Africa’s s role in global finance remains marginal, according to the 2025 report by the Organization for Economic Co-operation and Development (OECD) on African capital markets.
By the end of 2024, only 1,141 companies were listed on the various African stock exchanges, out of an estimated total of nearly 44,000 listed companies worldwide.
In other words, Africa accounts for only about 5% of listed companies across all emerging markets, and a tiny fraction of the global capital market.
This weakness is also reflected in the size of the markets. The combined market capitalization of African exchanges reached about $561 billion, equivalent to nearly one-third of the continent’s combined GDP, but just 2% of the total capitalization of emerging markets.
The OECD further notes that listed companies in Africa are, on average, particularly small and illiquid. Their median market value remains significantly lower than that observed in comparable economies in Asia or Latin America, making African markets less attractive to international institutional investors and more vulnerable to shocks.
Tunisia in the top 5 by number of listed companies
The OECD report also provides a ranking of African stock markets based on the number of listed companies and their market capitalization.
Egypt leads the continent in volume, with 245 listed companies and an estimated market capitalization of nearly $45 billion.
This leadership appears solid but is nuanced by the market structure. The majority of listed companies there remain modest in size, limiting overall market depth and liquidity.
Behind Egypt, South Africa stands out as the continent’s true financial heavyweight. The Johannesburg Stock Exchange has 204 listed companies, but more importantly, a market capitalization of about $336 billion, representing nearly 60% of the total value of the African equity market.
Nigeria follows with 156 listed companies and a market capitalization of approximately $33 billion, trailed by Mauritius, which has 94 listed companies and a market value close to $9 billion.
Tunisia ranks fifth in Africa in terms of the number of listed companies, with 79 companies and a market capitalization of around $8 billion—a relatively dense market but still limited in size by value, according to the report.
The African top 10 is rounded out by Kenya (61 companies, ~$15 billion), Zimbabwe (60 companies, ~$3.9 billion), Côte d’Ivoire via the BRVM (45 companies, ~$16 billion), Ghana (29 companies, ~$4 billion), and Botswana (23 companies, ~$3.8 billion).
