The Mo Ibrahim Foundation has published the latest edition of the 2024 Ibrahim Index of African Governance on Wednesday 23^rd October 2024. This report evaluates the overall governance performance and trends across 54 African nations from 2014 to 2023. The IIAG encompasses 322 variables grouped into 96 indicators, with four main categories, namely: (i) Security & Rule of Law; (ii) Participation, Rights & Inclusion; (iii) Foundations for Economic Opportunity; and (iv) Human Development.

The 2024 IIAG reveals that, after nearly four years of stagnation, progress in Africa’s overall governance came to a standstill in 2022. This halt is attributed to escalating conflicts, insecurity, and a diminishing democratic space, which have hindered significant advancements in human and economic development. From 2014 to 2023, just over half (52.1%) of Africa’s population, residing in 33 out of 54 countries, experienced governance improvements and economic development.

Seychelles, having made remarkable progress over the decade, has overtaken Mauritius and is now the top-ranking country. Mauritius takes the second position. 13 countries, including Egypt, Madagascar, Malawi, Morocco, Côte d’Ivoire, Togo, and Somalia, have successfully navigated a path of overall governance progress over the decade, with some accelerating their improvements since 2019. Notably, the latter four are among the top 10 most improved countries between 2014 and 2023, alongside Seychelles, Gambia, Sierra Leone, Angola, Mauritania, and Djibouti.

You may access the Mo Ibrahim report here.

Mauritius is set to become the first Sub-Saharan African country to adhere to the Organisation for Economic Co-operation and Development (OECD) Declaration on International Investment and Multinational Enterprises, following approval from the Minister of Finance to formalise the agreement in August 2024. This adherence will enhance transparency in investment regimes, boosting confidence among domestic and foreign investors.

Mauritius will also participate in the OECD Investment Committee alongside other member countries with the aim of shaping global investment policies. Through this collaboration, Mauritius will gain access to valuable insights, expertise, and best practices from other OECD members, helping to refine and improve its own investment policies and regulations. Additionally, by being part of the OECD’s network, Mauritius will have better access to global supply chains, further strengthening its position as a key player in international trade and investment.

Overall, Mauritius’ adherence to the OECD Declaration marks a milestone in its journey to becoming a more transparent, competitive, and globally integrated economy, reinforcing its reputation as a reliable destination for investment.

Further to the previous missions of Mauritius to India, a joint promotional mission has been organised by the Economic Development Board (EDB) and the Financial Services Commission (FSC) in Mauritius, with the participation of the Minister of Financial Services and Good Governance. The aim was to boost Mauritius as a preferred International Financial Centre and reconnect with regulatory stakeholders in India, in order to attract more investment and facilitate trade between the two countries.

The Minister inaugurated the 7^th Edition of Elektrotec 2024 in Coimbatore, focusing on renewable energy and electric vehicles, and met with the Indian Economic Trade Organisation in Chennai to explore opportunities for strengthening ties and using Mauritius as a gateway to African markets.

The focus on renewable energy and electric vehicles aligns with Mauritius’ goals of sustainable development and innovation, positioning the country as a forward-thinking financial hub. This mission underscores the country’s commitment to expanding its international influence and solidifying its role as a gateway to Africa for Indian enterprises.

The Bank of Mauritius (BoM) has entered into a Memorandum of Understanding (MoU) with the Institut d’Émission des Départements d’Outre-Mer (IEDOM-IEOM), the central banking authority for the French overseas departments, marking a new phase of collaboration between Mauritius and France. The MoU seeks to foster closer cooperation across a range of strategic areas crucial for both the BoM and the Bank of France, such as ensuring financial stability, advancing the modernisation of payment systems, and enhancing the contributions of both banks to broader economic policy.

In addition, the MoU places a strong focus on enhancing cybersecurity within the financial sector, a growing area of concern globally, and on strengthening efforts to combat money laundering and the financing of terrorism. This collaboration demonstrates the commitment of Mauritius and France to not only safeguard the integrity of their financial systems but also to work together on improving resilience and fostering innovation. The agreement underscores the deepening ties between the two nations and paves the way for future initiatives that will benefit both regions economically and financially.

Mauritius has recently entered into a three-year Country Programme with the OECD. This partnership aims to strengthen economic resilience, promote sustainable development, and enhance transparency in tax and investment practices for the country. The programme reflects Mauritius’ ongoing commitment to global cooperation and economic reform, positioning the country as a leading financial center in Africa.

The Country Programme aims to boost and deepen co-operation to support the jurisdiction as it regains and maintains its status as a high-income economy. Mauritius has also become the first African country to comply with the OECD Declaration on International Investment and Multinational Enterprises. These principles signify that adhering governments provide an open and transparent environment for investments and Multinational Enterprises operations.

Mauritius has reached a major milestone by ranking 1^st in Africa in the Global Cybersecurity Index 2024 and earning a spot among Tier 1 countries globally. This achievement underscores the country’s dedication to strengthening its cybersecurity framework and adopting global best practices to protect its digital infrastructure. The top rank in Africa places Mauritius as a leader in the region, showcasing its advanced capabilities in addressing cyber threats and ensuring digital resilience.

Mauritius has continuously been improving on its score from 88% in 2018 to 96.89% in 2020. Now, in 2024, Mauritius has scored 100% in the five pillars. On the global stage, Mauritius’ inclusion in the Tier 1 category highlights its significant progress in cybersecurity readiness and policy implementation. Out of 194, 47 countries form part of the 1^st Tier, with 12 countries scoring 100%, including Mauritius. This accomplishment reflects the country’s proactive measures in building a secure digital environment and positioning itself among the most prepared nations in the world in terms of cybersecurity.

The Tax Transparency in Africa 2024 report by the OECD covers 41 African countries and is co-produced by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), the African Union Commission and the African Tax Administration Forum.

In 2024, Mauritius cements its leadership in tax transparency across Africa, driven by its adherence to international standards set by the OECD and the Financial Action Task Force (FATF). The country has implemented robust anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks, while its extensive network of Double Taxation Avoidance Agreements (DTAAs) and Tax Information Exchange Agreements (TIEAs) ensures adherence to compliance requirements and thus, builds investor confidence. By aligning with global tax standards, Mauritius has earned recognition from international bodies, enhancing its reputation as a sustainable and transparent financial hub, further positioning the country as a key player in Africa’s economic growth and global credibility.

The 2024 edition of RMB’s Where to Invest in Africa Report provides a detailed analysis of the continent’s top investment destinations, assessing countries based on economic performance, investment climate, and human development. The report ranks 31 African nations, representing 92% of the continent’s economic activity, and offers valuable insights for investors navigating Africa’s diverse and dynamic economic landscape.

Mauritius ranks second in the report, showcasing its strong position as a top investment destination. The country is recognised for its innovation, economic freedom, and high GDP per capita, making it a preferred location for investors seeking stability and growth in a well-regulated environment. Mauritius continues to develop as a global financial hub, with a focus on sustainability, fintech, and emerging sectors like renewable energy. Its strategic location, robust financial services sector, and progressive business policies enhance its appeal, offering investors access to both African and international markets. The country’s investment-friendly climate, coupled with its emphasis on innovation and infrastructure, reinforces its position as a leader in the region.

Seychelles, ranked first, is noted for its high levels of personal freedom, human development, and a stable economic environment. Although smaller in economic size compared to Mauritius, Seychelles offers unique investment opportunities, particularly in sectors like tourism, sustainability, and renewable energy. Its strong regulatory framework and commitment to transparency make it an attractive destination for investors looking for security and long-term growth in Africa.

The Henley Passport Index compares the visa-free access of 199 different passports to 227 travel destinations. The Passport Index 2024 ranks Mauritius second in Africa’s Top Passports Index, and 28^th globally, granting its citizens visa-free or visa-on-arrival access to 150 destinations. This achievement reflects the country’s diplomatic efforts and growing international relationships, further enhancing its reputation as a key global business and travel hub. The strength of Mauritius’ passport is not merely a matter of travel convenience; it has profound implications for the nation’s economy.

A strong passport correlates with increased foreign direct investment (FDI) and enhanced international trade relationships. Countries with higher visa-free scores typically experience greater GDP per capita and improved economic mobility for their citizens. Mauritius’ ability to offer its citizens extensive travel freedom positions it favorably for attracting international business and tourism. The island’s political stability climate and robust tourism sector contribute to this strength, making it an attractive destination for investors and tourists alike. As Mauritius continues to enhance its diplomatic ties, it can further leverage its passport power to boost economic growth and attract global business ventures.

The Henley Residence Program Index 2024 ranked Mauritius as one of the top global destinations for residency. With its favorable tax policies, high standard of living, and secure environment for business, Mauritius remains an attractive option for high-net-worth individuals seeking residency. Mauritius has established itself as a prominent financial hub in the Indian Ocean, characterised by a diversified financial sector that includes banking, investment services and insurance in multiple sectors including real estate. The financial services industry is a key pillar of the Mauritian economy while the country’s strategic location and robust economic infrastructure continue to attract global interest in its residency programmes.