The coronavirus pandemic and its economic impact will pose an “extreme test of resilience” for African countries’ developing financial markets, according to a joint report by Absa Group and the Official Monetary and Financial Institutions Forum (OMFIF).

The highlight of the annual study is the Absa Africa Financial Markets Index, which shows the Covid-19 pandemic “has made the underlying structure and resilience of African financial markets a more important matter for domestic and international investors, as the continent grapples with returning to sustainable growth.”

The index is intended to help measure African countries’ performance across a range of indicators important for financial market development, such as market depth, foreign exchange availability, transparency, and macroeconomic opportunity.

South Africa again tops the index by a wide margin, owing to its deep capital and foreign exchange markets….

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