Ghana has been ranked joint 6th with Botswana in the 2026 Absa Africa Financial Markets Index (AFMI).
The nation scored 64, up from 58 recorded in 2025.
The improvement in the rankings was as a result of big gains in equities and companies listed on the Ghana Stock Exchange.
South Africa maintained its 1st position with a score of 85, up from 83 in 2025. Its improvement was attributed to inflation-targeting reset and price-marking reforms
Mauritius (77), Namibia (71), Uganda (68) and Kenya (65) placed 2nd, 3rd, 4th and 5th respectively.
The report stated that the macroeconomic environment improved across much of the region.
All 29 AFMI countries recorded stronger gross domestic product growth scores, providing a more supportive backdrop for investment and capital markets activity.
Inflation declined in 20 countries and external debt as a share of Gross Domestic Product (GDP) also improved in 20 economies. These gains strengthened confidence and supported increases in market size, depth and liquidity across most AFMI countries.
Zambia benefitted from an increase in its outstanding sovereign bonds, while Ghana’s turnover in the fixed income market and corporate trading rose. However, some vulnerabilities remain.
Zimbabwe, Malawi and Ethiopia remain in debt distress, while liquidity remains a central constraint.
Over the last 10 years, the Absa Africa Financial Markets Index has assessed financial development in African countries based on measures of market accessibility, openness and transparency.
It tracked progress across 29 African countries through a survey of more than 50 organisations based in the region. Supported by the United Nations Economic Commission for Africa, the index is a benchmark for examining how progress enhances investment appeal and promotes economic resilience.
The 2026 report further examined developments in Africa’s financial landscape, including the diversification of financial products, the adoption of environmental, social and governance frameworks, the future of digital innovation and efforts to strengthen regulatory frameworks.