Tunisia holds a prominent position as the fifth-largest equity market in Africa by the number of listed companies, a new OECD report reveals, yet its financial scale remains marginal on the global stage. The 2025 analysis of African capital markets underscores a continent-wide challenge of depth and liquidity, with Tunisia exemplifying the trend of dense but undervalued exchanges.
According to the Organization for Economic Co-operation and Development (OECD), Tunisia’s bourse listed 79 companies by the end of 2024, placing it ahead of larger economies like Kenya and Ghana in terms of listing volume. However, the total market capitalization of these firms stands at approximately $8 billion—a fraction of the continent’s leaders and indicative of the “particularly small and illiquid” nature of African-listed entities noted by the report.
The data frames Tunisia’s standing within a continent struggling for global financial relevance. Africa overall accounts for just 5% of listed companies across all emerging markets and a mere 2% of their total market value. The combined capitalization of all African exchanges ($561 billion) is eclipsed by single companies or indices in developed markets.
Volume Versus Value: A Continental Divide
The OECD ranking highlights a stark divide between the number of listings and financial weight across Africa.
- Egypt leads in volume (245 companies) but with a total capitalization of about $45 billion.
- South Africa is the undisputed heavyweight, with the Johannesburg Stock Exchange’s $336 billion valuation making up nearly 60% of Africa’s entire equity market value.
- Nigeria (156 companies, $33 billion) and Mauritius (94 companies, $9 billion) follow in capitalization before Tunisia appears in the fifth spot by company count.
Despite its top-five ranking by listings, Tunisia’s market value is significantly overshadowed by peers with fewer companies. For instance, Kenya’s 61 listed firms command a market cap of roughly $15 billion—nearly double Tunisia’s total value.
The report concludes that the small median size and low liquidity of firms, common across African exchanges including Tunisia’s, deter large international institutional investors and increase the markets’ vulnerability to economic shocks. For Tunisia, the findings point to a financial sector with notable breadth but a pressing need to cultivate larger, more liquid domestic champions to increase its global financial footprint.
TunisianMonitorOnline (NejiMed)
