Environmental, Social and Governance (ESG) Disclosure in Africa: Current State of Play

ABSTRACT Purpose: This paper evaluates the operational landscape, regulatory architectures, and corporate adoption patterns of Environmental, Social, and Governance (ESG) disclosures across four key African capital markets: South Africa, Nigeria, Ghana, and Kenya. Design/methodology/approach: Utilizing a multi-jurisdictional documentary review protocol across the period 2018–2025, regulatory instruments, listing requirements, national accounting codes, and corporate sustainability reports (N = 240 corporate firm-years) were evaluated against a 7-dimension structural framework. Findings: The results demonstrate significant institutional heterogeneity. South Africa exhibits a mature statutory regime anchored by King IV and mandatory JSE listing rules. Nigeria and Kenya are undergoing rapid regulatory formalization driven by Central Bank mandates and stock exchange sustainability principles, while Ghana maintains a predominantly voluntary framework. Across all markets, a substantial implementation gap persists between regulatory adoption and third-party assurance. Originality/value: The study provides an empirical diagnostic matrix for capital market regulators and establishes a baseline for tracking the implementation of IFRS S1 and IFRS S2 standards across emerging African economies.