Environmental, social, and governance (ESG) factors are increasingly being priced into African M&A, but not evenly. In some sectors, ESG now carries clear premiums or penalties that shape valuation and deal certainty. In others, it remains largely peripheral, suggesting ESG’s influence is more selective than systemic.
The narrative around ESG integration has often run ahead of the evidence, yet recent transactions reveal where ESG is genuinely shifting pricing and execution. In other areas, it remains mostly symbolic, a box ticked for optics rather than impact. Still, the sustainability tide is rising, and the lagging sectors will likely feel its pull sooner than they expect.
This report offers private market professionals a perspective on ESG’s current place in West African deals. It highlights where ESG is already driving competitive advantage, where it’s still rhetoric, and how investors can capture compliance advantages in this evolving, two-tier market.
The mismatch between narrative and reality
ESG has entered the mainstream
