Absa Africa Financial Markets Index 2023

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Despite the challenging global environment, the Absa Africa Financial Markets Index 2023 reveals there has been continued progress in developing financial markets across Africa in the past year.

Now in its seventh year, the index scores African countries’ financial development based on measures of market accessibility, openness and transparency. With support from the United Nations Economic Commission for Africa, coverage in this year’s report has grown to 28 economies with the addition of Cabo Verde and Tunisia. The aim of the report is to show how countries can reduce barriers to investment and boost sustainable growth.

To construct the index, OMFIF conducted extensive quantitative research and data analysis with surveys of over 50 organisations across Africa, including central banks, securities exchanges, regulators and market participants.

Key findings in the report:

  • Difficult global conditions have weighed on market size and liquidity across most AFMI economies in the past 12 months
  • Countries score well for their daily reporting of exchange rates but transparency can be improved through more widespread adoption of the FX Global Code.
  • Many tax regimes in AFMI economies are becoming more challenging for investors.
  • The median value of pension fund assets per capita in AFMI countries fell by 16% in dollar terms owing to adverse market conditions and foreign exchange effects.
  • Almost all countries scored highly for the timeliness and transparency of their economic data and policy decisions.
  • Maritius and South Africa continue to score highest as the only index countries to receive clean legal opinions from three major international bodies.
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