Testing Weak Form of Efficiency: Evidence from selected  African stock markets

Boufama, Omar; Rogova, Elena

دراسات اقتصادية
Volume 12, Numéro 1, Pages 380-402
2025-06-01

Testing Weak Form Of Efficiency: Evidence From Selected African Stock Markets

Authors : Boufama Omar . Rogova Elena .

Abstract

This study aims to test a weak-form efficiency of selected financial markets over the period of 2023-2024. Sample study consists of financial market indices for a number of African markets. The African countries concerned in this study are Algeria, Ghana, Morocco, Nigeria, Tunisia and BRVM (a regional market for eight 8 African countries). Applying variance ratio test, runs test and autocorrelation test to assess whether stock prices follow a random walk, we revealed that only two financial markets, namely, Morocco and BRVM, exhibit a weak-form efficiency. The other markets are inefficient based on the results of three tests. This study is one of the first to include the Algiers Stock Exchange in the sample.