Ranking: Which are the most developed financial markets in Africa?

#Morocco : According to the latest edition of the Absa Africa Financial Markets Index, unveiled last week, Morocco and Egypt have fallen in the ranking of African financial markets due in particular to their vulnerabilities to external shocks.

The Official Forum of Monetary and Financial Institutions (OMFIF) unveiled on October 13 the sixth edition of theAbsa Africa Financial Markets Index. Produced in partnership with the South African financial services group Absa Group, the report assesses the openness and attractiveness of 26 financial markets on the continent.

The study is based on several criteria divided into 6 fundamental pillars: market depth, access to foreign currencies, market transparency and the fiscal and regulatory environment, the capacity of local investors, the macroeconomic environment, as well as legal norms and their applicability. Each market is scored on a scale of 0 to 100 points.

According to the Absa Africa Financial Markets Index 2022, South Africa stands out as the continent’s leading financial market with 88 points. Then comes Mauritius, 2nd with 76 points, while Nigeria closes the podium with 69 points. It should be noted that the top 3 continental financial markets have remained unchanged since the previous edition, thanks in particular to good performance in terms of market depth, transparency and the applicability of legal standards, underlines the report.

The other countries in the continental top 10 are, in order, Uganda (66 points), Botswana (66), Namibia (65), Ghana (65), Kenya (61), Morocco (60) and Egypt (57). The last two markets have thus each fallen by one rank compared to the Absa Africa Financial Markets Index 2021, in particular because of their vulnerabilities to external shocks, it is explained.

Below is the full ranking:

1-South Africa (88 points)
2-Ile Maurice (76)
3-Nigeria (69)
4-Uganda (66)
5-Botswana (66)
6-Namibia (65)
7-Ghana (65)
8-Kenya (61)
9-Morocco (60)
10-Egypt (57)
11-Tanzania (55)
12-Zambia (54)
13-Malawi (48)
14-Eswatini (46)
15-Seychelles (46)
16-Zimbabwe (44)
17-Rwanda (43)
18-Ivory Coast (42)
19-Angola (40)
20-Senegal (40)
21-Mozambique (39)
22-Cameroon (36)
23-RD Congo (35)
24-Madagascar (34)
25-Lesotho (34)
26-Ethiopia (27)

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