Job Description

Background

The African Capacity Building Foundation (ACBF) is a pan-African institution established in 1991 by African countries with the support of bilateral and multilateral partners. The Foundation’s mandate is to develop human capital and accelerate institutional development to enable the African continent to address its current and future sustainable development challenges. In this regard, it supports human capital development and institutional strengthening in governments, private sector associations, civil society organizations, think tanks, academia, and research institutions at national, regional, and continental levels to improve their capacity to deliver sustainable development results.

Since 2017, ACBF has also been recognized as a Specialized Agency of the African Union for Capacity Development, as conferred by African Heads of State and Government, with the mandate to drive the continent’s capacity development agenda.

ACBF is currently executing his Strategic Plan 2023-2027 seeks to enhance Africa’s transformation ecosystem with fit-for-purpose delivery capabilities for inclusive growth and sustainable development. The Plan focuses on four key impact areas namely: i) Climate Change and Energy for Productive Use, ii) Agribusiness and Food Sovereignty, iii) Trade as an Engine of Economic Development and iv) Economic and Social Governance.

Additionally, the Plan leverages ACBF’s institutional strengths in areas such as youth employment, gender, digitalization, and data, while fostering strategic partnerships for effective implementation.

About Capacity Development for Africa’s Structural Transformation (CADAST) Project

ACBF is implementing the African Development Bank Group (AfDB)-funded project namely the Capacity Development for Africa’s Structural Transformation (CADAST). It is an Institutional Support Project which aims to strengthen the capacity for structural transformation in Regional Member Countries (RMCs) for inclusive growth and sustainable development.

The specific objectives of the project include:

Enhancing intra-African trade effectiveness in RMCs to advance Africa’s regional integration agenda,
Strengthening economic and financial governance for green growth and efficient use of public resources in RMCs.

The project should contribute to strengthening the countries’ institutional capacity for implementing the African Continental Free Trade Area (AfCFTA) agreement and boosting regional integration. Also, the project should provide training, technical assistance, and policy dialogue, to enhance macroeconomic policy management in Africa. In addition, the project should strengthen the countries’ capacity to develop national capital and money markets for the development of the national financial sector which is critical for an effective domestic resource and debt management strategy.

Background and Rationale

Africa’s capital and money markets have shown notable expansion over the past decade, but they remain underdeveloped and fragmented. As of 2023, there are 30 stock exchanges operating across 39 African countries, with a combined market capitalization of approximately $1.8 trillion, dominated by exchanges in South Africa (Johannesburg Stock Exchange - JSE), Nigeria (Nigerian Exchange - NGX), Egypt (Egyptian Exchange - EGX), and Morocco (Bourse des Valeurs de Casablanca - BVC) .

However, market capitalization as a share of GDP averages 25% across African exchanges significantly below the global average of over 100% . Most capital markets are characterized by low liquidity, limited product diversity (e.g., few derivatives and Exchange Trad Funds - ETF), and weak participation from domestic institutional investors.

Africa’s money markets, primarily operating through central bank frameworks, are gaining traction through the development of government securities markets. Many countries now issue treasury bills, bonds, and central bank instruments to manage short-term liquidity and finance public expenditure. However, disparities in market depth, price discovery, and secondary market trading persist.

According to the AfDB African Financial Markets Index, only a handful of countries, including South Africa, Nigeria, Kenya, and Mauritius, score above 60 out of 100 on market development indicators such as access to Foreign Exchange (FX), regulatory quality, market transparency, and size.

Despite incremental growth, critical capacity gaps hinder the full development and governance of capital and money markets in Africa. These include:

Inadequate technical expertise in market supervision, regulation, and systemic risk monitoring,
Weak legal and institutional frameworks to support market development and innovation,
Limited coordination between public debt management strategies and capital market operations,
Insufficient knowledge of market instruments, investor protection, and disclosure practices,
Lack of platforms for peer learning and institutional cooperation across countries.

Addressing these capacity needs requires targeted and practical training interventions. The proposed regional workshop is designed to fill these gaps by equipping regulatory authorities, financial supervision bodies, and debt management offices with:

Foundational and advanced knowledge of capital and money market operations,
Practical tools and regulatory approaches for strengthening market oversight,
Strategic insights into integrating market development into macroeconomic policy,
A platform for sharing innovations, lessons learned, and collaborative solutions.

Ultimately, the workshop aims to support institutional transformation, foster market resilience, and enable African countries to mobilize domestic capital for development financing while aligning with continental goals under AfCFTA, Agenda 2063, and the African Peer Review Mechanism.

Objectives of the assignment

The main objective of the consultancy is to engage a qualified consultant to deliver training to officials from central banks, financial sector supervision authorities and Debt Management Offices (DMO) on national capital and money markets. Two training sessions will be held in-person for 25 participants for each session and will be implemented with interpretation service in both English and French.

Specifically, the training is expected to achieve the following objectives:

Enhance the understanding of the structure, functions, and dynamics of national capital and money markets in African countries,
Strengthen regulatory and supervisory capacities of financial system authorities to effectively oversee capital and money markets,
Improve integration of market development strategies with national debt and macroeconomic frameworks,
Facilitate knowledge exchange and peer learning among market regulators and policymakers.

Expected Outcomes

The workshop is expected to generate the following outcomes:

Have a clearer understanding of the challenges and opportunities in African capital and money markets,
Be equipped with updated knowledge on regulatory frameworks, supervision tools, and debt management strategies,
Develop practical skills to improve market oversight and integration efforts,

Establish a network for ongoing experience sharing and collaboration.

Target Participants

The workshop is designed for 50 officials from the central banks and financial sector supervision institutions and DMO of 12 selected African countries.

Scope of Work

The selected consultant will be responsible for carrying out the following tasks:

Pre Assessment: Conduct a comprehensive desk review to identify the specific training needs on the national capital and money markets,
Content Development: Develop detailed training content, methodologies and tools, including training manuals and modules aligned with the objectives outlined in Section 2,
Review and Validation: Collaborate with ACBF and relevant stakeholders to review and validate the content of the training materials,
Training Delivery: Provide technical support for the effective delivery of the training, including suggested training methods, materials, and evaluation techniques,
Training Report: Prepare comprehensive training reports for each session conducted. Each report should include:
A list of stakeholders and participants involved
The methodology and approach used during delivery
An overview of the training content delivered
Key findings and feedback from participants
Identified capacity gaps and recommended follow-up actions
A proposed roadmap for future capacity-building interventions in the national capital and money market.

Expected Deliverables

Based on the scope of work outlined above, the Consultant is expected to deliver two sets of training sessions to the central bank and financial sector supervision institutions of the selected countries.

At the conclusion of the assignment, the consultant is expected to submit the following deliverables:

Need assessment report: A comprehensive report that presents the key findings and results of the assessment,
Inception Report: A detailed report outlining the methodology, timeline, and work plan for the activity,
Draft Training Manuals: Initial drafts of the training manuals and modules. These drafts will be submitted for review and feedback by ACBF and other relevant stakeholders,
Final Training Manuals: Revised and finalized versions of the training manuals incorporating all feedback and aligned with the objectives of the assignment,
Training Delivery Guidelines: A structured guide outlining best practices, tools, and methods for delivering the training effectively. This should include facilitation tips, session plans, and evaluation methods,
Training report: A complete report on the progress of the workshop and the mission, including evaluation made by participants on the training. This should include pre- and post-training assessments, participant feedback, and recommendations for institutionalizing the use of national capital and money markets in their financial sector development strategy and their resource mobilisation and debt management strategy,
Policy brief: A concise, action-oriented brief summarizing key lessons learned, emerging best practices, and strategic recommendations for the adoption of national capital and money markets in their national financial sector development strategy.

Duration of the Assignment, Timing and Submission

The duration of the assignment is eight (08) months from December 2025 to July 2026.

The consultant will report directly to the Director of Programs and Impact Department at ACBF or his designated staff member.

Desired Qualifications, Experience and Competencies of the consultant

To successfully deliver the scope of work, the consultant should possess the following qualifications:

Experience:

Advanced degrees (Master’s or higher) in Finance, Economics or closely related fields. A Ph.D. is an added advantage,
A certificate in capital market and money market studies will be an advantage,
At least seven (7) years of proven experience in designing and implementing capacity-building programs focused on financial market development, resource mobilization and debt management, with a strong emphasis on the African context,
Demonstrable experience in conducting needs assessments, developing tailored training curricula, and delivering interactive training sessions on national capital and money markets development and regulation, as well as its interrelation with national and regional macroeconomic framework,
A strong understanding of the regional and national context related to the national capital and money markets,
Prior experience working with or within a central bank, capital market supervision and development agency of African countries or in Regional Member Countries (RMCs) is highly desirable,
Excellent research, analytical, and report-writing skills in English and French,
Proven facilitation and presentation skills, capable of engaging participants effectively through participatory and adult learning methodologies.
Proven track record in developing practical training materials and tools that facilitate.

Location and working arrangements

This assignment will be conducted through a combination of home-based and in-person training sessions in the selected countries. The consultant will be granted access to all relevant information necessary for the successful execution of the assignment. However, the consultant will be responsible for providing their own working equipment and facilities, including a laptop, internet access, telephone, scanner/printer, and any other tools required to perform the tasks. A stable and reliable internet connection is essential for the duration of the assignment.

Language

All reports shall be submitted in both French and English.

Interested individual consultants may obtain further information including the Terms of Reference at the address below during office hours (9:00am –17:00 hours). Expressions of interest must be submitted via email below or delivered to the address below by 1st December 2025 at 17:00 hours Harare time and mention the Procurement Reference Number and subject of Procurement.

Attention : Procurement Unit

Procurement Specialist

2 Fairbairn Drive, Mt Pleasant

Harare, Zimbabwe

Tel: +263 772 185 308 – 10

E-mail: submission@theacbf.org

Application Deadline: 1st December 2025 at 17:00 hours Harare time