Independent Investment Research · Ghana & Africa
Market Intelligence
Treating Africa as a single allocation decision has always been analytically lazy. In the current cycle it is actively misleading — dispersion between markets now explains more of the outcome than the regional decision does.
Our Framework
Fiscal stress transmits simultaneously into yields and the currency, which is why it explains more about returns than the growth rate does.
Markets with substantial domestic pension capital have held up better during foreign outflows, because that capital has local-currency liabilities and does not need to convert.
Across most African markets the difference between local and hard-currency returns has exceeded the local return itself.
A position that cannot be exited at quoted prices within a reasonable period is an illiquid holding, whatever the screen shows.
Coverage
| Market | What we track |
|---|---|
| Nigeria | NGX equities, FGN bonds, naira, inflation and monetary policy |
| South Africa | JSE equities, SAGB yields, rand, SARB policy |
| Kenya | NSE equities, Treasury yields, shilling, CBK policy |
| Egypt | EGX equities, T-bills, pound, CBE policy |
| Morocco | CSE equities, sovereign yields, dirham |
| Côte d'Ivoire | BRVM equities, WAEMU regional bonds, CFA franc |
| Rwanda | RSE equities, sovereign yields, franc |
On data for these markets
Live pricing for African exchanges requires licensed data agreements that FlowWealth has not yet put in place. Rather than publish figures we cannot properly source, this page sets out our analytical framework and links to the research. Market data will appear here once licensing is agreed — see our data sources policy.
Analysis
Treating Africa as a single allocation decision has always been analytically lazy; in the current cycle it is actively misleading. We examine why the dispersion between African markets has widened, which variables explain it, and what that means for investors making country-level decisions.
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