The World to Africa.

Africa is entering a new phase in global investment strategy as investors place greater emphasis on stability, professionalisation and long-term market access. The question is no longer only where growth may come from, but which markets can support deeper, more durable investment over time. Why are more investors planning to increase exposure to Africa before 2028? How are improving access conditions and rising interest in private markets reshaping the continent’s investment profile?

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The Context

Key findings

Africa active today

Participation

Europe and Africa are leading the way, while North American interest is rising quickly.

Current participation reflects growing confidence, although access and infrastructure barriers remain.

Near-term growth plans

Growth

North American investors show the highest near-term growth expectation of any region.

African markets are moving from an emerging opportunity to an active allocation target.

Reform unlocks flows

Reform

Foreign exchange liquidity and restrictions remain the main barrier – reform here would unlock the most meaningful flows.

The investment case is clear, but operating and regulatory conditions will determine how quickly capital follows.

Interest in Africa's markets is growing, but confidence still depends on clearer market access, stronger infrastructure and fewer barriers to cross-border investment. The data points to real momentum, alongside practical constraints that still limit wider participation.

What is driving global investors towards Africa today? What still needs to change for investment flows to scale more broadly across the continent?

The findings are based on an industry-wide benchmarking campaign examining how global investors assess the case for investing into Africa, including current participation, near-term growth expectations and the conditions needed to unlock more flows.

Produced in partnership with Standard Bank, Bank of New York Mellon (BNY Mellon), Malaysian Investment Development Authority (MIDA), African Private Equity and Venture Capital Association (AVCA), Southern African Venture Capital and Private Equity Association (SAVCA) and Global Custodian, the research highlights:

44% of respondents are already investing into Africa, with participation strongest in Europe and Africa at 45%

34% plan to increase investment: near-term interest remains strong, including 58% of North American investors expecting to begin investing soon

53% cite local market reforms: respondents see reform as the main trigger for increased capital flows into African markets

Foreign exchange (FX) liquidity remains a barrier: foreign exchange liquidity and restrictions continue to limit broader investment activity

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Podcast

Africa is moving closer to the centre of global investment discussions as capital flows, portfolio growth and investor priorities continue to shift. The focus is no longer only on long-term potential, but on where firms now see practical opportunities to increase exposure.

This episode brings together perspectives from Standard Bank, BNY Mellon and The ValueExchange to examine the forces shaping investment into African markets and what current momentum may signal for 2025 and beyond.

The episode highlights:

African portfolios are expected to grow by 40% in the next two years

Underweight investors could allocate US dollar (USD) 3.7 billion in new flows by 2027

Private markets, sustainability and digital infrastructure are becoming more central to the investment case

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Investment whitepaper

Africa active today

Participation

Interest is particularly strong among mid-tier asset managers, where many firms see clear room to increase exposure.

The increase reflects growing confidence in African markets, even as access and infrastructure barriers remain.

Portfolio growth expected

Growth

One in four firms reported FX restrictions are not just an operational issue, but a fundamental barrier to access.

The growth expectation is broad-based, spanning both established and emerging market participants.

Digital sector focus

Digital

Strong year-on-year asset growth points to significant return potential, even where investors continue to face market access and operating challenges.

The digital focus reflects both the sector’s commercial momentum and the view that infrastructure investment will support broader economic growth.

Investor interest in African markets is increasing, but the path to greater investment flows remains uneven. Growth potential is clear, yet foreign exchange (FX) liquidity, settlement reliability and market access continue to shape how firms assess risk and opportunity.

What is driving stronger investor confidence in Africa today? What operational and market barriers still need to be resolved to support broader and more sustained capital inflows?

The whitepaper examines how reforms, market innovation and investor behaviour are reshaping the African opportunity set. It looks at growing interest in bonds, the role of speed and local expertise, and the operational challenges that continue to affect investment decisions.

The research, produced in partnership with Standard Bank, highlights:

50% of global investors say they plan to increase their exposure to African markets

FX volatility remains a major constraint, while 25% of respondents cannot see past the threat of FX restrictions

African markets are delivering 40% annual asset growth, underlining the scale of the opportunity despite operational and access barriers

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Global investors whitepaper

Africa active today

Participation

Investing into Africa has moved from idea to action — participation has risen meaningfully since 2021.

The increase reflects growing confidence in African markets, even as access and infrastructure barriers remain.

Portfolio growth expected

Growth

Half of institutional investors plan to increase allocations, and mid-tier managers expect to add nearly USD 300 million to their African exposure.

The growth expectation is broad-based, spanning both established and emerging market participants.

Digital sector focus

Digital

Capital is increasingly targeting digital infrastructure — including telecoms, fintech and emerging technologies — as the highest-growth opportunity set in the region.

The digital focus reflects both the sector’s commercial momentum and the view that infrastructure investment will support broader economic growth.

The African investment landscape is evolving as more institutional investors move from interest to active allocation. Growth expectations are rising, capital is becoming more targeted and the role of digital infrastructure is becoming more central to the long-term opportunity.

How are global investors increasing exposure to African markets? Which parts of the opportunity set are drawing the strongest interest as allocations continue to rise?

The whitepaper examines how investors are approaching African markets today, where portfolio growth is expected and how sustainability, digital infrastructure and market access are influencing investment decisions across the region.

The research highlights:

Investor participation has risen from 57% in 2021 to 63% in 2024, showing a clear shift from interest to active allocation

African portfolios are expected to grow by 40%, with half of institutional investors planning to increase allocations over the next two years

Africa's digital sector now accounts for 40% of offshore investment, with capital targeting telecoms, fintech and emerging technologies

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Report

African allocations rising

Growth

Africa is moving closer to the centre of portfolio strategy as more investors prepare to increase exposure over the next two years.

The shift suggests the continent is increasingly being viewed as a long-term allocation rather than a peripheral opportunity.

Access barriers are easing

Access

Improvements in FX liquidity, regulation and transparency are beginning to reduce the barriers that have historically limited investment.

Access remains uneven, but conditions are improving across the markets investors view as most credible.

Private market momentum

Private Markets

Private markets are becoming a larger part of the African investment case as investors look for deeper, more durable exposure.

This trend is reinforced by 83% of small and mid-tier investors also expecting their African exposure to rise."

Africa is entering a new phase in global investment strategy as investors place greater emphasis on stability, professionalisation and long-term market access. The question is no longer only where growth may come from, but which markets can support deeper, more durable investment over time.

Why are more investors planning to increase exposure to Africa before 2028? How are improving access conditions and rising interest in private markets reshaping the continent’s investment profile?

The report examines investor sentiment, operational improvements and market developments shaping Africa’s investment landscape in 2026. Based on input from 115 global respondents, it looks at how access conditions are changing, where momentum is concentrating and why private markets are becoming more important to future growth.

The research, produced in partnership with Standard Bank, highlights:

74% plan to increase African investments: most respondents expect to expand exposure before 2028 as Africa becomes a more central part of portfolio strategy

49% say Africa is easier to access: operational barriers are beginning to ease as FX liquidity, regulation and transparency improve

93% of wealth managers expect private market growth: private markets are becoming a more important part of the investment case across the continent