The Efficiency of African Financial Markets Tested Through the EGX30, MASI, NSE, and GSE Stock Indices

Authors

  • Dr. MBA NEGEANT Jores Berby UNIVERSITY OF DOUALA , University of Douala image/svg+xml
  • Pr MFOUAPON Georges Kriyoss University of Douala image/svg+xml

DOI:

https://doi.org/10.59051/joaf.v17i1.1003

Keywords:

Volatility, Financial Market, Efficiency, Composite Indices

Abstract

Purpose: Long overlooked in the financial literature, this study addresses the issue of financial market efficiency in Africa. It seeks to evaluate and comparatively analyse the weak-form efficiency of these markets, using their composite indices over the period from 2014 to 2024.

Methodology: To this end, a robust methodological framework is employed, combining volatility analysis and its persistence, stationarity testing, and the random walk hypothesis.

Results: The findings, derived from composite index data of four African financial markets (Egypt, Morocco, Ghana, and Nigeria), reveal that these markets are gradually and significantly evolving towards greater efficiency.

Originality: These results indicate that the recent regulatory and legal reforms implemented within these economies are strengthening the financial governance of their markets and enhancing the integration of African countries into global trade networks.

From a managerial perspective, the study recommends that investors should adopt long-term hedging strategies in response to the persistence of market shocks, alongside dynamic strategies to anticipate sudden fluctuations. Regulators on the other hand, should reinforce transparency, liquidity, and institutional reforms to reduce structural frictions and consolidate market efficiency.

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Author Biographies

  • Dr. MBA NEGEANT Jores Berby, UNIVERSITY OF DOUALA, University of Douala

    Jores Berby MBA NEGEANT is a researcher in Management Sciences. He holds a Doctorate in Business Administration and has been preparing a PhD dissertation since 2022 at the Faculty of Applied Economics and Management Sciences of the University of Douala.

    He serves as a teaching assistant for several academic courses in higher education institutions and works with various private Cameroonian companies as a consultant in accounting control and taxation. He is the author and co-author of several published scientific articles.

    His research focuses on finance and financial market efficiency, corporate finance, IFRS adoption, accounting strategies, the informational content of accounting figures, and taxation.

  • Pr MFOUAPON Georges Kriyoss, University of Douala

    Georges Kriyoss MFOUAPON is an Associate Professor of Management Sciences. Since July 2021, he has served as Head of the Department of Finance and Accounting at the Faculty of Applied Economics and Management Sciences of the University of Douala.

    He is the coordinator of the research team on the competitiveness of African organizations and is the author and co-author of around twenty scientific articles published in internationally recognized journals.

    His research focuses on the governance of African organizations, board effectiveness, control coalitions, IFRS adoption, accounting strategies, the informational content of accounting figures, shareholder wealth, and firm performance.

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Published

2026-08-02

Issue

Vol. 17 No. 1 (2026): Spring 2026

Section

Articles

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Copyright (c) 2026 Dr. MBA NEGEANT Jores Berby, Pr MFOUAPON Georges Kriyoss

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How to Cite

The Efficiency of African Financial Markets Tested Through the EGX30, MASI, NSE, and GSE Stock Indices. (2026). Journal of Academic Finance, 17(1). https://doi.org/10.59051/joaf.v17i1.1003

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