Three of Africa’s five largest economies — Egypt, Nigeria and Algeria — have failed to make significant progress toward meeting the United States’ minimum fiscal-transparency requirements, according to the U.S. State Department’s 2026 Fiscal Transparency Report.
The finding covers three of the continent’s biggest economic powers.
South Africa, Africa’s largest economy, and Morocco, the fifth-largest, were not placed on the report’s “no significant progress” list, highlighting a clear divide among Africa’s leading economies in meeting U.S. standards for fiscal disclosure.
The five countries occupy a significant position in Africa’s economic landscape, collectively representing major markets across North Africa and sub-Saharan Africa. Their economies are driven by a mix of oil and gas, manufacturing, mining, services and financial activity, making transparency in public finances particularly important for investors and lenders.
However, the U.S. assessment is not a ranking of their overall economic governance.
