Africa's financial markets kept deepening in 2026, with 21 of the 29 economies tracked by the Absa Africa Financial Markets Index improving their scores and the continental average climbing to 56, its highest reading since the index launched in 2017, according to a report by Forbes Africa. Now in its tenth edition, the index is produced by the Official Monetary and Financial Institutions Forum alongside pan-African lender Absa Group, with support from the United Nations Economic Commission for Africa, and tracks how accessible, liquid and well-regulated each country's capital markets have become.
South Africa again topped the ranking, its position built on liquid capital markets, a wide range of financial products, developed market infrastructure and strong participation from institutional investors. But the report cautions that broader market development has not translated into cheaper financing for everyone: high borrowing costs, limited liquidity and foreign exchange constraints still weigh on businesses across the continent, and small and medium-sized enterprises in particular continue to face steeper costs and fewer funding options than larger, more established companies.