List of African Nations with the Largest Business Exit Volumes in 2025

In recent years, several African countries have witnessed a wave of business exits, with foreign and domestic companies leaving their markets due to a variety of economic challenges. Here's a look at some of the key factors driving these market exits across the continent.

Zimbabwe

Inflation in Zimbabwe has soared above 600% year-on-year, causing a wave of business exits. Foreign banks and regional supermarket chains have shut down or divested, citing losses from currency conversion and falling consumer purchasing power.

Sudan

Commercial activity in Sudan has ground to a halt due to a full-blown return to civil war. The consequences of this conflict have been far-reaching, causing telecommunications networks disruptions, banking operations suspensions, and the withdrawal of oil companies, airlines, and manufacturing businesses.

Ghana

Ghana has been hit hard by harsh macroeconomic headwinds. The rapid withdrawal of several major players in the banking and telecommunications sectors is due to the fallout from Ghana's sovereign debt restructuring, a sharp loss of investor confidence, Ghana cedi depreciation, inflation surging above 40%, and government-imposed levies like the Electronic Transfer Levy (E-Levy) and broader fiscal tightening under IMF conditions.

Algeria

Market exits in Algeria are linked to a rigid regulatory environment, the government's hesitancy toward liberal economic policies, and import restrictions. The slow pace of economic diversification and heavy bureaucratic processes continue to frustrate investors.

Angola

Currency instability is a major deterrent for foreign investment in Angola. In 2025, the number of market exits in Angola equaled the total for the entire years of 2023 and 2024. International FMCG brands, telecommunications firms, and service providers have scaled down operations or exited entirely due to currency instability, difficulty in repatriating profits, and rising costs.

DR Congo

Mining giants, telecom operators, and regional logistics providers have scaled down operations or exited entirely, citing persistent insecurity, power outages, inconsistent tax policies, widespread corruption, and unpredictable regulatory enforcement as key deterrents to investment and safe operations.

Nigeria

Market exits in Nigeria are due to chronic forex shortages, policy flip-flops, and rising operational costs. Multinational food chains, airlines like Emirates, and tech companies like Bolt have exited key cities, reflecting growing investor disillusionment.

South Sudan

Several international NGOs, infrastructure companies, and regional logistics firms have exited due to armed conflicts and lack of access to safe operational environments. The banking system is nearly non-functional in many parts of South Sudan, making routine transactions difficult.

Ethiopia

Airlines, logistics companies, and manufacturing firms have either paused investment or exited due to security concerns and infrastructure disruptions. The resurgence of political unrest, especially in Tigray and Oromia, has significantly impacted investor confidence in 2025. Capital controls and forex shortages have made it difficult for foreign firms to import raw materials or repatriate earnings.

Tunisia

Political instability and economic challenges have contributed to a rising exit rate in Tunisia.

Angola, DR Congo, and Sudan

In these countries, businesses have left due to persistent insecurity, making it difficult for companies to operate safely.

Algeria and Nigeria

State dominance in many sectors and limited access to foreign currency have driven businesses out of Algeria and Nigeria.

Ghana

The high market exits in Ghana in 2025 are mainly due to the government's decision to remove the minimum capital requirement for investors, which has made market entry easier for small and medium-sized enterprises (SMEs), leading to rapid market shifts and exits.

Ethiopia and South Sudan

Armed conflicts and lack of access to safe operational environments have led to the exit of several businesses in these countries.

Angola

The slow pace of economic diversification and heavy bureaucratic processes continue to frustrate investors in Angola.

Nigeria and Ghana

Chronic forex shortages, policy flip-flops, and rising operational costs have driven businesses out of Nigeria and Ghana.

Algeria

Automative brands, foreign contractors, and multinational retailers have shut down or suspended activities in Algeria due to state dominance in many sectors and limited access to foreign currency.

These market exits highlight the challenges that businesses face in Africa, including political instability, economic uncertainty, and regulatory barriers. As these issues persist, it will be crucial for African governments to address these challenges to attract and retain foreign investment.