Kenya ranked most advanced financial market in Africa

ABSA Managing Director Jeremy Awori. Photo/COURTESY

Kenya has been ranked third as the most advanced financial market in Africa.

According to ABSA’s Africa financial markets index rates, the improvement has been attributed to ease of foreign exchange access compared to a year ago.

The index further shows Kenya tops the continent in terms of openness of its exchange rate policy with the relaxation of capital controls boosting its performance.

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ABSA Managing Director Jeremy Awori said several counties are implementing policies to encourage capital growth,.

According to Citizen Digital,Awori said Kenya ,Ghana and south Africa are lowering barriers to entry for small firms to try expand the pipeline of new listed companies.

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This is through the introduction of an alternative market for small and medium sized enterprises, which act as an incubator for these companies before they list them.

“Deep and liquid capital markets are instrumental to supporting economic growth, creating domestic investment opportunities and attracting foreign and local capital.

“A vibrant, well-functioning, sound efficient and stable financial system is a catalyst for broad-based sustainable economic growth and development,” he said.

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George Asante, the Absa Group Head of Markets, said improvements in infrastructure and regulatory frameworks could boost the performance of countries in the middle of the index over coming years.

“The index provides a toolkit for countries seeking to strengthen their financial markets infrastructure .it tracks progress on financial market developments annually across arrange of countries and indicators,” he added

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