Africa index shows regional progress

African_tribal_masksSouth Africa’s position as the premier African market for international investors is being challenged by the rising economies of Kenya, Nigeria and Botswana, according to the latest Africa Financial Markets Index produced by South African bank Absa. The index, which is in its second year, ranks the attractiveness of different financial markets for investors. While South Africa remains in top position, a deteriorating macroeconomic performance means it no longer leads in all categories, as was the case in 2017. Instead, Kenya is ranked as the number one destination for access to “foreign exchange” and third overall while Nigeria is the highest ranked market for “market transparency, tax and regulatory environment” and fifth overall. Botswana and Mauritius were placed second and fourth respectively. “It is heartening to see the advances made by African countries, in many areas, to improve the efficiency of capital markets,” said David Marsh, chairman of the Official Monetary and Financial Institutions Forum, a central banking thinktank. “However, more remains to be done regarding the robustness of market infrastructure and regulatory frameworks across Africa and we look forward to tracking progress annually.” ©2018 funds global mena

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