Our core focus is on Commonwealth countries in mainland Africa using English as the main language of governance in what the UN determines as East Africa.
Kenya
Kenya, Africa’s 7th most populous country, boasts a liberalised economy driven by a well-educated, entrepreneurial workforce. Nairobi serves as a regional hub, hosting numerous multinational headquarters and leading the continent in innovation, IT, and fintech.
Known as "Silicon Savannah," Kenya is transforming into a service-based economy while retaining its status as a top tourist destination. Nairobi, recently named Africa's best city to live in (InterNations Expat City Ranking 2021), is evolving into a global megalopolis, with its bars and restaurants occasionally featured on World’s Best lists.
The city’s growth has attracted Tier 1 multinationals, fostering a culture of convenience and speed-focused services, creating unique investment opportunities across various sectors and supply chains.
Despite its progress, Kenya faces challenges, including corruption, security risks, and political instability, which businesses must navigate. Understanding these dynamics and recent civil unrest is essential for informed decision-making.
Malawi
Malawi, known as "The Warm Heart of Africa," stands out as a beacon of democracy and justice, earning The Economist’s Country of the Year title in 2020 after its judiciary overturned a rigged election.
Although the most underdeveloped among our focus countries, Malawi offers unique opportunities. Despite limited resources and high population density, it is one of the world’s lowest-cost producers of several agricultural crops. However, with tobacco—its main export—facing declining global demand, the need for foreign direct investment is critical.
Lonely Planet named Malawi a Top 10 Country to Visit in 2022, highlighting its untapped tourism potential. Challenges like forex shortages, climate vulnerability, food security, and reliance on imported essentials (fertiliser, fuel, maize) present both obstacles and investment opportunities.
With its strong democratic foundation, Malawi is primed for partnerships and development, offering fertile ground for impactful and profitable investments.
Rwanda
Rwanda, “The Land of a Thousand Hills,” is a remarkable economic success story. Rising from its tragic past, it is now one of the cleanest, safest, and most business-friendly countries in Africa, ranking second in the World Bank’s Ease of Doing Business for Africa.
Inspired by Singapore, Rwanda aims to become Africa’s hub for trade and services, leveraging its central location and Rwandair’s connectivity. Kigali is evolving into a business, finance, and conferencing center, bolstered by the launch of the Kigali International Finance Centre (KIFC) — an inland financial hub offering tax incentives to qualifying businesses.
Gold remains Rwanda’s top export, while its manufacturing sector is expanding rapidly. With Kigali positioning itself as a prime destination for African headquarters, and its reputation for cleanliness, security, and livability, the real estate market is set to boom in the near term.
However, challenges remain, including concerns over civic space, post-Kagame succession planning, and security risks tied to tensions with the Democratic Republic of Congo (DRC).
Tanzania
Tanzania, Africa’s 5th most populous country, offers a wealth of opportunities across diverse sectors. With significant investments in liquefied natural gas (LNG), bolstered by regional instability in Mozambique, Tanzania is cementing its role as a key player in the energy market.
The construction sector is one of the fastest-growing on the continent, driven by mega-infrastructure projects and the government’s administrative shift from Dar es Salaam to Dodoma. Meanwhile, Dar es Salaam itself is rapidly transforming into a megacity.
Tanzania’s economy is underpinned by a diverse agricultural sector, booming tourism industry, and a leading position in gold production (Africa’s third largest). Additional opportunities lie in mining nickel and graphite to support the global green economy, though policy challenges in the extractive sector remain.
Recent leadership changes have brought a mix of continuity and reform. Former President John Magufuli’s legacy of infrastructure development and anti-corruption efforts is being carried forward by his successor, Samia Suluhu Hassan, who is also focusing on improving business conditions and governance.
Uganda
Uganda, Africa’s 8th most populous country, is renowned for its educated and entrepreneurial workforce. Known as “The Pearl of Africa”, it is Africa’s 2nd largest coffee exporter and has a well-diversified agricultural sector with significant growth potential, particularly in addressing regional food security challenges.
Gold remains Uganda’s primary export, but its growing oil industry is set to transform the economy, supported by the construction of a new oil refinery and a pipeline to Tanzania, despite some controversy surrounding these projects. The manufacturing, healthcare, and pharmaceutical sectors are also expanding, offering promising opportunities for investment.
However, Uganda faces challenges, including concerns over civil unrest, security issues on its border with the DRC, disease outbreaks, and ongoing criticism of its political environment, particularly regarding governance and succession planning. President Yoweri Museveni, re-elected in a contested 2021 election, has held office since 1986, raising questions about the country’s future political stability.
Understanding Uganda’s political and economic risk factors is essential for stakeholders looking to navigate opportunities in this dynamic yet complex market.
Zambia
Zambia, once struggling under a heavily indebted government, experienced a shift in 2021 with a peaceful democratic transition. While the country faces significant challenges, including sovereign default and low governance rankings, its rich natural resources, particularly copper, position it as a key player in the emerging green economy.
Zambia's copper, often referred to as "the new oil," is crucial for the green energy transition, attracting billions in mining sector investments. With vast, untapped agricultural land and a landlocked status that enables access to neighboring countries facing food security challenges, Zambia has considerable growth potential.
However, investor confidence hinges on the country’s ability to restore the rule of law and combat corruption effectively. While improvements have been made, Zambia remains one of Africa’s riskier jurisdictions, ranked second in the NYU Stern School of Business Country Equity Risk Premium Index.
The country’s recent debt restructuring and renewed perception as a responsible investment destination provide hope for a brighter future. But for Zambia to fully regain investor confidence, a consistent, transparent legal framework is essential for long-term growth.