Botswana, Kenya and Nigeria have moved up the Absa Africa Financial Markets Index, produced by OMFIF, and South Africa remains in top position, supported by strong financial market infrastructure and a robust legal framework.
However, South Africa’s macroeconomic performance has deteriorated over the past year. Notably, the country no longer tops the index across all six pillars as it did in 2017, having been overtaken by Kenya on ‘access to foreign exchange’ and by Nigeria in ‘market...