Overview: Africa’s most populous capital markets
In 2024, the Africa Capital Markets Report from the Organisation for Economic Co-operation and Development (OECD) highlighted a striking gap between Africa’s growth potential and its listed-company base. While roughly 44,000 companies are publicly traded worldwide, only about 1,141 were listed on African exchanges by year-end 2024. The OECD report identifies the African markets with the largest counts of listed companies, underscoring where access to capital, liquidity, and investor interest are most concentrated on the continent.
Top markets by number of listed companies
Based on the OECD Africa Capital Markets Report 2025, the African exchanges with the greatest number of listed companies tend to be those with deep local pools of listed entities, broader sector representation, and longer histories of capital-market development. The following markets are widely cited as leading by the sheer count of issuers and listings:
- Johannesburg Stock Exchange (JSE) – South Africa
- Nigerian Exchange Group (NGX) – Nigeria
- Casablanca Stock Exchange – Morocco
- Egyptian Exchange (EGX) – Egypt
- Nairobi Securities Exchange (NSE) – Kenya
- Bourse de Tunis – Tunisia
- Botswana Stock Exchange – Botswana
- Ghana Stock Exchange – Ghana
- Rwanda Stock Exchange (RSE) – Rwanda
- Malawi Stock Exchange – Malawi
These ten markets collectively represent the bulk of listed companies on Africa’s exchanges and illustrate where companies, banks, insurers, and energy players access public capital most frequently. The JSE, NGX, and EGX stand out for not only the number of listed names but also the breadth of sectors—from mining and financials to telecommunications and consumer goods.
What drives counts of listed companies?
Several factors influence why some exchanges host more listed companies than others. Regulatory clarity, market integrity, and a robust corporate-governance framework increase issuer confidence. The depth of local equities research, the availability of investor education, and the presence of experienced market makers also affect listing decisions. Additionally, macroeconomic stability, currency reliability, and cross-border investment initiatives can attract companies to seek listings where capital access is most efficient.
Implications for investors and issuers
A higher number of listed companies generally translates into better liquidity, more diverse investment options, and wider sector exposure for investors. For issuers, a larger, well-functioning market can lower the cost of capital and enhance visibility with analysts and global investors. Africa’s top-listed markets also serve as bellwethers for regional economic activity—oil, mining, financial services, agribusiness, and infrastructure sectors frequently appear across the leading exchanges.
What this means going forward
As Africa continues to integrate its capital markets and accelerate reforms, the OECD report suggests a gradual expansion of issuer diversity beyond traditional sectors. Emerging fintechs, green-energy projects, and consumer-services firms are expected to deepen listing activity. Regulators, exchanges, and market participants could work together to streamline listing rules, improve corporate disclosure, and promote cross-listing opportunities across the continent to further grow the number of listed companies and, with it, investor confidence.
