Africa became less attractive to foreign investors last year and finance deals declined by 50 percent to $64 billion, according to a new report. The World Investment Report, released Thursday by the U.N. Trade and Development, said foreign investment remains subdued by the global economic slowdown and rising geopolitical tensions. On the continent, central African countries recorded the largest drop in foreign investment, 17 percent, and West Africa recorded the lowest dip, 1 percent. Samuel Nyandemo, economics lecturer at the University of Nairobi, said the behavior of some African governments is turning away investors. The fall of foreign direct investment in Africa is blamed on insecurity in some African countries, the weakening of local currencies, a harsh business environment, corruption and political uncertainty.

Source: The North Africa Journal June 21, 2024 23:44 UTC