Egypt has secured the first spot as Africa’s most attractive investment destination in the “where to invest in Africa 2018” report published by Rand Merchant Bank (RMB). Egypt replaced South Africa, which came in the second place.

According to the report, Egypt’s rank came as a result of an outstanding economic activity score, while South Africa’s sluggish growth rates have moved it to second place, while Morocco came in third place, followed by Ethiopia and Ghana, while Nigeria,for the first time, didn’t secure a place in the top 10 list.

“Over the past three years, some African governments have had to implement deep and painful budget cuts, announce multiple currency devaluations, and adopt hawkish monetary policy stances—all as a result of a significant drop in traditional revenues,” said Celeste Fauconnier, an analyst at RMB Africa.

The RMB  invest in Africa report measures each country’s score based on the ease of doing business in it, and in the previous six published reports, South Africa came in the first place. RMB is a leading African corporate and investment bank.