Index & Rankings
Discover the top-performers of Africa’s Sovereign Wealth Funds and decode the metrics that shape their success. Here, we shed light on our methodologies, indicators, sub-indicators, and definitions used to determine the rankings and indices for 2018 and 2022. Let this section be your compass, guiding you to explore our Index and Rankings.
A home-grown benchmarking and insights tool for the continent’s sovereign funds and investors
The African Sovereign Wealth Funds Index was first introduced in 2018 as a part of an-African-led initiative to introduce a benchmarking tool that could produce unique insights into the growth, performance and evolution of the continent’s SWFs. In 2022 the second edition was published. Going forward, the Index will be published biennially – with the next edition expected in 2024. The Index is presently undergoing a methodological update following extensive consultations between the authors and managers and leaders of the continent’s SWFs to inform its evolving scope and rigor.
What’s different?
Unlike most international SWF rankings – which are primarily based on size (AUM) of funds and/or a ranking of transparency/governance indicators, the African SWFs Index is designed to be different in the sense that it has a broader scope and addresses a much wider set of ‘developmental indicators’ that are especially relevant to the emerging African context.
The main indicators for the 2018 and 2022 editions are: Governance and Transparency (G&T), Investment Mandate, Size of Fund, and Diversity of Sources of Funding (S of F). However, by way of an upgrade, there are more sub-indicators in the 2022 edition than the maiden version
The 2018 seminal Index was themed on the overarching question: “How relevant are African SWFs, as currently structured, to their countries’ development financing needs?” The second edition builds on the previous theme to explore how the mechanisms and features of the influence of these funds upon national economic development have evolved.
Main Indicators & Sub-Indicators
| Indicators | Weight | Definition |
|---|---|---|
| GOVERNANCE & DISCLOSURE | 35.00% | We measure Governance & Transparency by assessing the;
|
| Soundness of Governance Structure | 15.00% |
|
| Financial Disclosure | 20.00% |
|
| SIZE | 30.00% |
|
| Nominal Size | 10.00% |
|
| Size/GDP | 20.00% |
|
| DOMESTIC INVESTMENT MANDATE | 25.00% |
|
| SOURCE OF FUNDING | 10.00% |
|
Breakdown of Indicators
| Indicators | Weight | Definition |
|---|---|---|
| GOVERNANCE & DISCLOSURE | 35.00% | This indicator measures the robustness of the governance, disclosure and transparency standards and structure of African SWFs underpinned by sub-indicators like: Soundness of Governance Structure, Financial Disclosure, as well as Risk & Investment Parameters |
| Soundness of Governance Structure | 10.00% |
|
| Financial Disclosure | 14.00% |
|
| Risk & Investment & ESG Parameters | 11.00% |
|
| SIZE OF FUND | 25.00% | This indicator assesses the size of SWFs based on their nominal size (AUM); ratio of fund size to the size of the economy; and the ratio of fund size to the age of the fund. |
| Nominal Size | 10.00% | Size is measured using Assets under Management (AUM) |
| Size/GDP | 10.00% | Ratio of fund size to country's current GDP |
| Size/Age | 5.00% | Ratio of fund size to the age of the fund |
| INVESTMENT MANDATE | 30.00% | This indicator examines whether funds have an original mandate to invest locally and continentally; and tracks evidence of investments in their domestic economies and regionally, as well as collaboration with other Funds to invest. |
| Existence of domestic investment mandate | 8.00% | Does the SWF have a clear government backed mandate to invest a percentage of its fund within the domestic economy? |
| Evidence of domestic investment | 12.00% | Is there documented evidence of at least one project/investment undertaken by the Fund in the home country or investment of some of its assets/financial instruments in the home country? |
| Existence of Pan-African mandate | 4.00% | Does the SWF have a clearly documented mandate to invest in other parts of Africa aside its home country? |
| Evidence of Pan-African investment or collaboration with other funds to invest in Africa | 6.00% | Is there a signed agreement or MOU between the fund and another Fund/Financial Institution or evidence of a joint project (in Africa) undertaken by the Fund and another Fund/Financial Institution |
| DIVERSITY OF FUNDING SOURCE | 10.00% | Is the fund solely dependent on a single source of funding (like natural resource exports) or is it designed to tap other diversified sources of funding? |
2022 African SWFs Index
| Rank | Country/Fund | Size (25%) | Mandate (30%) | S of F (10%) | G & T(35%) | Final Score (100%) |
|---|---|---|---|---|---|---|
| 1 | Nigeria | 2.70% | 30.00% | 5.00% | 35.00% | 72.70% |
| 2 | Angola | 4.10% | 30.00% | 2.50% | 32.00% | 68.60% |
| 3 | Ghana (GIIF) | 0.30% | 30.00% | 10.00% | 25.00% | 65.30% |
| 4 | Senegal | 1.90% | 20.00% | 7.50% | 35.00% | 64.40% |
| 5 | Botswana | 13.70% | 20.00% | 2.50% | 28.00% | 64.20% |
| 6 | Morocco | 2.10% | 30.00% | 5.00% | 21.00% | 58.10% |
| 7 | Rwanda | 0.70% | 20.00% | 5.00% | 29.00% | 54.70% |
| 8 | Ghana (GPF) | 1.20% | 20.00% | 2.50% | 28.00% | 51.70% |
| 9 | Egypt | 16.10% | 20.00% | 5.00% | 10.00% | 51.10% |
| 10 | Gabon | 6.10% | 20.00% | 5.00% | 12.00% | 43.10% |
| 11 | Uganda | 0.00% | 20.00% | 2.50% | 15.00% | 37.50% |
| 12 | Djibouti | 1.30% | 18.00% | 2.50% | 7.00% | 28.80% |
| 13 | Mauritania | 0.70% | 0.00% | 2.50% | 8.00% | 11.20% |
| 14 | Cape Verde | 2.60% | 8.00% | 0.00% | 0.00% | 10.60% |
| 15 | Equatorial Guinea | 0.50% | 0.00% | 2.50% | 2.00% | 5.00% |
2018 African SWFs Index
| Rank | Country/Fund | Size (30%) | Mandate (25%) | S of F (10%) | G & T(35%) | Final Score (100%) |
|---|---|---|---|---|---|---|
| 1 | Nigeria | 0.29% | 25.00% | 2.50% | 34.70% | 62.49% |
| 2 | Rwanda | 0.04% | 25.00% | 2.50% | 34.70% | 62.24% |
| 3 | Ghana | 0.58% | 25.00% | 2.50% | 33.20% | 61.28% |
| 4 | Angola | 2.37% | 25.00% | 2.50% | 26.70% | 56.57% |
| 5 | Sengal | 1.58% | 25.00% | 10.00% | 17.00% | 53.58% |
| 6 | Gabon | 0.17% | 25.00% | 5.00% | 17.00% | 47.17% |
| 7 | Botswana | 8.41% | 0.00% | 2.50% | 35.00% | 45.61% |
| 8 | Morocco | 1.92% | 25.00% | 5.00% | 7.00% | 38.92% |
| 9 | Libya | 28.83% | 0.00% | 2.50% | 2.00% | 33.33% |
| 10 | Algeria | 14.99% | 0.00% | 2.50% | 2.00% | 19.49% |
| 11 | Equatorial Guinea | 0.30% | 0.00% | 2.50% | 2.00% | 4.80% |
| 12 | Mauritania | 0.27% | 0.00% | 2.50% | 2.00% | 4.77% |
Ranking of Strictly Development/Strategic Investment Funds (SIFs)
| Rank | Country/Fund | Size (25% W) | Mandate (30% W) | S of F (10% W) | G&T (35% W) | Final Score (100%) |
|---|---|---|---|---|---|---|
| 1 | Ghana (GIIF) | 0.30% | 30.00% | 10.00% | 25.00% | 65.30% |
| 2 | Morocco | 1.70% | 30.00% | 5.00% | 21.00% | 57.70% |
| 3 | Egypt | 16.10% | 20.00% | 5.00% | 10.00% | 51.10% |
| 4 | Gabon | 6.10% | 20.00% | 5.00% | 12.00% | 43.10% |
Ranking of Hybrid Funds (Stabilization + Savings + Development)
| Rank | Country/Fund | Size (25% W) | Mandate (30% W) | S of F (10% W) | G&T (35% W) | Final Score (100%) |
|---|---|---|---|---|---|---|
| 1 | Nigeria | 2.70% | 30.00% | 5.00% | 35.00% | 72.70% |
| 2 | Angola | 4.80% | 30.00% | 2.50% | 32.00% | 69.30% |
| 3 | Cape Verde | 2.80% | 8.00% | 0.00% | 0.00% | 10.80% |
| 4 | Equatorial Guinea | 0.80% | 0.00% | 2.50% | 2.00% | 5.30% |
Ranking of Hybrid Funds (Stabilization + Savings)
| Rank | Country/Fund | Size (25% W) | Mandate (30% W) | S of F (10% W) | G&T (35% W) | Final Score (100%) |
|---|---|---|---|---|---|---|
| 1 | Botswana | 13.70% | 20.00% | 2.50% | 28.00% | 64.20% |
| 2 | Rwanda | 0.70% | 20.00% | 5.00% | 29.00% | 54.70% |
| 3 | Ghana (GPF) | 1.20% | 20.00% | 2.50% | 28.00% | 51.70% |
| 4 | Uganda | 0.00% | 20.00% | 2.50% | 15.00% | 37.50% |
| 5 | Mauritania | 0.70% | 0.00% | 2.50% | 8.00% | 11.20% |
Ranking of Hybrid Funds (Development + Savings)
| Rank | Country/Fund | Size (25% W) | Mandate (30% W) | S of F (10% W) | G&T (35% W) | Final Score (100%) |
|---|---|---|---|---|---|---|
| 1 | Senegal | 1.90% | 20.00% | 7.50% | 35.00% | 64.40% |
| 2 | Djibouti | 1.30% | 18.00% | 2.50% | 7.00% | 28.80% |