(Ecofin Agency) - South Africa remains the leader in the ranking of African financial markets elaborated by the South African bank Absa Group and Official Monetary and Financial Institutions Forum (OMFIF), a think tank specialized in the financial sector.

The ranking "Absa Africa Financial Markets Index 2018" is based on six criteria: market depth; access to foreign exchange; market transparency, tax, and regulatory environment; macroeconomic opportunity; and the legality and enforceability of standard financial markets master agreements.

The South African market scored 93 points out of 100 in the 2018 edition of the index that reviewed 20 African markets. Indeed, despite worsening of the macroeconomic environment, the rainbow nation’s market remains deep and liquid.

In the present edition, Botswana gains one place to become the 2^nd thanks notably to the measures initiated by the government to broaden its investors base.

Kenya (3rd) gained three places thanks to its good performances in opening its financial market to foreign investors.

Mauritius (4th) lost two places and Nigeria (5th) gains one place. Namibia, Ghana, Zambia, and Morocco follow suit in the Top 10.

"The index facilitates a meaningful debate about the maturity and accessibility of Africa's financial markets. It is an important contribution that supports policy-makers, investors, regulators, and other market participants to identify the areas and initiatives which will drive the most significant improvements",  said Maria Ramos, Chief Executive Officer of Absa Group.

"It is heartening to see the advances made by African countries, in many areas, to improve the efficiency of capital markets, However, more remains to be done regarding the robustness of market infrastructure and regulatory frameworks across Africa and we look forward to tracking progress annually ," David Marsh, president of OMFIF indicated.  

Find below, the 2018 index :

1-South Africa (93 points)

2-Botswana (65 points)

3-Kenya (65 points)

4-Mauritius (62 points)

5-Nigeria (61 points)

6-Namibia (57 points)

7-Ghana (55 points)

8-Zambia (53 points)

9-Morocco (50 points)

10-Uganda (50 points)

11-Rwanda (49 points)

12-Seychelles (45 points)

13-Côte d’Ivoire (44 points)

14-Senegal (44 points)

15-Tanzania (43 points)

16-Egypt (42 points)

17-Cameroon (41 points)

18-Mozambique (36 points)

19-Angola (34 points)

20- Ethiopia (26 points)