AfriCapital Review provides structured, sourced and dated evidence for professionals preparing African investment and strategy decisions. Not opinions, not forecasts — the record, with every claim traceable to its source.
You're writing an investment committee memo on an African market.
You're making a market-entry case to a board and need defensible sources.
You're on a credit committee assessing cross-border exposure.
You need to know whether capital can actually leave a jurisdiction.
Can capital and profits leave the country — and what changed?
| Market | Status | Repatriation position | Most recent change | Verified |
|---|---|---|---|---|
| South Africa JSE · ZAR | Open · registration | Capital introduced by non-residents may be repatriated without restriction, provided it was correctly recorded as inward capital and local tax obligations are met. Incoming equity or loan capital must be registered with an Authorised Dealer at the outset — unregistered loans cannot legally be serviced or repaid in foreign currency. | SARB removed interest-rate caps on foreign inward loans; rates now negotiable on a market-related basis. SARB Financial Surveillance → | 2026-07-30 |
| Nigeria NGX · NGN | Liberalising · documented | Repatriation of investment proceeds requires an electronic Certificate of Capital Importation (eCCI) obtained at the time capital enters. Without it, funds cannot be legally repatriated, however well the investment itself performed. Domestic transactions must generally be denominated in naira, with sector exemptions. | CBN Foreign Exchange Manual 2026 codified eCCI and reformed capital-importation and repatriation processes. Separately, international oil companies may now repatriate 100% of export proceeds through authorised dealer banks. CBN Reforms → | 2026-07-30 |
| Kenya NSE · KES | Open | No exchange control regime in force. The Foreign Investment Protection Act guarantees repatriation of capital and remittance of dividends and interest. Investors may convert and repatriate profits, including un-capitalised retained earnings. | No change identified as at 30 July 2026. | 2026-07-30 |
| Ghana GSE · GHS | Open externally | Non-resident investors face no limits or prior exchange-control approval, with full remittability of original capital, capital gains and related earnings. Note the domestic constraint: settling for goods and services within Ghana in foreign currency is prohibited without Bank of Ghana authorisation. | No change identified as at 30 July 2026. | 2026-07-30 |
| Morocco CSE · MAD | Controlled convertibility | Current transactions are largely liberalised; capital-account operations remain regulated by the Office des Changes under Law 41-05. Foreign investors have a guaranteed right to transfer dividends, net profits and disposal proceeds, subject to the investment being properly declared on entry. | IGOC 2026, effective 1 January 2026 — the most substantial reform in years. Introduces a ten-year rule allowing investors holding Moroccan assets for 10+ consecutive years to repatriate up to MAD 2 million annually in investment income without evidencing the original foreign-currency inflow. Office des Changes → | 2026-07-30 |
We publish five markets because five is what we can verify to a standard that survives scrutiny. Markets below are being researched and will be added only once each entry is sourced to a primary regulator and dated. We would rather cover fewer markets accurately than more markets approximately.
How to use this, and its limits. Entries summarise the published position of primary regulators as at the verification date shown on each row. Capital-control regimes change without notice and administrative practice can diverge from published rules. This is a starting point for diligence and a record of what changed — it is not legal or investment advice, and it does not replace transaction-specific counsel in the relevant jurisdiction. Where we get something wrong, the correction is published and the original entry preserved. See our methodology and editorial standards.
Capital-control changes rarely make headlines outside the country they affect — and they are usually the reason a thesis breaks. We email when an entry in this monitor changes, and once a week with what moved across African markets.
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