Media release

Media release

African markets build resilience in a challenging environment

19 October 2022

Absa Africa Financial Markets Index shows improving market infrastructure in majority of countries in the region

African countries have responded positively to the need to develop domestic financial markets to protect economies from external shocks, OMFIF’s 2022 Absa Africa Financial Markets Index reveals.

Even as challenging market conditions weighed on performance in the index, 19 of the 26 countries improved their scores relative to last year. This was largely due to broad-based progress in developing sustainable financial markets, which is becoming increasingly important to global investors.

Namibia, Uganda, and Kenya are among the countries with the greatest increase in scores. They have bolstered their environmental, social and governance market frameworks and, in Kenya, climate risks have been incorporated into financial stability regulation. Greater product diversity has lifted scores for most countries too, including Angola and Lesotho which both issued their first initial public offerings over the past year.

The Absa Africa Financial Markets Index, now in its sixth year, presents a broad view of financial market progress. The index continued to evolve this year. Coverage has expanded to 26 countries with the addition of the Democratic Republic of the Congo, Madagascar, and Zimbabwe.

The index also recognises the contribution of digital initiatives and innovations to African financial market development. While not directly impacting scores, the report highlights countries’ progress in upgrading market infrastructure, transparency and regulation using new technologies. It also sheds light on various financial inclusion initiatives which help to build a broader domestic investor base. Continued progress on sustainability, digitalisation and financial inclusion will be crucial to improve Africa’s appeal and access for investors, enabling the continent to develop its resilience to any future external shocks.

Key findings include:


Overall AFMI scores, 2022 vs 2021

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