African public markets are relatively young. Alongside Chinese finance, they are encroaching on space previously monopolised by donors. Despite the rapid growth of Africa’s public markets in recent years, the continent remains by far the most finance-constrained region in the world.

This report presents an overview of Africa’s public markets, highlighting seven features which make these markets special.

The unique characteristics of African markets act as a barrier to entry, but this should not deter investors. With specialist management skills, the value in Africa’s public markets can be unlocked readily.