Finance
Top 10 African Countries With the Most Developed Financial Market
South Africa, Mauritius and Nigeria maintained their first to third positions respectively in 2022 Africa’s Most Developed Financial Market.
South Africa, Mauritius and Nigeria maintained their first to third positions respectively in 2022 Africa’s Most Developed Financial Market.
According to a report released by Absa Group, South Africa, Mauritius and Nigeria are the top three most developed financial markets in Africa.
The analytical report “Absa Africa Financial Markets Index, 2022” which was done in conjunction with The Official Monetary and Financial Institutions Forum, (OMFIF) evaluates financial market development in 26 African countries.
Investors King understands the report highlights economies with the most supportive environment that could enhance market performance using six pillars; access to foreign exchange; market transparency, tax and regulatory environment; capacity of local investors; macroeconomic opportunity; and enforceability of financial contracts.
According to this year’s report, Namibia, Uganda and Kenya featured among the countries with the greatest increase in overall scores. The three countries are recognised for the work done to improve their environmental, social and governance market frameworks.
For instance, the Government of Kenya has incorporated climate risks into the financial stability regulation.
A full list of the countries that appeared on this year’s ranking includes South Africa which came first with an overall score of 88 points, dropping 2 points when compared with 90 points the country had in 2021.
Mauritius was ranked second with an overall score of 76 points, the same point the small country along the Indian ocean had in 2021. Nigeria also maintained its third position with 69 points while adding 2 points to the 67 points it had in 2021.
Other countries on the list include Uganda which has 66 points to emerge fourth, bagging additional six points from the 60 it had in 2021. Botswana ranked fifth with 66 points, adding four points from the 62 points it recorded in 2021.
Featuring on the top ten list include Namibia, Ghana, Kenya, Morocco and Egypt which ranked 6th, 7th, 8th, 9th and 10th respectively.
Below is a top 10 list of Africa’s Most Developed Financial Market
Country 2022. 2021.
- South Africa. 88. 90.
- Mauritius. 76. 76.
- Nigeria. 69. 67.
- Uganda. 66. 60.
- Botswana. 66. 62.
- Namibia. 65. 58.
- Ghana. 65. 64.
- Kenya. 61. 65.
- Morocco. 60. 56.
- Egypt. 57. 56.