Release of Absa Africa Financial Markets Index 2023 slated for October 12

MARAKKECH, September 25, 2023 – The Absa Africa Financial Markets Index 2023 will be released on October 12, 2023, in Marrakech, Morocco, according to the organisers.

Now in its seventh year, the Absa Africa Financial Markets Index evaluates countries’ financial development based on measures of market accessibility, openness and transparency. The index is a key benchmark for investors to gauge African countries’ market infrastructure and is used by policymakers to learn from developments across the continent.

Produced by UK’s Official Monetary and Financial Institutions Forum [OMFIF] and sponsored by Absa, this year’s report is expanding to 28 African countries with support from the United Nations Economic Commission for Africa [UNECA]. The index is based on quantitative data analysis and surveys of over 50 organisations – including central banks, stock exchanges and regulators.

The 2023 report will delve deeper into themes such as financial product diversity, environmental, social and governance market frameworks, adopting digital technologies and strengthening legal frameworks. Continued progress on these fronts will be crucial to improve Africa’s appeal and access to investors, enabling the continent to develop its resilience against a difficult global macroeconomic backdrop.

Key findings include in the Absa Africa Financial Markets Index 2022

• South Africa, Mauritius and Nigeria maintained their positions in the top three this year, as they continue to score highly on measures of market depth, transparency and enforceability of legal agreements.
• Uganda rose two places to fourth, while Namibia and Kenya improved their ranking within the top 10. Scores for these three countries primarily rose due to progress on adopting environmental, social, and governance [ESG] policies and frameworks.
• Seventeen countries in the index had sustainability-focused policies – five more than in 2021.
• Foreign exchange reserves adequacy had generally weakened relative to the previous year. Ten African Financial Markets Initiative [AFMI] countries had received International Monetary Fund financing in 2022, worth a cumulative US$1.6 billion, to cushion the blow from external shocks.
• Several countries were using digital technologies to improve market access, information and inclusion, while initiatives to integrate financial markets across Africa are gathering momentum.

https://thecooperator.news/uganda-scores-high-in-2022-absa-africa-financial-markets-index/

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