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Bolden Intelligence

Africa's investment picture, read by the people inside it

Where investment into Africa comes from, where it lands and how it breaks down, built on official data and updated as new figures are published. Official figures show where capital landed. Bolden members know who is behind it, what they need next and how to reach them. We publish both, so a decision rests on numbers and on trusted judgement.

Foreign direct investment into Africa

$69.5bn

into Africa in 2025, down from an exceptional $94.3bn in 2024.

    Source: UNCTAD, World Investment Report 2026, Annex table 1. Realised inflows; some 2025 values are UNCTAD estimates.

    Which countries receive the most

    The fifteen largest recipients, 2025

    Choose a year above. Colours show the region.

      Source: UNCTAD, World Investment Report 2026, Annex table 1. Realised inflows; some 2025 values are UNCTAD estimates.

      Inflows by region

      Five regions, five different stories

      East Africa has climbed most steadily, from $7.6bn in 2020 to $14.6bn in 2025, and West Africa reached $19.6bn. The two spikes are single deals: North Africa's $51.3bn in 2024 came largely from the Ras El-Hekma development in Egypt, and Southern Africa's $42.4bn in 2021 from one corporate share exchange in South Africa.

        Source: UNCTAD, World Investment Report 2026, Annex table 1. Realised inflows; some 2025 values are UNCTAD estimates.

        Compare countries

        Set any three economies side by side

          Source: UNCTAD, World Investment Report 2026, Annex table 1. Realised inflows; some 2025 values are UNCTAD estimates.

          Where the capital comes from

          Three European countries lead. China is fifth.

          Measured by the total value of investment held in Africa, the Netherlands leads, partly because many multinationals hold their African investments through Dutch companies. France, the United States, the United Kingdom and China follow.

            Sources: UNCTAD, World Investment Report 2024 (Netherlands, France, United States, United Kingdom) and 2025 (China). Years differ slightly, so read this as a ranking.

            Who invests where

            The money behind each market has a passport

            London still anchors Botswana and Kenya. The Gulf leads in Egypt. Johannesburg leads in Mozambique. Each country publishes its own measure, so we show each investor's share of that country's total and name the source.

            Mauritius, the Netherlands and offshore centres often act as conduits. Who stands behind them is a question members can answer for one another.

            Botswana

            FDI stock, end of 2024

            • United Kingdom56.9%
            • South Africa13.8%
            • Mauritius6.5%
            • China and Hong Kong5.7%
            • Cayman Islands3.8%
            • British Virgin Islands3.5%

            Source: Official: Bank of Botswana, External Sector Statistics Bulletin, June 2026

            Announced versus arrived

            A project announced is not money that arrived

            In 2025, investors announced new projects in Ghana worth more than three times what actually came in. In South Africa, announcements stayed strong while more money left than arrived.

            Announced projectsRealised investment

            • Ghana$6.9bn / $1.9bn
            • South Africa$6.9bn / −$2.3bn
            • Angola$5.2bn / $1.1bn
            • Ethiopia$5.5bn / $3.8bn
            • Uganda$5.0bn / $3.4bn
            • Egypt$13.0bn / $15.5bn

            Source: UNCTAD, World Investment Report 2026, Africa regional trends, Tables 1 and 2. A negative figure means more investment left the country than entered.

            Every African economy

            All fifty-four, year by year

            Sort by any year, filter by region or find a country.

            Source: UNCTAD, World Investment Report 2026, Annex table 1. Realised inflows; some 2025 values are UNCTAD estimates.

            Country brief · Botswana and SADC

            Diamonds are changing hands. Copper is breaking ground.

            Botswana's official FDI figure fell in 2025 as local subsidiaries repaid loans to their foreign parents. Beneath that number, the deals that will shape the next decade are moving, staged by how far they have really progressed.

            • MiningAbout $1bnPledged

              De Beers ownership change

              Anglo American is selling its 85% to a consortium led by Gareth Penny, with Namibia and Angola. Botswana is reported to be moving from 15% to about 25%. MiningMX

            • Mining$900mCommitted

              Khoemacau copper expansion

              MMG of China is lifting output from 60,000 to 130,000 tonnes a year, with commissioning in 2028. Botswana Daily News

            • MiningP4.9bnOperational

              Motheo copper mine

              Sandfire Resources of Australia runs the second producing mine on the Kalahari Copper Belt, with an approved expansion. Mmegi

            • Cross-sector$12bn headlinePledged

              Botswana Development Corporation and Al Mansour Holdings

              A Qatari agreement signed in August 2025 across agriculture, energy, mining and tourism. We have found no project-level spending yet. GBC

            What data cannot tell you

            The useful answer is usually a person

            Statistics say where capital sits. They do not say who decides, what they need locally, or whether a pledge will become a project. That knowledge sits with members, ambassadors and the people we have interviewed across years of publishing.

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