Why it's wrong
May sound like neutral investor shorthand, but the term frames African economies as inherently risky and carries colonial undertones of untapped, unexplored places waiting to be discovered.
What's actually true
African markets have decades of investment history and functioning stock exchanges. Africa has 30 stock exchanges. In 2024, private capital fundraising more than doubled to US$4.0 billion, deal volume rose 8%, and exit activity increased 47%, according to AVCA.
Don't say · Say instead
Don't say
“Africa is a frontier market.”
Say instead
“Many countries in Africa are growth markets.”
Shorthand: Growth markets
When this might not apply
Some asset managers use "frontier" as a defined index category (e.g. MSCI Frontier). When the term is technical, cite the index by name; otherwise prefer "growth markets" or the country’s own classification.
Sources
- 01.avca.africa
- 02.uneca.org