Ghana rose four places to sixth while Nigeria fell two to eighth in the 2026 Africa Financial Markets Index, according to Reuters reporting on the survey. South Africa remained first, ahead of Mauritius and Namibia. Absa and OMFIF launched the tenth edition in Bangkok on October 14, during the IMF–World Bank annual meetings; this article reports that development on October 15.
Reuters attributes Ghana’s improvement to lower inflation, stronger stock-market activity and improving economic conditions. Nigeria’s weaker foreign-exchange access and transparency scores weighed on its position. The country movements are results within this particular index, not a ranking of national wealth or a judgment that every company in one country is a better investment than every company in another.
What the index actually measures
OMFIF says the exercise covers 29 economies with support from the United Nations Economic Commission for Africa. It examines market depth, access to foreign exchange, transparency, pension-fund development, the economic environment and legal, tax and regulatory arrangements. These categories ask how markets work and what may obstruct investment; they do not provide a forecast for the return on an individual share or bond.
The public country highlights also recognise Nigerian reforms: valuing fixed-income collective investment schemes at current market prices and introducing a commercial-paper listing and trading platform. That detail matters alongside the lower overall ranking. Progress in one part of the system and weakness in another can coexist. OMFIF identifies South Africa’s liquidity, infrastructure, product range and institutional investors as supports for its leading position.
Progress beyond the league table
The overall average score reached 56, according to OMFIF’s October 14 commentary, the strongest in the index’s ten-year history. Twelve countries improved their product-diversity scores. Its examples include an infrastructure-backed security in Kenya and derivatives and alternative-investment initiatives in Egypt. These are signs of a broader menu of financial instruments, rather than proof that each new instrument is widely traded or suitable for every saver.
The methodology is important when comparing editions. OMFIF says scores are measured against fixed benchmarks of achievable good practice. Reuters reports that historical scores were recalculated following the methodology revision. Readers should therefore use the comparable series accompanying this edition, rather than subtracting a score from an older headline and treating the difference as a clean measure of economic change.
Why liquidity matters outside the trading room
Liquidity describes how readily an asset can be bought or sold without a substantial effect on its price. A market can have an exchange, published rules and a new product while still having too few willing buyers and sellers. For a business raising money, the practical questions include whether investors will participate and whether they can later exit. For a saver, being able to buy an instrument is not the same as being able to sell it when cash is needed.
OMFIF’s accompanying analysis explicitly warns that new rules do not automatically attract investment. Its account of UNECA executive secretary Claver Gatete’s contribution puts the emphasis on market quality, depth and functioning. Our reading is that reform should be assessed through practical outcomes as well as formal announcements: reliable information, usable trading arrangements and sustained participation matter alongside the number of products listed.
How to read the result responsibly
The index is consequently a diagnostic tool, not a sovereign credit rating, a promise of cheaper borrowing or an investment recommendation. Readers considering a financial product still need its own terms, charges, risks and regulatory disclosures. The report’s launch date should not be confused with a live market-data timestamp: this annual assessment does not replace separately dated exchange prices, currency references or company announcements.
