The Absa Africa Financial Markets index produced in partnership with Absa Group Limited (one of the largest banks on the continent) ranks 23 African financial markets in terms of attractiveness. The trio of South Africa, Mauritius and Nigeria leads the standings with 89 points, 79 points and 65 points respectively.

In the country of Mandela, ranked first in terms of market depth and access to currencies, exchange controls were relaxed in 2020 but the country remains affected by a sharp downgrade in sovereign ratings. Mauritius has a favorable tax system for companies and investors, while Nigeria should eventually promote the development of derivatives.

Behind this trio we find in order, Botswana (4th), Namibia (5th), Ghana (6th), Kenya (7th), Morocco (8th), Zambia (9th) , Uganda (10th), Seychelles (11th), Tanzania (12th), Rwanda (13th), Egypt (14th), Eswatini (15th), Côte d'Ivoire ( 16th), Mozambique (17th), Malawi (18th), Senegal (19th), Lesotho (20th), Cameroon (21st), Angola (22nd) and Ethiopia ( 23rd).

The index rates countries on six pillars: market depth; access to currencies; market transparency, fiscal and regulatory environment; capacity of local investors; macroeconomic soundness; and enforceability of financial contracts, collateral positions and insolvency remedies.