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Africa Capital Markets Watch 2020

Our latest look at capital markets activities during 2020 and the ten-year period 2011-2020.

While many global markets experienced brief pauses in activity during 2020 followed by recoveries before the end of the year, the pause experienced in Africa capital markets have been prolonged.


Welcome to PwC’s Africa Capital Markets Watch 2020, our sixth annual publication examining both African ECM and DCM transactions.

ECM transactions included in our report comprise capital raising activities, whether initial public offerings (IPOs) or further offers (FOs), by African companies on exchanges worldwide and those made by non-African companies on African exchanges.

DCM transactions analysed include non-local currency debt funding raised by African companies, whether high-yield or investment grade.

Woman reading the 2020 Africa Capital Markets Watch publication on her tablet

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African equity markets

African EMC activity in 2020 was the lowest it has been in the last decade, recording a decline in value and volume by 2% and 23% respectively, compared to 2029.


African companies seized the opportunity of raising additional capital from the market in light of the liquidity concerns arising from the COVID-19 pandemic.

The value of FO activity in 2020 increased by 16% compared to 2019; $4.1bn was raised from 50 FO transactions compared to $3.5bn raised from 62 transactions in 2019.

ECM activity, 2011 - 2020

ECM activity, 2011-2020

Contact us

Ashley Schoombee

Ashley Schoombee

Partner, PwC South Africa

Tel: +27 (0) 11 797 4960

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