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Capital Access Index: Emerging Africa?
Nov 09, 1999
Glenn Yago, Juan Montoya, Madani Tall, Christian Yoka, and Thomas Mims

For years, some have hailed Africa as a land of unexploited opportunities for investors. International press coverage of famine, drought, and warfare - and economic fundamentals such as dependence on commodity exports - has led to dashed hopes and skepticism. Yet, mostly unreported, pockets of stability and reform are beginning to lead to renewed hope for an economic recovery of the continent. Some economists believe that lower-income countries should "catch up" and do better in the medium run as they close in on technological and other advances of industrialized nations.

Is Africa's emergence finally at hand?

The Milken Institute examined 11 of the countries on the continent that possess stock exchanges and ranked them in order of ease of access to domestic and international capital. Pockets of stability and reform are beginning to lead to renewed hope for an economic recovery of the continent.