African economies faced a challenging external environment in 2025 and early 2026, marked by heightened global uncertainty, shifts in trade policies and volatility in energy markets. The OECD Africa Capital Markets Report 2026 reviews recent developments across equity, corporate debt and sovereign bond markets in the region, assessing how capital markets have responded to these pressures and the extent to which they have supported economic and financial resilience.
This edition examines the opportunities and constraints affecting ability of domestic capital markets to contribute to economic development and to support countries in managing internal and external shocks. It identifies priority areas for policy action to support access to long-term and diversified sources of finance, with an emphasis on institutional capacity, sound governance, coherent policy frameworks and market-oriented incentives.
The report also analyses the development of the investor base and its implications for capital formation. It reviews the role of pension funds and insurance companies in mobilising domestic savings, the conditions to broaden retail investor participation, including by improving financial literacy, and explores implications of recent policy developments in sustainable finance and crypto-assets for Africa capital markets.
