African companies have raised only $220 billion in equity over the past 25 years, representing just 1% of global equity issuance and roughly 0.5% of the continent’s combined GDP, according to new data.
The figures come from the Africa Capital Markets Report 2025, published by the Organisation for Economic Co-operation and Development (OECD).
The international body, which promotes policies aimed at boosting economic growth, financial stability, and living standards worldwide, noted that Africa’s capital markets remained underdeveloped despite two decades of reform efforts.
The report warned that weak and shallow markets were limiting growth, increasing debt pressures, and hampering the continent’s climate ambitions.
The OECD, comprising 38 member-countries, said Africa’s economy has outpaced its financial markets, leaving both companies and governments without the depth of funding needed for long-term development.
The organisation, which serves as a policy think-tank and standard-setting forum, added that capital markets across Africa were too small, too shallow, and too concentrated to fulfil their expected role.
“Capital markets in Africa are not yet playing their expected role as engines of growth and shock absorbers,” the OECD said, noting that their current scale was insufficient for the continent’s development needs.
The OECD concluded that without deeper and more inclusive markets, Africa will struggle to finance growth, manage rising debt sustainably, and meet its climate commitments.
