Business Daily Kenya:
Zachary Ochuodho @zachuodho
Kenya ranked fifth which has a score of 59 per cent ahead of the continent’s economic giants like Nigeria, Ghana along with Egypt – which scored 53, 49 along with 39 respectively within the Barclays Bank of Africa Financial Markets Index (AFBMI) released yesterday.
The index intends to drive conversations among policy-makers, investors, market participants along with additional partners to address gaps along with track progress on an ongoing basis.
According to the report, South Africa emerged first which has a score of 92 per cent. Kenya’s high ranking in East Africa was attributed to its strong contract enforcement policies, market depth as well as the capacity of local investors, ahead of Uganda, Tanzania, Rwanda along with Ethiopia.
Speaking at the launch Capital Markets Authority (CMA) chief executive Paul Muthaura said addressing legal, infrastructural along with low capacities of local investors to actively participate will be important for Africa.
“The publication of financial market data is usually critical to Africa’s ability to tap into local along with global savings pools. Mobilising these resources will help accelerate productive investment of which contributes to sustainable domestic employment creation along with generates income to service the underlying debt,” Muthaura said.
within the survey, Kenya outdid its peers within the East Africa region mainly due to the market depth pillar, which focused on the availability of financial products, currencies along with hedging along with capacity of local investors’ parameters.
Barclays Africa head of marketing George Asante said the fresh index would likely help advocate for expansion along with deepening of financial markets across the continent.
Asante said despite the high score, Kenya needs to improve on areas such as low historical growth in export market share, low Gross Domestic product per capita along with relatively tiny market capitalisation.
“The Index provides countries with valuable insights along with tools to improve the state of their financial markets,” said Barclays Bank Kenya managing director Jeremy Awori. He said Africa needs to develop local investor capacity along with ability to attract foreign capital which were also key points of focus.
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Kenya financial markets top in EA