Egypt ranks among Africa’s most prominent financial markets, supported by its large market size, diversified asset base and a relatively advanced investment environment that attracts both domestic and international investors.
Market depth is typically measured by liquidity levels, the range of listed equities and bonds, and the presence of regulatory frameworks that encourage participation and investment. As African economies enter 2026 amid a rapidly shifting global financial landscape, market depth has become more important than ever.
A report by Business Insider Africa ranked Egypt among the continent’s top 10 most developed capital markets, according to the latest Absa Financial Markets Index, at a time when deeper financial markets are increasingly viewed as a key driver of economic growth and financial stability.
The list also includes South Africa, the continent’s largest and most liquid market, followed by Morocco and Mauritius, then Botswana and Nigeria. Tanzania, Namibia, Tunisia and Uganda were also cited as relatively smaller markets that are working to deepen their financial systems.
Strengthening capital market depth is widely seen as essential for achieving long-term development, supporting financial stability and boosting investor confidence, while improving the allocation of savings toward productive investment.
Deep equity and bond markets enable governments and companies to finance expansion projects, infrastructure development and social programs, while reducing excessive reliance on external financing and bank credit.
Market depth is not determined by size alone, but also by the diversity of tradable assets. While many African exchanges remain concentrated in a limited number of large companies and sectors increasing concentration risks some markets have expanded their financial products over the past year to include exchange-traded funds (ETFs), green bonds, sukuk and infrastructure-linked securities.
Despite these developments, Africa continues to face major challenges.
According to a 2025 report by the Organization for Economic Cooperation and Development, Africa’s public equity markets are expected to account for only about 0.4% of global market capitalization and around 2.6% of listed companies by the end of 2024.
Total market capitalization across the continent is estimated at roughly one-third of Africa’s gross domestic product, well below global and emerging-market averages, limiting the ability of African economies to raise long-term capital domestically.
Even so, a number of countries including Egypt display levels of market depth that exceed broader continental trends, supported by a relatively wider range of financial instruments, improving regulatory frameworks and increased investor participation.
