Every piece in this CFA Institute Research Foundation brief tells of a market in Africa: where it’s going and where it’s coming from. In conjunction with the African Securities Exchanges Association (ASEA) and CFA Institute local societies, authors from South Africa, Nigeria, Mauritius, Ghana, Zimbabwe, Morocco, Egypt, Botswana, and the East African community have all contributed to the brief, providing authoritative insights and analysis for current and prospective investors in African capital markets.

The brief highlights the critical role of stock exchanges in the global economy: Exchange businesses contribute to the economic objectives of their jurisdictions—raising money and investing—but they also have a social responsibility to prudently allocate resources and create employment, among other obligations.

Some of the exchanges you’ll read about in the brief were established in early colonial times. South Africa led the way on the heels of the diamond and gold rush, followed by Zimbabwe, Egypt, and Namibia—all before 1905. Some of these didn’t outlive the commodities rush, but others are still thriving today, substantially diversified and modernised from their beginnings over a century ago. Some capital markets on the continent were established more recently, and their development tells of independence and nation building: Nigeria in the 1960s; Botswana, Mauritius, and Ghana in 1989; Namibia (post-independence from South Africa) in the 1990s. Still others—particularly the East African exchanges—are brand new and leapfrogging toward greater participation. All of these tell of how regulation, trading technology, and fintech are enabling fairer, faster, and lower-cost participation in finance and investment for more market participants.

Africa is now home to 36 stock exchanges serving 43 economies and representing 1,400 listed companies with a turn-over of USD41.14 billion. These markets have grown steadily and demonstrated their capability to create prosperity on the continent.