This study examined the impact of financial liberalization on stock market performance in selected African countries from the period 1986-2020. The study utilized ARDL bound test approach to analyze the results using both the cross-country comparative and panel data technique. Foreign direct investment, foreign portfolio investment and current account balance were adopted as measures for financial liberalization, while stock market capitalization was used as the stock market performance indicator. The findings showed that foreign direct investment, foreign portfolio investment and current account balance had positive and significant impact on stock market capitalization in Africa. Based on the result, the study recommended that, government and other regulatory agencies, must take proactive steps in ensuring that stringent restrictive policies are relaxed on the ease of doing business, and introduce legislation that promotes the establishment of free trade zone and tax break for investors, and also boost investors’ confidence through the instrumentality of transparency in information disclosure.