacturing costs, favorable tax environment, and corrupt, transparent government practices of these African countries. It also checked if these countries were friendly and good for tourism.
Power and Heritage
Under this metric, the power of leaders in African countries was examined. The accessibility of their cultural heritage, strong exports, and international alliances were also analysed to determine the accessibility of these African countries to foreign business.
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