Washington, D.C., October 16, 2025 – African nations are making significant strides in building more resilient and sophisticated financial markets, according to the newly launched Africa Financial Markets Index (AFMI) 2025. The report, launched by the Official Monetary and Financial Institutions Forum (OMFIF) and Absa Group with the participation of the UN Economic Commission for Africa (ECA), credits progress to critical reforms and a wave of financial innovation.
The findings, released during the IMF and World Bank Annual Meetings, reveal tangible advancements despite global economic headwinds. Key drivers include strengthened foreign-exchange credibility in Nigeria and Uganda, the adoption of modern netting laws, and a rise in innovative instruments like sovereign sukuk, ESG bonds, and asset-backed securities.
“This index is a vital tool for benchmarking progress,” said Stephen Karingi, Director of the ECA’s Regional Integration and Trade Division, who spoke on behalf of Executive Secretary Claver Gatete. He emphasized that these developments are central to Africa’s economic transformation, stating, “Strengthening financial markets is non-negotiable for mobilizing the long-term capital we need for infrastructure, climate action, and inclusive growth.”
Top Performers and Key Reforms
The 2025 index ranks South Africa, Mauritius, and Nigeria as the continent's top financial markets. Rwanda, Botswana, and Ghana were highlighted as the most notable improvers.
However, the report also identifies critical areas for further action. To fully unlock the continent's potential, it calls for accelerated credit rating reform, greater data transparency, and deeper regional harmonization to create larger, more liquid markets.
A subsequent panel of central bank leaders from Eswatini, South Africa, Rwanda, Angola, and the IMF echoed this sentiment. The discussion centered on the essential role of central banks in deepening local markets, leveraging regional integration for scale, and building investor confidence through clear and stable regulation. They also underscored the need for innovative instruments such as green and diaspora bonds.
The ECA endorsed the report’s findings, urging policymakers and investors to use the index as a roadmap for creating the robust, integrated financial systems required to harness Africa's vast economic potential.
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org