Ghana climbed to joint sixth place with Botswana in the 2026 Absa Africa Financial Markets Index (AFMI), scoring 64 points, up from 58 in 2025. This rise followed significant gains in equities and corporate trading on the Ghana Stock Exchange.
South Africa retained its top position with 85 points, a slight increase from 83 the previous year. The country’s improvement was linked to a reset in inflation targeting and price-marking reforms. Mauritius secured second place with 77 points, followed by Namibia with 71, Uganda with 68, and Kenya with 65.
The 2026 AFMI report noted that the macroeconomic environment improved across much of Africa. All 29 countries in the index recorded stronger gross domestic product growth scores, which provided a more supportive environment for investment and capital market activity. Inflation declined in 20 countries, and external debt as a share of GDP improved in 20 economies. These factors contributed to increases in market size, depth, and liquidity in most of the markets surveyed.
Zambia saw gains from an increase in outstanding sovereign bonds. Ghana’s fixed income market turnover and corporate trading also rose. However, the report flagged ongoing vulnerabilities in some countries. Zimbabwe, Malawi, and Ethiopia remain in debt distress, and liquidity constraints continue in several markets.
The Absa Africa Financial Markets Index has tracked financial development across 29 African countries for the past decade. It assesses market accessibility, openness, and transparency through a survey of more than 50 organisations based in the region. The index is supported by the United Nations Economic Commission for Africa and functions as a benchmark for examining how progress affects investment appeal and economic resilience.
The 2026 report also examined broader developments in Africa’s financial sector. It covered the diversification of financial products, adoption of environmental, social, and governance frameworks, the future of digital innovation, and efforts to strengthen regulatory frameworks.
Ghana’s rise in the AFMI rankings reflects growing activity in its capital markets, though the wider region continues to face challenges related to debt and liquidity.
According to Joy Online.
