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Investment Basics XLIV: Review of African stock markets

  • Mlambo, Chipo
  • Biekpe, Nicholas

African stock markets have rapidly increased in number since 1989. This rapid increase came with the efforts to privatise state-owned enterprises. African markets are still young and segmented and lack contagion with global emerging markets. Expected returns are quite high on African stock markets making them attractive to international investors. However, African markets are also characterised by poor liquidity and market inefficiency. This, coupled with unfavourable laws and regulations, political instability, foreign exchange and convertibility risk, taxation, limited share acquisitions and restrictions on foreign portfolio investment have constrained the growth of these markets. Relaxing or eliminating investment restrictions will promote foreign portfolio investments resulting in improved liquidity and efficiency. This will give African stock markets increased growth potential and enhance their role in economic growth.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24973.

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Date of creation: Oct 2001
Date of revision: Dec 2001
Publication status: Published in Investment Analysts Journal 5.54(2001): pp. 61-65
Handle: RePEc:pra:mprapa:24973
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