Absa Capital's headquarters. Picture: SUPPLIED
They said the country, which achieved an overall score of 88 out of 100, with its nearest competitor, Mauritius, scoring 75, must continue to do more to develop its financial sector. “The overall trend has been one of improvement. Countries are catching up to South Africa, and they must not become complacent,” says Danae Kyriakopoulou, chief economist and director of research at the Official Monetary and Financial Institutions Forum which assists Absa in the construction of the index.
According to Absa’s head of global markets for regional operations, George Asante, SA was surpassed in two of the pillars for the first time. This included in the field of macroeconomic opportunity, where Egypt overtook SA on account of its more attractive economic growth potential, and pillar six, which saw SA concede dominance due to Kenya and Mauritius’ superior insolvency regimes.
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