Nigeria, Ghana and South Africa have been ranked higher than 20 other African countries on the enforceability of standard master agreements pillar in the latest African financial markets index presented by Absa, a leading financial services provider.
Absa-OMFIF financial markets index report recently released revealed that innovations in sustainable finance, digital transformation, alongside important initiatives in transparency and regulation, will help reinvigorate Africa’s financial markets as they recover from the impact of Covid-19.
The latest African financial markets index, which was produced by a joint research effort of ABSA and OMFIF measured financial market development in 23 countries from across the African continent, highlighting economies with the most supportive environment for effective markets.
The index showed how economies can improve the market framework to bolster investor access and sustainable growth, and act as a benchmark for investors and policy-makers.
Speaking on the report, chief executive of corporate and investment banking, Absa, Charles Russon, said: “While some might find it disheartening to see the average score across the board drop, Africa is navigating an extremely tricky economic atmosphere.
“Recovery from the Covid-19 pandemic has not been as straightforward as we would have hoped last year, and this has had a large impact on the twin challenges the continent faces in reinvigorating financial markets post-pandemic while strengthening market infrastructure.”
The ABSA African financial markets index tracked performances in key markets on the continent. Divided into six pillars, the report measured all 23 countries against these pillars.