Speakers at the ongoing 3i Africa Summit have called for stronger and more inclusive capital markets across Africa, stressing that the continent’s ability to attract long-term global investment will depend on building trust, liquidity, regulatory certainty and scalable financial infrastructure.
Speaking during a panel discussion on “Building Functional Capital Markets: Global Investment, Liquidity, and Africa’s Path to Scale,” industry leaders argued that Africa is not short of capital or opportunity, but continues to struggle with market structures that can support large-scale institutional investment.
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The discussion featured Joyce Boakye- Head of listing at the Ghana Stock Exchange, Darren Johnson, Rosa Whitaker and legal experts in the financial sector.
Opening the session, panelists noted that despite hosting some of the world’s fastest-growing economies and youngest populations, African capital markets still account for only a small fraction of global portfolio allocations.
They argued that investors are increasingly driven not by optimism alone, but by liquidity, confidence, predictability and the ability to enter and exit markets efficiently.
Speaking on Ghana’s efforts to deepen its capital markets, Joyce said the Ghana Stock Exchange has expanded its market segments to cater for large corporations, SMEs, debt issuers and alternative financing instruments.
According to her, the exchange now offers equity, debt, green bond, social bond and commercial paper markets to broaden investor participation and create more opportunities for businesses to raise long-term capital.
She explained that the exchange is also positioning itself to attract more pension funds and institutional investors into the real economy.
We are positioning ourselves in such a way that when it comes to raising capital, the exchange is the first place you think of and the preferred platform for investment,” she said.
Darren Johnson of Impax Asset Management said many global asset managers remain interested in Africa but face structural barriers that discourage large-scale investment.
He identified issues such as limited liquidity, weak currency hedging markets, inconsistent disclosure standards and operational challenges in repatriating funds as major concerns for foreign investors.
There is a lot of money that wants to come to Africa, but where can we put it? The opportunity is enormous, but the structures must inspire confidence,” he stated.
Johnson added that while African markets offer significant growth potential, institutional investors require predictable macroeconomic environments, standardised reporting systems and efficient settlement systems before committing more capital.
Meanwhile, Rosa Whitaker of The Whitaker Group urged African governments and private sector actors to improve how the continent presents investment opportunities to global markets.
She argued that Africa suffers from a “data translation problem,” where investment opportunities are not packaged in ways that global institutional investors can easily understand and assess.
Whitaker further advocated stronger lobbying and policy engagement in the United States to unlock pension and institutional capital for Africa.
According to her, Africa also needs to leverage digital finance, tokenisation and fractional ownership models to deepen participation in capital markets and bring informal sector players into formal investment ecosystems.
Africa’s next frontier is not just attracting capital. It is expanding what counts as capital, who can access it and how it is structured,” she said.
Panelists also highlighted the need for smarter regulation that encourages innovation while protecting investors and ensuring market stability.
They praised Ghana’s efforts to develop regulatory frameworks around digital assets, fintech innovation and market sandboxes, describing them as important steps toward modernising the continent’s financial architecture.
The discussion formed part of broader conversations at the summit focused on strengthening Africa’s financial systems and mobilising capital for economic transformation.
The next chapter of Africa’s growth story will not be written simply by attracting more investment. It will be written by building markets that are trusted enough and scalable enough to absorb long-term capital.” — Rosa Whitaker observed.
The 3i Africa Summit is a major continental platform dedicated to promoting Africa’s digital finance and innovation agenda through the pillars of Innovation, Investment and Impact.
Organised jointly by the Bank of Ghana and Ghana Interbank Payment and Settlement Systems, with support from partners including MTN Group and the Global Finance & Technology Network, the summit hwich was on theme “The next frontier, shaping Africa’s integrated fintech future”, convenes policymakers, central bank governors, regulators, fintech firms, investors and development partners from across Africa and beyond.
Held at the in Accra, the forum provides a strategic space for discussions on digital payments, financial inclusion, cross-border interoperability and regulatory alignment across the continent.
The summit also highlights critical areas such as mobile money growth, digital identity systems, fintech innovation, investment in digital infrastructure, regulatory harmonisation and the use of technology to advance the goals of the African Continental Free Trade Area.
Ultimately, the 3i Africa Summit seeks to drive Africa’s transition from fragmented financial systems to a connected digital economy capable of supporting trade, innovation and inclusive economic growth across the continent.
