Eswatini has been ranked 30th in the 2026/27 edition of Rand Merchant Bank’s (RMB) Where to Invest in Africa report. The country recorded an overall score of -0.54 in the investment attractiveness model, placing it below the hypothetical African average of zero. This ranking indicates that Eswatini fell behind 29 other African economies assessed for their relative attractiveness as investment destinations. The report compares 31 African countries using 20 indicators covering economic performance, market accessibility, investment conditions, and human development.
The latest result represents a one-place decline from 29th position in the 2025/26 edition. However, Eswatini had also occupied 30th position in the 2024/25 rankings, meaning its overall standing has returned to where it was two editions ago. The country’s performance contrasts with that of several regional peers, including Namibia, which climbed to 14th, Botswana at 15th, and Zambia at 17th. These countries have demonstrated improvements in their investment attractiveness.
Lesotho, meanwhile, recorded one of the largest improvements in the latest edition, rising four places to 26th. The report’s findings are contained in RMB’s 2026/27 investment attractiveness assessment, which covers approximately 90% of Africa’s gross domestic product (GDP), 83% of its population, and 61% of its land area. The assessment provides a comprehensive analysis of the investment climate in various African countries.
While the rankings offer an indication of how countries compare as potential investment destinations, RMB cautions that no single ranking can determine whether a particular country is suitable for every investor. The relative importance of market size, institutional quality, economic growth, and other factors depends on the nature of the investment being considered. Investors must consider various factors when evaluating investment opportunities in different countries.
For Eswatini, the more important question is what the report reveals about the structural characteristics affecting its attractiveness and how these could be addressed. The country’s ranking highlights areas that require attention and improvement to enhance its investment climate. Addressing these structural issues can help Eswatini improve its ranking and attract more investment.
The Times of Eswatini’s Business Editor, Nhlanganiso Mkhonta, provides insightful coverage and analysis of the issues driving Eswatini’s economy and the wider African business environment. His expertise offers valuable perspectives on the implications of the RMB report for Eswatini’s economy and investment prospects. Understanding the report’s findings can help stakeholders make informed decisions.
The report’s release comes at a time when Eswatini is seeking to strengthen its economy and attract investment. The government and private sector can use the report’s findings to identify areas for improvement and develop strategies to enhance the country’s investment climate. By addressing the structural characteristics affecting its attractiveness, Eswatini can improve its ranking and attract more investment.
Key points
- Eswatini ranked 30th in the 2026/27 edition of Rand Merchant Bank’s (RMB) Where to Invest in Africa report.
- The country recorded an overall score of -0.54 in the investment attractiveness model.
- Eswatini’s ranking highlights areas that require attention and improvement to enhance its investment climate.
