Cabo Verde Makes Strong Debut in Finance Rankings

Cabo Verde is the leading Portuguese-speaking nation in an African finance index backed by the United Nations Economic Commission for Africa.

Today, the country’s stock exchange shared this news.

Cabo Verde scored 45 out of 100 and ranked 16th overall. South Africa took the top spot with 88 points. This ranking is a joint effort by the OMFIF and the Absa financial group.

Among Portuguese-speaking countries, Angola and Mozambique follow Cabo Verde. Angola ranks 20th, a drop of three spots from last year.

Mozambique is in 24th place, down two spots. Miguel Monteiro, President of Cabo Verde’s Stock Exchange, spoke at a press conference.

He said the country can climb higher, even though the current ranking isn’t the highest. “It’s a good start,” he noted.

Short-term, the country aims to be in the top 10. In the medium term, the goal is the top 5.

Monteiro added that these goals align with Cabo Verde’s usual ranks in other African lists.

In specific areas, Cabo Verde performed well. It ranked seventh in foreign exchange access and tenth in local investor empowerment.

Monteiro said these ranks show the country’s commitment to easy international deals and local investment.

On the flip side, Cabo Verde scored lower in macroeconomics, regulation, taxes, and transparency. Monteiro is confident that the government is working to improve these areas.

Being in the index for the first time shows Cabo Verde’s growing importance, according to Monteiro.

The report also praised the country for issuing its first ‘blue bond,’ a type of environmentally friendly investment.

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