African listed equities are entering what could be the beginning of a new investment cycle after years of depressed valuations, according to executives at Imara Group, who argued during a recent webinar that improving liquidity, strong earnings growth and expanding financial inclusion trends are reshaping investor sentiment across the continent.
From frontier market to institutional asset class: how urbanisation, formalisation and digital inclusion are creating durable investment opportunities across the continent, and why exit pathways may be stronger than investors expect
Sanlam Allianz Investments Limited (SAIL) is strengthening its footprint as a key player in East African asset management, delivering a blend of regional expertise, disciplined investment processes, and a long-term focus on quality equities. Operating in Kenya since 1998, Uganda since 2004, and Tanzania since 2024, SAIL provides both investment advisory and asset management services across the region. A subsidiary of Sanlam Allianz Africa PTY Limited, the firm reported assets under management of US$5.7 billion as of December 2025, spanning institutional pension funds, retail unit trusts, and regional equity offerings.
For much of the past decade, West African sovereigns have approached the international capital markets with a familiar playbook. They announce a Eurobond, host investor calls in London, New York and other financial centers, and build a book with a well-known set of buyers: dedicated emerging-market funds, crossover accounts chasing yield, and development finance institutions providing anchor support. When global liquidity is plentiful, the process works smoothly. Orderbooks swell, spreads tighten, and governments can borrow at attractive rates.
One of the big themes that emerged late last year was a tangible shift in sentiment around South Africa. For the first time in decades, bank CEOs were saying firmly positive things, which were supported by plentiful data. After a complicated year with global power dynamics shifting in unsettling ways, South Africa quietly put in a remarkable run.
Africa’s CEOs are entering 2025 with strong confidence in economic recovery, resilience forged through prolonged uncertainty, and a clear focus on protecting their core businesses. According to PwC’s 29th Global CEO Survey, leaders across the continent remain more optimistic than their global peers about economic conditions and near-term revenue growth.
Long powered by private networks, diaspora capital, and an increasingly digital economy, Somalia is now taking a decisive step toward formal public markets with the launch of the National Securities Exchange of Somalia (NSES). In this interview with Africa Global Funds, Yasin M. Ibar, Chief Executive Officer of NSES, outlines how the exchange plans to begin trading in 2026, build investor trust through strong regulation and regional partnerships, and harness Islamic finance, technology, and diaspora participation to create a transparent, liquid frontier market aligned with East Africa and beyond.
Morocco’s private equity market has quietly transformed over the past decade from a niche corner of the financial system into a magnet for domestic and international capital. Relative macroeconomic stability, predictable policy, and a growing pool of mid-sized companies have positioned the kingdom as North Africa’s leading private capital hub. Unlike some regional peers, which continue to face political uncertainty or currency volatility, Morocco offers governance, legal frameworks, and financial infrastructure that reassure institutional investors.
Across Africa, governments are spending over $100bn annually on external debt service — often exceeding national budgets for health or education. As debt burdens rise, fiscal space is shrinking at the exact moment when investment in climate resilience, clean energy, and sustainable development is most urgent. Strengthening domestic debt markets and embedding sustainability into debt strategies can create a virtuous cycle: easing short-term repayment pressures while unlocking long-term, affordable capital for national priorities.
Africa stands on the threshold of a historic economic expansion. A powerful combination of youthful demographics, rapid urbanization, the rise of a confident middle class, and steady improvements in business environments has positioned the continent as one of the most compelling investment destinations of the 21st century.
As Africa undergoes a dramatic transformation in its financing landscape, global banks and investors are taking a renewed interest in the continent’s evolving capital markets. A recent report by Crisil Coalition Greenwich projects that Africa’s global markets financing revenues will reach $1.4bn by 2025, growing at a CAGR of 9%—a reflection of the region’s accelerating shift from traditional Eurobond issuance to more sophisticated instruments like Total Return Swaps (TRS), syndicated loans, and structured derivatives.
South Africa’s financial markets are undergoing a profound structural transformation that will reshape the landscape for banks, corporates, and particularly asset managers. The long-standing Johannesburg Interbank Average Rate (JIBAR), which has been the dominant interest rate benchmark for floating-rate instruments in the country, is being phased out. In its place, the South African Reserve Bank (SARB) is ushering in the South African Rand Overnight Index Average (ZARONIA)—a near risk-free rate (NRFR) designed to reflect real market transactions and enhance financial stability.
