Investing in Africa in 2026: why now
Africa is home to some of the world’s most dynamic economies: average growth above 4%, a young population and rapid urbanisation, abundant natural resources. For the French-speaking diaspora based in France, investing back home or across the continent has become second nature: portfolio diversification, rental yields among the highest in the world, and a direct connection to local development.
But each market has its own rules. Between the Casablanca Stock Exchange, Kenyan mobile money, Ghanaian gold and Nigerian fintech, entry conditions, currency convertibility and exchange rate risks differ significantly. This guide compares six countries, backed by 2025-2026 figures, and directs you to our detailed analysis of each one.
The 6 countries covered
Key figures 2025-2026 (nominal GDP, real growth, stock market index). Click on a country for the full analysis: key sectors, investment mechanisms and risks.
| Country | Nominal GDP | Growth | Stock Exchange |
|---|---|---|---|
| Morocco | ≈ 184 Md$ | 4,9 % | MASI ~18 000 |
| Tunisia | ≈ 57 Md$ | 2,5 % | Tunindex 13 449 |
| Algeria | ≈ 270-300 Md$ | 3,0-3,7 % | — |
| Nigeria | ≈ 290-307 Md$ | 3,8 % | NGX 155 613 |
| Kenya | ≈ 136 Md$ | 4,6 % | NSE 20 3 139 |
| Ghana | ≈ 114-118 Md$ | 6,0 % | GSE 8 770 |
Previous guides in the same series: Investing in Senegal and Investing in the DRC.
How to choose your investment countryFour criteria should guide the choice, even before considering expected performance:
- Convertibility and repatriation. Morocco, Nigeria (with a capital importation certificate), Kenya and Ghana guarantee the transfer of invested capital in foreign currency. In Tunisia and Algeria, repatriation is legal but governed by the central bank and the Foreign Exchange Code: everything must be declared in advance.
- Exchange rate risk. The naira and the cedi have experienced sharp depreciations recently; the dirham is pegged to a euro/dollar basket, making it more stable. A high local return can be wiped out upon conversion.
- Market liquidity. All African exchanges are narrow, concentrated on a few stocks. The exchanges in Casablanca, Lagos, Nairobi and Accra remain accessible only through a licensed local broker — no major European broker lists them.
- Regulation. 100% ownership is permitted almost everywhere (except strategic sectors in Algeria and minimum capital requirements in Ghana and Nigeria). Always check the rule applicable to your sector before committing.
In summary: for stability and simplicity, Morocco remains the natural entry point. For growth and market depth, Nigeria and Kenya. For commodity diversification, Ghana (gold, cocoa). For proximity and labour costs, Tunisia. For long-term potential, Algeria.
Frequently asked questions
Can one invest in Africa from France without being a resident?
Yes. In all countries covered, a non-resident can invest, whether in stocks, real estate or business creation. The common condition: fund the investment with imported foreign currency and keep the supporting documents to guarantee repatriation.
Which country is the simplest to start with?
Morocco. Open regulatory framework, guaranteed convertibility regime, unrestricted real estate and clear tax treaties with France. The Casablanca Stock Exchange does, however, require a securities account with a licensed Moroccan intermediary.
Can invested capital be recovered?
Yes, provided the funds were imported through an official channel and the investment was declared (foreign currency account, capital importation certificate in Nigeria, foreign currency contributions declared in Algeria). Without this formality, repatriation becomes difficult or impossible.
📌 Small capital investment (Mali): What to invest in with 1 million FCFA in Mali in 2026? — trade, poultry farming, mobile money agent, BCEAO Treasury Bills.
Disclaimer: the information in this article is provided for indicative purposes only and does not constitute financial, legal or tax advice. Please verify with the relevant official bodies before making any decision.
Also read: Index Les Afriques 2026: the 15 most dynamic African countries.
Also read: The real price of mobile data in Africa — ranking of 53 countries.
