The Absa Group Limited, formerly known as the Amalgamated Banks of South Africa until 2005, and Barclays Africa Group Limited assessed the African countries with the most vibrant financial markets.
With the Absa Africa Financial Markets study, the organization hopes to demonstrate how economies can lower investment barriers and improve long-term prosperity.
With the support of the United Nations Economic Commission, 28 countries, including Cabo Verde and Tunisia, have been added to this year’s Africa report.
Absa used six economic pillars to assess the performance of Africa’s financial market, including market depth, access to foreign exchange, market transparency, tax and regulatory environment, capacity of local investors, macroeconomic environment, and transparency and legal standards and enforceability.
The relative performance of each country for each indication determines the scores for each pillar, which are then rebased to establish a uniform scale. The overall results are computed by taking the average of the ratings from each pillar.
That being stated, the top ten African countries with the most thriving financial markets are listed below.
| Rank | Country | 2023 Index | 2022 Index |
|---|---|---|---|
| 1. | South Africa | 88 | 89 |
| 2. | Mauritius | 77 | 77 |
| 3. | Nigeria | 67 | 68 |
| 4. | Uganda | 63 | 64 |
| 5. | Namibia | 63 | 63 |
| 6. | Botswana | 59 | 58 |
| 7. | Kenya | 59 | 60 |
| 8. | Morocco | 58 | 57 |
| 9. | Ghana | 58 | 59 |
| 10. | Tanzania | 55 | 55 |