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Many African financial markets weakened in 2025, report says

Oct 22, 2025, 9:02am EDT
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Johannesburg.
Emmanuel Croset/AFP via Getty Images

Tightening global financial conditions have negatively impacted more than a dozen African markets this year, a survey by South African bank Absa found.

Market depth — defined as “the size and liquidity of domestic equity and bond markets, along with the diversity of listed assets” — weakened in more than half of the 29 countries surveyed in the bank’s annual Africa Financial Markets Index. Africa’s largest markets, including Egypt, Morocco, Nigeria, and South Africa, all weakened from 2024.

Increased geopolitical tensions, trade policy uncertainties, infrastructure gaps, and poor legal frameworks have all played a role, the report said.

On the flip side, Benin, Malawi, and Namibia recorded strong improvements in their capital markets thanks to initiatives that increased deal activity, the index found.

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