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African markets have experienced rapid transformation but face fundamental challenges, such as illiquidity and access. To help investors, local authors share their perspectives on current developments and future trends for key markets.

African Capital Markets: Challenges and Opportunities

Read the full book (PDF)


Africa encompasses a wide range of market conditions, from rapidly emerging economies to countries with a long history with financial markets. Produced in partnership with the African Securities Exchanges Association, this collection of essays includes the perspectives of authors in local markets who provide their analysis of the history, current developments, and future outlook for South Africa, Nigeria, Mauritius, Ghana, Zimbabwe, Morocco, Egypt, Botswana, and East Africa. For prospective investors, the book provides valuable insights on how changing regulation, evolving financial technology, and expanding investor access are transforming local markets on the continent.


South Africa and Namibia
East Africa

About the Editor

Heidi Raubenheimer, CFA
Heidi Raubenheimer CFA

Heidi Raubenheimer, CFA, is the managing editor of the Financial Analysts Journal and head of Journal Publications for CFA Institute. Heidi has been a member of academic faculty of both Stellenbosch University and the University of Cape Town in South Africa. She has been active in financial services in South Africa for most of her professional life and has been a CFA charterholder since 2003.