Top 10 African countries with easy access to foreign exchange

The Absa Africa Financial Markets Index reported significant market developments in 2024. In Africa, South Africa tops the list for foreign exchange accessibility, scoring 87 out of 100.

• Business Insider Africa presents the top 10 African countries with easy access to foreign currency.
• The list is courtesy of Absa Africa Financial Markets Index.
• Among African nations, South Africa tops the list for foreign exchange accessibility, scoring 87 out of 100.

Access to foreign exchange is a critical component of financial market stability, influencing trade, investment, and overall economic growth.

But in Africa, many countries have had a tough time securing enough foreign currency due to factors like economic instability, fluctuating global commodity prices, and policy challenges.

However, some countries have made significant progress in ensuring easier access to foreign exchange, as revealed in the Absa Africa Financial Markets Index.

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Now in its eighth year, the index tracks financial market development across the continent, measuring how accessible, open, and transparent markets are.

This year’s report indicates an overall improvement, with 23 countries increasing their scores, a notable rise from 15 countries last year. This marks the highest proportion of improvement over the past seven years.

One of the key drivers behind these improvements has been more favourable global financial conditions, leading to enhanced activities in securities markets, better pension fund asset values, and stronger foreign exchange reserves.

Additionally, macroeconomic conditions have improved, with inflation declining across the continent, though exceptions like Angola and Nigeria remain.

Transparency in policies—especially in foreign exchange markets, monetary policy, and corporate credit ratings—has also seen significant gains.

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Among African nations, South Africa tops the list for foreign exchange accessibility, scoring 87 out of 100. The country’s well-developed financial markets, deep capital reserves, and flexible exchange rate system give it an edge.

Next up is Madagascar, coming in second with a score of 79, followed by Mauritius, which secures the third spot at 76.

Below are the top 10 African countries with easy access to foreign currency: