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Africa - The Ultimate Frontier Market: A guide to the business and investment opportunities in emerging Africa by David Mataen

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Chapter 8: Development of Capital Markets

Background and perspective

As recently as 1990 there were only nine stock exchanges in the whole of Africa – in Botswana, Morocco, Egypt, Ghana, South Africa, Kenya, Nigeria, Tunisia and Swaziland. Now almost every country in SSA has a stock exchange; a total of 29 stock exchanges are fully operational, representing 38 nations. [128] It is within the economic policy of each SSA country to have a fully fledged financial market that includes a dynamic capital market. Between 2007 and 2009, over $10 billion was raised in equity offerings across 18 stock exchanges thanks to the listing of 170 new companies. The market capitalisation of the ten largest markets grew from $222 billion to over $700 billion ...

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