African Stock Exchanges: 21 out of 29 countries progress in the 2026 Absa index, South Africa remains in first place

African financial markets strengthened in 2026, but they still trade too little to finance the continent's growth. This is the finding of the Absa Africa Financial Markets Index, published on October 14, 2026, by the South African banking group Absa and the British think tank OMFIF, which scores 29 countries representing approximately 80% of Africa's population and GDP, according to Ecofin Agency.

Twenty-one of these countries improved their scores, five declined, and three remained stable. The average reached 56 points out of 100, its highest level in ten years, reports Reuters. Twenty out of 29 markets have now surpassed the 50-point mark.

The ranking

South Africa retains the top spot with 85 points, driven by maximum scores in taxation, regulation, and transparency, as well as the depth of its market (92 points). It is followed by Mauritius (77) and Namibia (71), then Uganda (68), Kenya (65), Ghana and Botswana (64), Nigeria (63), Tanzania (62), and Morocco (60). Ethiopia sits at the bottom of the ranking with 41 points.

The strongest gains were made by Cape Verde (+7 points), Ghana (+6), and the Democratic Republic of Congo (+5), details Ecofin Agency. Ghana climbed four places to reach 6th rank, thanks to a decline in inflation, a more active stock exchange, and its exit from a debt crisis, specifies Reuters. Conversely, Botswana, Nigeria, and Rwanda each lost two points; for Nigeria, access to foreign currency and transparency have deteriorated.

Liquidity, the bottleneck

The report emphasizes one point: the proliferation of financial products and market infrastructure has not been enough to increase trading volumes. Markets with low liquidity discourage investors and limit the ability of African states and companies to raise capital locally rather than in London or Paris.

Long-term savings remain another weak point: even South Africa, the top performer, only scores 55 points and takes 7th place in the pension funds pillar. Yet, it is these pension funds that, elsewhere in the world, finance major industrial projects. The report cites the IPO of the Dangote refinery in Nigeria as an example of the types of fundraising that African markets are seeking to be able to absorb.

Absa CEO Kenny Fihla writes that the global environment is "far from simple" and calls on all countries to consolidate their fundamentals. The report cites trade tensions, conflicts in Ukraine and the Middle East, the cost of energy, and the risk of an intense El Niño episode.