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アフリカにおけるESG開示：現状の全体像

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

Joseph Mumba, Adesola Afolayan Olayinka

IJDIS📚 査読済 / ジャーナル2026-10-27#開示インフラ対象セクター: finance
DOI: 10.67221/xrfrtd47
原典: https://doi.org/10.67221/xrfrtd47

🤖 gxceed AI 要約

日本語

南アフリカ、ナイジェリア、ガーナ、ケニアの4カ国を対象に、2018〜2025年の規制文書・上場規則・企業のサステナビリティ報告書（240社・年）を7次元の枠組みで評価した。南アフリカはKing IVとJSE上場規則による成熟した法定制度を持つ一方、ナイジェリアとケニアは中央銀行主導で急速に制度化が進み、ガーナは依然として任意開示が中心である。全市場で規制導入と第三者保証の間に大きな実施ギャップが残る。IFRS S1/S2の導入状況を追跡するためのベースラインを提供する。

English

This study evaluates ESG disclosure regimes and corporate adoption across South Africa, Nigeria, Ghana, and Kenya (2018–2025), reviewing regulatory instruments, listing rules, and 240 corporate firm-years against a 7-dimension framework. South Africa shows a mature statutory regime (King IV, JSE rules), Nigeria and Kenya are rapidly formalizing via central bank mandates and exchange principles, while Ghana remains largely voluntary. A persistent implementation gap exists between regulatory adoption and third-party assurance, providing a baseline for tracking IFRS S1/S2 adoption in emerging African markets.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本企業にとって直接の規制影響は小さいが、新興国市場でのESG開示制度の多様性と保証ギャップを理解する材料となる。SSBJ基準の国際相互運用性を考える際、IFRS S1/S2導入の途上国事例として参考になる。

In the global GX context

This paper offers a timely baseline for ISSB adoption in emerging markets, highlighting heterogeneity in regulatory architectures and assurance gaps that global investors and standard-setters must navigate. It complements TCFD/ISSB implementation tracking in developed markets by documenting the institutional pathways in African capital markets.

👥 読者別の含意

🔬研究者:Provides a structured diagnostic matrix and empirical baseline for comparative ESG disclosure research in emerging economies.

🏢実務担当者:Helps multinationals assess disclosure expectations and assurance gaps when operating or investing in African markets.

🏛政策担当者:Offers a benchmark for capital market regulators designing ESG disclosure frameworks and moving toward ISSB adoption.

📄 Abstract（原文）

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.

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