Uganda ranks fourth in Absa Africa Financial Markets Index 2023-Xinhua

Uganda ranks fourth in Absa Africa Financial Markets Index 2023

Source: Xinhua| 2024-02-06 22:16:30|Editor: huaxia

KAMPALA, Feb. 6 (Xinhua) -- Uganda maintained its fourth position with a score of 63 out of 28 countries surveyed in the Africa Financial Markets Index 2023.

The Absa Group survey, released in Kampala, the capital of Uganda, Tuesday, said that Ugandan government bonds were added to the FTSE Frontier Emerging Markets Government Bond Index, increasing their visibility in the global market.

In the East African region, Uganda ranked first, followed by Kenya with a score of 59, Tanzania with a score of 55, and Rwanda with a score of 44.

The survey showed that South Africa took the first position on the continent with 88, Mauritius second with 77, and Nigeria third with 67.

David Wandera, executive director of Absa Bank Uganda, said during the survey release that although Uganda maintained its ranking position of number four, its overall score declined from the 64 registered in the last financial survey, mainly due to a fall in foreign exchange reserves and liquidity.

According to Wandera, the survey evaluates financial market development in countries and highlights economies with the most supportive environment for effective markets.

Jeff Gable, chief economist at Absa Group, said that the index, now in its seventh year, has become a benchmark for the investment community to gauge African countries' market infrastructure and is used by policymakers to learn from developments across the continent. Absa Group is a South African-based financial services group.

Gable noted that just over half of the countries in the index have seen their scores improve year on year, with more than 20 countries in the index now having some form of environmental, social, and governance-linked financial policies.