These African countries don’t have stock exchanges

Africa, home to 54 countries, has 30 stock exchanges, including two regional bourses.

More than 20 countries have no national stock exchanges while some have access to regional bourses. The Bourse Régionale des Valeurs Mobilières (BRVM) is the regional stock market for all the member states in the West African Economic and Monetary Union, namely: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The Central Africa Securities Exchange (BVMAC), a common stock market for member states of the Economic and Monetary Community of Central Africa including Gabon and Equatorial Guinea.

Lesotho

There is no stock exchange in Lesotho, as companies can list on the Johannesburg Stock Exchange, the continent’s biggest bourse.

Liberia

Liberia has no stock exchange or any appreciable capital market.

South Sudan

South Sudan has no securities exchange or publicly listed companies.

Eritrea

There is neither a functioning public market for capital in Eritrea nor is there an established stock market

Djibouti

Djibouti does not have its own stock market, but some multinational companies with investments in Djibouti are publicly traded.

Chad

Chad does not have a stock market and has no effective regulatory system to encourage or facilitate portfolio investments.

Comoros

There is no stock exchange in the country, nor are there primary or secondary fixed-income markets for government or commercial debt.

READ MORE: [LIST] Number of African stock exchanges now 30 as Ethiopian bourse goes live

Mauritania

Mauritania does not currently have a stock exchange, but it is working to establish one. The Central Bank of Mauritania has partnered with the London Stock Exchange to create the Nouakchott Stock Exchange.

Republic of Congo

The Republic of Congo (RoC) does not have a stock exchange. RoC-based companies may be listed on Cameroon’s Douala Stock Exchange or the regional bourse, Central African Securities Exchange.

Madagascar

There is no stock exchange in Madagascar, and plans to create one were scuttled while they were still in the analysis and study phase by the 2009 political crisis.

São Tomé and Príncipe

São Tomé and Príncipe does not have a stock market. However, the country does allow foreign investors to get credit on the local market.

Burundi

There is no operational stock market in Burundi, and the government finances its deficit mainly by issuing public securities bought by commercial banks, insurance companies, and pension funds. Although the country established its first capital market – the Burundi Stock Exchange – in January 2024, it is not yet operational.

The Gambia

The Gambia does not have a functional stock exchange. However, the country launched its first capital market in 2023, which includes a stock exchange.

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