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Sierra Leone has again been left out of the main investment attractiveness ranking in Rand Merchant Bank’s (RMB) latest “Where to Invest in Africa 2025/26” report.
According to Sierra Eye, the influential annual publication assesses 31 African economies that collectively represent about 90 percent of the continent’s GDP. Although Sierra Leone appears in several supporting datasets, it is absent from the core index used by foreign investors to identify priority destinations.
The report does not provide a specific reason for the omission. However, analysts suggest it may be linked to gaps or outdated information across the 20 indicators that feed into the model, including financial-sector depth, inflation performance, political stability, income inequality, and the ease of capital flows.
In a separate currency assessment, the Leone is classified as “undervalued but structurally weak,” grouped with the Ethiopian birr and Liberian dollar. RMB notes that the currency’s limited liquidity — characterised by low daily trading volumes — contributes to high transaction costs and discourages institutional participation.
Observers warn that exclusion from the ranking could be costly. Ghana has climbed to 6th place, while Côte d’Ivoire has risen from 16th to 8th, developments that officials in both countries say have already strengthened investor interest from Europe and the Gulf.
The report highlights a few positive trends for Sierra Leone, such as mining-sector reforms and improved electricity access in parts of the Western Area. However, these gains do not appear to have influenced the quantitative scoring.
The full RMB report is available on the bank’s official website.
