Global Investment Risk Index 2026: Africa improves its position but suffers from inequality

Written by Ayman Ragab

The updated Global Investment Resilience and Risk Index, published in May 2026 by Henley & Partners and AlphaGeo, reflects a significant shift in risk perceptions in Africa, with nine African economies now ranking among the top 100 globally, compared to just three in the previous edition. However, this progress does not mask persistent disparities in economic, institutional, and climate resilience, which continue to affect the continent's attractiveness to international investors.

The report highlights a rare trend in major international investment climate rankings. Between the version published in October 2025 and the update carried out in May 2026, the number of African countries among the top 100 globally rose from three to nine, reflecting an improvement in risk perception in parts of the continent. .

According to the document, this review is taking place in an international environment characterized by slowing global growth, persistent geopolitical tensions, financial volatility, inflationary pressures, and increasing climate risks. Therefore, developments in Africa appear more to be a reflection of internal dynamics than a result of a more favorable global context.

Mauritius continues to dominate the African rankings, now holding the 61st position in the world, ahead of Tanzania (62) and Botswana (63).

Seychelles (79), Cape Verde (88), Namibia (90), South Africa (95), Morocco (98) and Rwanda (100) complete the group of African economies among the top 100 economies in the world.

Mauritius topped the African rankings for the 2026 Global Investment Risk and Resilience Index, ranking first in Africa and 61st globally, followed by Tanzania in second place in Africa and 62nd globally, and then Botswana in third place in Africa and 63rd globally.

Seychelles ranked fourth in Africa and 79th globally, followed by Cape Verde in fifth place and 88th globally, then Namibia in sixth place and 90th globally, South Africa in seventh place in Africa and 95th globally, while Morocco ranked eighth in Africa and 98th globally, followed by Rwanda in ninth place in Africa and 100th globally, then Algeria in tenth place in Africa and 102nd globally.

In the 11th to 15th African rankings, Lesotho came in 11th place and 107th globally, followed by Ivory Coast in 12th place and 108th globally, then Gabon in 13th place and 109th globally, Tunisia in 14th place and 111th globally, while Eswatini came in 15th place in Africa and 115th globally.

As for the rest of the rankings, Kenya came in 16th place in Africa and 116th globally, Gambia in 17th place and 118th globally, then the Republic of Congo in 18th place and 119th globally, followed by Djibouti in 19th place and 121st globally, Mauritania in 20th place and 122nd globally, then Zambia in 21st place and 123rd globally, and finally Togo in 22nd place in Africa and 124th globally.

This collective progress is gradually changing the risk landscape on the continent. According to this study, many African economies are no longer viewed solely through the lens of their structural weaknesses, but also through their capacity to absorb economic shocks and provide a more stable investment environment.

Flexibility is the key differentiating factor

The report not only measures the level of risk, but also provides a resilience-based analysis, i.e., the ability of economies to cope with crises while maintaining their attractiveness.

The authors explain that this resilience is based on a range of factors including macroeconomic stability, governance, financial strength, investment attractiveness, climate change adaptability, and institutional adaptability.

This approach fundamentally changes our understanding of risk in Africa. A country may exhibit a relatively low level of risk, yet be penalized by its limited capacity to absorb future crises. Conversely, some economies are able to gradually improve their situation through policies of economic diversification, institutional modernization, or enhanced governance.

The document highlights that the highest-ranked African economies share several common characteristics. They have relatively stronger institutional stability, greater economic openness, increasing diversification of their sources of income, and less dependence on raw materials.

In other words, the rating not only rewards economic growth, but primarily assesses the quality of the mechanisms that enable the sustainability of this growth when the international climate becomes more uncertain.

Morocco embodies the logic of economies undergoing a transformation.

Among the countries that made it into the list of the top 100 countries, Morocco ranks 98th globally and 8th in Africa.

The country profile published in the report shows an overall risk score of 37.2 out of 100, based on a methodology where a lower score indicates lower risk. Its overall resilience score is 48.03 out of 100, on a scale where a higher value indicates greater resilience.

The document also highlights the key determinants of this profile. Risk indicators show relatively low levels of inflation (0.19) and currency volatility (0.14), while risks related to the natural environment (0.55) and legal and regulatory dimensions (0.51) remain among the factors requiring vigilance.

Read also: Private investment in Africa: Countries, regions and sectors that achieved the best results despite the challenges faced in 2023

Regarding resilience, the report indicates that investment (0.64) is one of the Kingdom's key strengths. External accounts (0.52) and fiscal policy space (0.59) also contribute to its adaptability, while significant room for improvement remains in economic complexity (0.33) and innovation (0.43).

The report indicates that this position is significantly supported by industrial diversification and infrastructure investments, two elements that have been presented as factors that are gradually enhancing the country's attractiveness.

Africa Multi-Speed

Despite the progress made, the document highlights that significant gaps still exist between African economies.

Ivory Coast is ranked 108th globally with 52.82 points, while Senegal is ranked 128th, Ghana 140th, and Nigeria 147th.

According to the report, these differences are primarily due to persistent weaknesses affecting many major African economies. The report's authors specifically point to weak infrastructure, high debt levels, political and security tensions, and significant vulnerability to external shocks.

This fact reminds us that the overall improvement in Africa's situation does not reflect a complete convergence of economic trajectories. The continent continues to experience a highly uneven pace of transformation, with some countries gradually strengthening their resilience, while others remain more vulnerable to international shocks.

Beyond the rating itself, the report highlights a deeper evolution in the evaluation criteria used by international investors.

The authors emphasize that a country's ability to enhance its economic and institutional resilience has become a crucial factor in investment decisions. This development comes at a time when many African countries are seeking to attract more foreign direct investment to finance industrialization, infrastructure development, and the energy transition.

The document therefore indicates that future performance will depend less on the availability of natural resources alone, and more on the ability of African economies to improve their governance, regulatory environment and crisis management capabilities.

This approach also places greater emphasis on long-term economic reforms. Countries that gradually strengthen their institutions experience an improvement in their risk profile, even amidst continued international instability… (Source: le360)