Emerging markets present an exciting challenge for international finance and foreign investment. New markets hold both promise and peril. They have the potential for remarkably high returns, while simultaneously harbouring substantial risks. The objectives of this research are; 1) to refine our understanding of emerging markets based on new information about the foreign investment decisionmaking process, and 2) to more accurately identify emerging markets in Africa based on ten criteria previously excluded from analyses. The methodology consists of a performance evaluation regarding macro political and macro economic indicators; and CSTS regression to correlate investment patterns with investors’ preferences. The analysis identifies nine newly emerging markets in Africa, and an additional ten that are making progress. The results suggest specific strategies for ‘marketing’ newly emerging economies to foreign creditors and global investors.