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The Efficiency of African Financial Markets Tested Through the EGX30, MASI, NSE, and GSE Stock Indices

Author

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  • Jores Berby MBA NEGEANT

  • Georges Kriyoss MFOUAPON

Abstract

Purpose : Long overlooked in the financial literature, this study addresses the issue of financial market efficiency in Africa. It seeks to evaluate and comparatively analyse the weak-form efficiency of these markets, using their composite indices over the period from 2014 to 2024. \n Methodology : To this end, a robust methodological framework is employed, combining volatility analysis and its persistence, stationarity testing, and the random walk hypothesis. \n Results : The findings, derived from composite index data of four African financial markets (Egypt, Morocco, Ghana, and Nigeria), reveal that these markets are gradually and significantly evolving towards greater efficiency. \n Originality : These results indicate that the recent regulatory and legal reforms implemented within these economies are strengthening the financial governance of their markets and enhancing the integration of African countries into global trade networks. \n From a managerial perspective, the study recommends that investors should adopt long-term hedging strategies in response to the persistence of market shocks, alongside dynamic strategies to anticipate sudden fluctuations. Regulators on the other hand, should reinforce transparency, liquidity, and institutional reforms to reduce structural frictions and consolidate market efficiency.

Suggested Citation

  • Jores Berby MBA NEGEANT & Georges Kriyoss MFOUAPON, 2026. "The Efficiency of African Financial Markets Tested Through the EGX30, MASI, NSE, and GSE Stock Indices," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 17(1), August.
    • Handle: RePEc:jaf:journl:v:17:y:2026:i:1:n:1003
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    File URL: https://www.scientific-society.com/AF/article/view/1003
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    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • N8 - Economic History - - Micro-Business History
    • G3 - Financial Economics - - Corporate Finance and Governance

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