South Africa, Mauritius and Namibia lead Africa’s most attractive financial markets in 2026, according to the index published on October 14 by Absa Group and the Official Monetary and Financial Institutions Forum (OMFIF).
The Absa Africa Financial Markets Index 2026 assesses 29 African countries using indicators covering market depth, foreign exchange access, transparency, pension funds, economic conditions and legal frameworks. Together, these markets represent approximately 80% of Africa’s population and gross domestic product.
South Africa Maintains Its Lead
South Africa ranks first with 85 points, gaining two points from 2025. It performs particularly well in market depth, foreign exchange access, and regulatory transparency.
Mauritius follows with 77 points, while Namibia ranks third with 71. Uganda takes fourth place with 68 points, ahead of Kenya with 65. Ghana and Botswana share sixth place with 64 points each. Nigeria ranks eighth with 63, followed by Tanzania with 62 and Morocco with 60.
Cape Verde and Ghana Make Strong Progress
Meanwhile, 21 of the 29 countries improved their scores compared with the previous edition. Cape Verde recorded the largest increase, gaining seven points. Ghana followed with six additional points, while the Democratic Republic of Congo gained five.
However, five countries experienced declines: Botswana, Nigeria, Eswatini, Rwanda and Tunisia. Botswana, Nigeria and Rwanda each lost two points. Cameroon, Mozambique and Ethiopia maintained their previous scores.
Overall, 20 markets scored above 50 points out of 100. According to the report, improvements were driven by stronger economic conditions, increased foreign exchange reserves, greater financial transparency and more diversified financial products.
The results highlight progress across Africa’s financial sector, although performance continues to vary considerably between countries. Stronger institutions, clearer regulations and deeper markets remain important for attracting investment and supporting economic growth across the continent.
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