Foreword 3

Acknowledgements 4

Abbreviations and acronyms 9

Executive summary 10

1 Leveraging capital markets for growth and resilience in Africa 13

  1.1. Global macro-financial developments and the impact on African markets 14

  1.2. The role of capital market development in strengthening Africa’s resilience 19

  1.3. Advancing capital market development through policy and market reforms 22

  References 25

2 Enhancing trust and access in African public equity markets 29

  2.1. Introduction 30

  2.2. Developments in African public equity markets 31

  2.3. Key policy issues 37

  2.4. Key policy recommendations 42

  References 43

  Annex 2.A. Methodology for the data collection and classification of market capitalisation, ownership, and regulatory and legal frameworks 52

3 Developing Africa's corporate debt markets for growth 65

  3.1. Introduction 66

  3.2. Developments in Africa 67

  3.3. How do corporate bond markets emerge? 70

  3.4. The link between debt markets and financial resilience 76

  3.5. Key policy recommendations 79

  References 80

  Annex 3.A. Methodology for the collection and classification of corporate debt market data 84

  Annex 3.B. Determinants of corporate bond market depth 86

  Notes 87

4 Sovereign bond markets in Africa and the role of switch operations 89

  4.1. Introduction 91

  4.2. Developments in bond markets since Q1 2025 91

  4.3. Key policy analysis 101

  4.4. Key policy recommendations 104

  References 105

  Annex 4.A. Methodology for sovereign bond data, credit ratings and public debt management

  practices 111

  Notes 113

5 State-owned enterprises, governance reforms and capital market development in Africa 117

  5.1. Introduction 118

  5.2. Overview of the SOE landscape and their participation in capital markets in Africa 119

  5.3. Linking SOE governance reform with capital market development: Evidence from three

  African countries 126

  5.4. Key policy recommendations 130

  References 133

  Annex 5.A. Methodology for the collection and classification of SOE data 135

6 Mobilising institutional investors for capital market development 137

  6.1. Introduction 138

  6.2. Institutional investors, capital market development and financial resilience 139

  6.3. Developments in selected African countries 139

  6.4. Structural constraints to institutional investor development 141

  6.5. Key policy recommendations 150

  References 152

  Notes 155

7 Strengthening financial literacy for capital market participation 157

  7.1. Introduction 158

  7.2. The growing relevance of financial literacy for the development of capital markets in Africa 160

  7.3. National strategies for financial literacy in Africa 162

  7.4. Financial literacy programmes and initiatives 166

  7.5. Key policy recommendations 172

  References 173

  Annex 7.A. Jurisdictions and institutions covered in the chapter 177

  Notes 178

8 Developments in crypto-asset and stablecoin markets in Africa 179

  8.1. Introduction 180

  8.2. Global crypto-asset market developments 181

  8.3. Crypto-asset market developments in Africa 182

  8.4. Enablers of crypto-asset activity 184

  8.5. Implications of growing crypto-asset and stablecoin adoption for economic resilience in Africa 185

  8.6. Evolving crypto-asset policy and regulatory stances in Africa 188

  8.7. Key policy recommendations 190

  References 193

  Annex 8.A. Summary of ongoing CBDC initiatives across Africa 202

  Notes 203

9 Mobilising private finance for climate mitigation and adaptation 205

  9.1. Introduction 206

  9.2. Policy channels to mobilise private sector finance 207

  9.3. Instrument design, project origination and governance 212

  9.4. Key policy recommendations 219

  References 220