Tunisia has been identified as the riskiest country in Africa for businesses, according to the 2026 Country Risk Atlas published by Allianz Trade.
The annual study, which evaluates the likelihood that economic, political, or business incidents could affect companies, assigns Tunisia a D4 rating, the highest level in the ranking.
This signals severe commercial and financial risk for both local and foreign investors.
The report cites several factors behind Tunisia’s precarious position.
A decline in hydrocarbon production and revenues has weakened the fiscal profile and external balance, while rising social unrest, particularly youth protests, intensifies risk.
Additionally, the country’s lack of economic diversification leaves key sectors, including banking, exposed to long-term vulnerabilities.
“All economic opportunities are constrained by heavy regulation and protectionism,” the report notes. “Trade barriers remain high, especially in agriculture and automotive sectors, where import licenses and quotas are strict.”
While Tunisia tops the risk scale, other African nations show varying levels of business risk.
For Tunisia, the D4 rating underscores the urgent need for structural reforms and economic diversification to reduce business risks and attract sustainable investment.
For other countries in the region, the report distinguishes several levels of risk for businesses.
Among the top-performing countries, with low to medium risk, is Morocco (B1), which benefits from a stable economy and a favorable business environment.
Next comes Côte d’Ivoire (B2), where risk remains moderate and the economic outlook is attractive for investors.
After these top-performing countries, the report identifies vulnerable countries, with significant risk.
Algeria (C2) faces economic and regulatory constraints that weigh on businesses. Kenya (C3) faces structural and financial challenges, although its market retains interesting potential. Egypt (D3) experiences high risk, mainly linked to macroeconomic instability and constraints on financing and trade.
The Allianz Trade Country Risk Atlas 2026 covers 83 countries, representing 94% of global GDP, offering companies a detailed tool to identify markets with the highest risks of non-payment or financial difficulties.
The study uses medium-term country grades (AA to D) and short-term risk indicators (1 to 4) to assess economic stability, political conditions, and trade-related vulnerabilities.
