Review of Africa’s Capital Markets between 2010 and Q1 2020

This document is based on a webinar organized by the MFW4A Secretariat and PricewaterhouseCoopers (PwC) and entitled “Review of Africa’s Capital Markets between 2010 and Q1 2020”. After several years of rapid growth and transformation, African equity capital markets activity has seen a downward trajectory over the past three years as major economies on the continent are faced with fiscal sustainability challenges due to growing debt levels and slow economic growth. Equity capital markets value in 2019 was the lowest seen over the past decade, while the volume of deals was only lower in 2012 (PwC, 2020). At the same time African economies are faced now with an incredible challenge with the COVID-19 pandemic.This webinar explored the impact of COVID-19 on African capital markets. Following a presentation of the key findings of the recently published "2019 PwC Africa Capital Markets Watch" highlighting key trends in Africa equity and debt capital markets, the speakers discussed how the pandemic is affecting emerging trends. They also shared their views on the role the capital markets can play to help mitigate the consequences and the key challenges in the current environment.