Rwanda has climbed three places in the 2024 Absa Africa Financial Markets Index, becoming the highest mover among 29 African nations evaluated for their financial market development.
The improvement reflects progress in market accessibility, transparency, and alignment with environmental, social, and governance (ESG) principles, as the country recorded a three-point increase in its overall score to 47 from 44 in 2023.
The annual index, produced by OMFIF in collaboration with Absa Group Limited, evaluates financial development across six pillars, including market depth, access to foreign exchange, and transparency. It serves as a benchmark for investors and policymakers, highlighting untapped opportunities and best practices across Africa.
Rwanda’s ascent in the rankings is attributed to significant ESG-driven initiatives. In September 2023, the country listed its first domestic sustainability-linked bond, underscoring its commitment to green financing. New climate-related financial regulations further cemented its leadership in fostering sustainable financial markets.
“Rwanda has fully embraced ESG principles, reflected in our recent listings in this category. We remain committed to continuous improvement, and our financial sector is poised for further growth,” Chief Executive Officer of the Capital Market Authority of Rwanda, Thapelo Tsheole, said.
Now in its eighth year, the Absa Africa Financial Markets Index ranks countries based on qualitative and quantitative criteria, offering valuable insights into the maturity, openness, and accessibility of African financial markets. Rwanda’s improved ranking reflects the country’s focus on market transparency and regulatory advancements, positioning it as a competitive destination for investment.
As the country continues implementing financial reforms and expanding ESG commitments, it signals a growing readiness to attract international investors and drive sustainable development in its financial sector.
