Catalysing Africa's growth through sustainable capital markets

FSD Africa is working to deepen African capital markets to reduce reliance on banks and external debt, leveraging an estimated $2 trillion in domestic assets. The organization employs a four-pronged strategy: policy and regulatory development, market infrastructure creation, product development (specifically GSSS bonds), and stakeholder convening. Key achievements include mobilising over $1.2 billion through 21 thematic bond transactions and establishing critical infrastructure like the Ethiopian Securities Exchange. Future priorities include carbon markets, sovereign debt management, and financing the energy transition.

• The organization supports the development of capital markets in Ethiopia from the ground up, including the establishment of the Ethiopian Securities Exchange (ESX) and the Ethiopia Central Security Depository (CSD).
• FSD Africa's Africa Regulatory Support Programme (ARSP) provided institutional strengthening to eight regulators in Ghana, Kenya, Nigeria, Rwanda, Uganda, Zambia, Zimbabwe, and the WAEMU region.
• FSD Africa is developing listed MSME funds in Ghana and Kenya to provide long-term local currency finance for small businesses, with a target first close of $50 million in Ghana and a proposed initial size of $300 million in Kenya.
• The report identifies significant barriers to African capital markets, including weak regulatory environments for green finance, high macroeconomic volatility, and a lack of technical skills in risk management and green finance.
• Future strategic priorities for FSD Africa include developing carbon markets, supporting sovereign debt management through debt-for-climate swaps, and addressing the USD 120 billion annual funding requirement for Africa's energy transition.

APA

FSD Africa (2024). Catalysing Africa's growth through sustainable capital markets. https://fsdafrica.org/wp-content/uploads/2025/05/Capital-Markets-Progres-Report-FSD-Africa.pdf

Chicago

FSD Africa. Catalysing Africa's growth through sustainable capital markets. 2024. https://fsdafrica.org/wp-content/uploads/2025/05/Capital-Markets-Progres-Report-FSD-Africa.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Catalysing Africa's growth through sustainable capital markets |date=November 2024 |url=https://fsdafrica.org/wp-content/uploads/2025/05/Capital-Markets-Progres-Report-FSD-Africa.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2024catalysing, author = {{FSD Africa}}, title = {{Catalysing Africa's growth through sustainable capital markets}}, institution = {FSD Africa}, year = {2024}, month = nov, url = {https://fsdafrica.org/wp-content/uploads/2025/05/Capital-Markets-Progres-Report-FSD-Africa.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }