The annual ranking published on 15 October by Absa Group and the OMFIF (Official Monetary and Financial Institutions Forum) delivers encouraging news: African financial markets have reached their highest level in the index's ten-year history. The continental average score now stands at 56 out of 100 — an absolute record since the index was created in 2017. Of the 29 economies assessed, 21 improved their scores. For the first time ever, 20 out of 29 countries surpass the 50-point threshold.
The podium: South Africa, Mauritius, Namibia
South Africa leads the ranking with a score of 85 out of 100, up two points from 2025. It achieves a perfect score of 100 on the «fiscal and regulatory transparency» pillar. Mauritius holds its second place at 77 points, once again confirming its status as the continent's leading financial hub. Namibia completes the top three at 71 points, ahead of Uganda (68) and Kenya (65).
The index assesses African economies through 29 indicators across six pillars: market depth, foreign exchange accessibility, macroeconomic environment, pension and insurance fund capacity, legal standards, and taxation. A survey of more than 40 market participants supplements the quantitative data.
Indian Ocean countries in the ranking
Within the region, Seychelles ranks 14th with 55 points, just below the continental average of 56. Madagascar places 28th with 44 points, above Ethiopia (41, bottom of the table). These results highlight both the progress made and the room for improvement that remains for the Indian Ocean's island economies.
Notable gains across the continent
Cape Verde records the strongest gain at +7 points, followed by Ghana (+6) and the Democratic Republic of Congo (+5). Conversely, Botswana, Nigeria and Rwanda each fall by two points. Among West African economies, Côte d'Ivoire (52) and Ghana (64) confirm their dynamism, while Morocco (60) and Egypt (58) represent the highest-ranked North African markets.
Why it matters
The strength of African financial markets directly determines the capacity of businesses to raise capital and attract foreign investors. For Mauritius, holding the 2nd-place position reinforces its role as a continental investment and financial structuring hub — a strategic advantage as global capital seeks alternatives to saturated Western markets. For decision-makers across the Indian Ocean region, the message is clear: financial infrastructure has become at least as decisive a competitive lever as geography or taxation.