Johannesburg, the business capital of South Africa, is the only city in Africa that can lay claim to being a fully fledged international financial centre (IFC). No others yet have equity and bond markets deep enough to entice many foreign companies to raise capital there.
But the race to set up another African IFC is on. Several countries hope to establish themselves as global financial hubs, including Kenya in the east of the continent. However, Africa's second IFC is most likely to be created in west Africa. Ghana would like Accra to take the designation, and Morocco is fiercely pushing for Casablanca to be the region’s financial capital.
