The early rounds of first quarter exchange reports are in, and the Ghana Stock Exchange (GSE) is officially Africa's best performing securities market.
The GSE rally topped 43% as Tanzania, Nigeria and Zimbabwe rose more than 30% – all in dollar terms. The value of the dollar is weakening while African currencies are stable or rising, a turnaround after years of FX losses, boosting returns for local and foreign investors.
Nigeria's naira is the world's second-best performing currency this year, gaining more than 7% against the dollar in the quarter, according to Bloomberg.
Yields on fixed-income investments, especially bonds, are falling as central banks are lowering interest rates, driven in part by a decline in inflation, increasing investor confidence in security markets.
The gain in Ghana's world-leading 20% stock index tops 92 indexes tracked by Bloomberg. Only 11 other indices posted gains in the month of March, with South Africa's FTSE/JSE All Share Index, which fell 20%, being the weakest performer in dollar terms.
Ghana's fixed income market recorded a sharp increase in activity in February 2026, with total trading volumes climbing 88.29 percent compared to the same month last year, according to the official monthly report released by the GSE.
The Ghana Fixed Income Market (GFIM) recorded a total trading volume of GH₵41.64 billion in February 2026, up from GH₵22.11 billion in February 2025.
The value of securities traded in the same period increased by 113.88 per cent to GH₵38.26 billion from GH₵17.89 billion a year earlier. Combined, the cumulative volume in the first two months of 2026 reached GH₵78.55 billion, more than double the GH₵39.01 billion traded in the same period of 2025, an increase of 101.36 percent year-on-year.
Analysts have lauded Ghana's revised fiscal policies, which have helped reduce inflation, with interest rate cuts enhancing the country's economic outlook. The improved fundamentals have strengthened Ghana's brand as a leading market with an enabling business environment, even though underlying liquidity risks remain.
Telecom giant Airtel Africa led a strong rebound in the Nigerian stock market, surging 10% to gain ground on the Nigerian Exchange (NGX) and boost investor confidence after a massive selloff. The Nigerian stock market is set to get a further boost from the proposed IPO of Dangote Refinery later this year.
The highly anticipated listing on NGX is expected to position the refinery to unlock significant domestic and foreign investor interest while reshaping the debt and valuation dynamics of NGX. Chairman of Dangote Group, Alhaji Aliko Dangote revealed that Dangote Refinery shares will be listed on the NGX within the next four to five months.
Analysts predict that this is going to strengthen the Naira even further. On a related note, Nigeria's Zenith Bank is eyeing a London listing in its global growth strategy. Lithium Africa Corporation
(TSXV:LAF) (FSE:6MQ) “Lithium Africa” announced that it has commenced trading on the Frankfurt Stock Exchange (“FSE”) under the symbol “6MQ”.
The recent listing of Kenya Pipeline Company is generating significant momentum on the Nairobi Stock Exchange (NSE).
The company's IPO closed oversubscribed, the results of which revealed that rumored Kenyan institutional investors were mostly National Social Security Funds, and East African buyers absorbed most of the KSh106.3Bn share sale.
It is anticipated that the recent Safaricom MPESA Zidi trading app launch will further increase East African exchange activity, especially since MPESA has just surpassed 40 million active users.
Trading on the NSE entered a new phase following the rollout of Safaricom's Zidi Trader, which pushed daily equity deals above 20,000 for three consecutive sessions, breaking long-standing records.
According to Bloomberg, the JSE has seen its listings decline over the period 2017 to 2024, but listing activity increased in 2025 and is expected to continue in 2026.
Dipula Properties is set to enter a new phase of growth and visibility following its inclusion in the major FTSE/JSE property indices, a development which underlines its growing profile within South Africa’s listed real estate sector.
The JSE has also listed Ivy EasyETFs AI Innovation Actively Managed Exchange Traded Fund (AMETF), which offers investors exposure to global artificial intelligence opportunities through a single locally traded instrument.
The fund, traded under the code IVYAI, provides access to companies developing and implementing AI technologies in various sectors.
Meanwhile, Optasia, which went public on the JSE last year as Africa's first local fintech IPO, acquired Finergy for $29.2M in an energy-credit convergence play.
South Africa's anti-trust regulator is in private talks with the telecoms industry about relaxing competition rules, signaling that regulators in Africa's biggest economy may be willing to make changes that could spark a wave of M&A in the region.
The discussion is a direct response to calls for looser industry regulations led by MTN Group, Africa's largest mobile operator, which argues that existing rules, written for cheaper voice calls, risk leaving the country behind as operators around the world band together to finance 5G and AI.
MTN Group CEO Ralph Mupita, who is currently chairman of global mobile industry body GSMA, gave examples
From China, India and the US, where some of the major players have worked extensively to roll out 5G and fiber nationwide, and South Africa should consider similar integration to attract the investment needed for 5G, 6G and AI.
Shoprite Group has announced plans to acquire a majority stake in R&A Cellular, a point-of-sale service provider focused on the informal market, pending regulatory approval. Shoprite said the acquisition was a deliberate step towards expanding its financial services ecosystem into South Africa's informal economy.
The Aga Khan Fund for Economic Development sold its majority stake in Nation Media Group to Tanzanian businessman, Azizi's Tarifa Group, ending 66 years of leadership of the Aga Khan IV family and marking Kenya's most significant media ownership change in decades.
Nation Media Group owns East Africa's leading newspapers, including Daily Nation, Business Daily and The East African.
In Uganda, it is the owner of the monitor.
And in Tanzania, it publishes Mwanaspoti and Mwananchi ni Swahili and The Citizen, while in Rwanda, it has Rwanda Today. It also owns several TV and radio stations and news websites. Nation Media Group shares have gained nearly 30% on the NSE since the transaction was announced.
Centum Investment Company has completed the sale of its entire remaining interest in Sidian Bank, closing a 22-year investment that began as a speculative 1.66% stake in a microfinance institution and ended with a total cash realization that appears to exceed the original entry cost.
The NSE-listed investment firm announced on March 12, 2026 that it has sold its 50% stake in Bakki Holdco Ltd, a holding vehicle through which it holds a 13.6% stake in Sidian Bank. The first exit attempt came in June 2022, when Centum signed a binding agreement to sell its entire 83.43% stake to Access Bank of Nigeria for KSH4.3B, against a total entry cost of approximately KSH4.7B.
Equity Group is restructuring its technology and data division into an independent entity by the end of 2026, aiming to separate its high-growth fintech operations from its core banking business.
Nigerian digital payments provider MoneyPoint has acquired a 78% stake in Kenyan microfinance bank Sumac, building on a sweeping trajectory that has made it one of Africa's fastest-growing financial services companies. MoneyPoint has evolved over the past five years from a provider of technology solutions for banks to a digital bank itself, renowned among merchants for fast transactions. Last year it launched an international remittance service to target payments by Africans living abroad. In a related development, MoneyPoint has also acquired Orda Africa (“Orda”), an end-to-end business management platform for restaurants and food businesses. Orda has joined MoneyPoint, expanding its solutions for food service businesses.
These are strategic acquisitions to expand their footprint on the continent as well as enter into regions where their payment processing platform can carve out a niche. MoneyPoint is making this acquisition alongside the $200 million Series C it recently raised to expand financial inclusion in Africa.
Converted, a company specializing in AI-powered advertising technology for emerging markets, has announced the acquisition of Micha, one of Egypt's leading e-commerce platforms dedicated to supporting local designers. This acquisition is a strategic step towards expanding a data-driven digital commerce ecosystem focused on measurable results and real conversions. By integrating Micha's network of designers and clients, Converted aims to strengthen its ability to create ad products that convert marketing spend into verified sales.
UK-based software provider Clipboard has acquired South African sales operations platform Skynamo. Skynamo was founded in 2012 (originally as Honeybee) by Sam Clark (CEO). The company provides a mobile-first, cloud-based platform for manufacturers, wholesalers and distributors. Clipboard is a global provider of vertically focused business management software serving more than 55,000 enterprise and SMB customers worldwide.
Between 2016 and 2025, fifty African ventures raised $100 million from Ghana, Senegal, Algeria, Tunisia, Egypt, Nigeria, Kenya, Rwanda and South Africa. These companies belong to the next generation M&A class and are candidates for IPOs – they will accelerate the growth currently being experienced by exchanges – the future looks bright.
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