BRITISH business has invested the most in African mergers and acquisitions over the past decade, a new study revealed yesterday.

Investors have become increasingly attracted to Africa as it has begun to demonstrate strong economic growth, an emerging middle class, greater political stability and improved government balance sheets.

Britain was the top investor with 437 deals worth US$30.5 billion since 2003, followed by France (141 deals worth US$30.47 billion) and China (49 deals worth US$20.8 billion), according to the figures compiled by international law firm Freshfields Bruckhaus Deringer.

The African Development Bank said that African economic growth would hit 4.8 percent this year and 5.3 percent in 2014, led by West African commodity exporters such as Nigeria, Ghana and Ivory Coast.