Tanzania has overtaken Kenya as the best place to invest for the next two years in the region. This is according to a survey by the auditing and advisory firm KPMG.

The survey was on 150 C-suite level and senior executives in the region. The executives ranked Kenya in the fourth position behind South Africa, Nigeria and Tanzania. Kenya tied in the fourth position with Ghana.

These corporate executives were surveyed based on their experience in deal making in the Sub-Saharan Africa region over the last four years.

At the same time, the survey established that the Sub-Saharan Africa region reported mergers and acquisitions worth $19.2 billion (Sh. 2.87 trillion) in the 2022 year from a reported 297 deals.

It added that in the upcoming period, oil and gas, consumer goods, mining, fintech and industrial sectors would attract the largest percentage of incoming investments, with countries that have strategically positioned themselves alongside these factors set to reap the biggest investments.

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“Just under three-quarters of respondents (74 percent) say they are considering an acquisition or investment in SSA in the next two years, including 71 percent of international buyers who report this,” KPMG said in the survey.

“Additionally, 77 percent of all respondents are considering injecting more capital into existing acquisitions, indicating a commitment to expanding their presence in this part of the world.”