The Havas Horizons 2021 barometer has just been published. Based on the perceptions of around 100 representatives from Africa's leading financial and banking institutions, as well as players actively contributing to its economic development, the Havas Horizons 2021 barometer reveals that investor perceptions have changed significantly in many areas, confirming the ongoing transformation of a rapidly growing continent. Once again this year, international investors (84.9%) reaffirm their optimism and renew their confidence in the continent's economic prospects for 2030. Africa is still perceived as a particularly attractive region.
However, this optimism has declined slightly (from 100% in 2015 and 92% in 2018), marking the transition from an era of Afro-optimism to one of Afro-realism.
This year's top three most attractive countries are Rwanda (48%), Nigeria (24.3%), and Ethiopia (21.6%). Côte d'Ivoire and Kenya have dropped out of the top three compared to the 2015 and 2018 studies.
Rwanda has made remarkable progress, rising from 12th place in 2015 to first place in this year's ranking.
East Africa now represents the strongest growth potential, followed by West Africa
. Disparities remain between the major regions where investors wish to strengthen or maintain their investments. East Africa is considered the region with the strongest growth potential at 89.6%, followed by West Africa (79.2%) and North Africa (77.8%). Central Africa remains the least attractive region (58.3%).
The most promising sectors for 2030 have changed significantly since 2015. The favorites are now infrastructure (62.6%), agriculture (60.6%), and ICT (49%), reflecting the continent's development needs in the face of demographic, food, and technological challenges. Compared to 2015 and 2018, financial services, logistics and transport, retail and energy have fallen behind.
The investors surveyed consider the main challenges facing the continent in improving its attractiveness to be: improving the quality of infrastructure (53.5%), access to education (50.7%) and combating political instability (49.3%). These results are similar to those recorded in previous editions.
The main new reason for investing in Africa by 2030 is the development of the African Continental Free Trade Area (46.5%). The emergence of a middle class (43.1%) and the desire to position oneself in future markets (33%) remain, as in 2015 and 2018, important factors in investors' decision-making.
For nearly 89.6% of respondents, poor governance, political instability and insecurity (57.5%), and low workforce skills (54.4%) remain barriers to investment. These results echo those of 2015, demonstrating the recurring need to address these major issues for the future of the continent.
The Havas Horizons 2021 barometer, conducted jointly by the United Nations Economic Commission for Africa and the Havas Group, surveyed a panel of around 100 representatives from major African financial and banking institutions, or those operating in Africa, and actors actively contributing to its economic development. This survey was reinforced by a series of individual interviews with leading economic figures in Africa.