As foreign funding to Africa continues to decline, Morocco is emerging as a leading example of how countries can rely more on their own resources to support development, says a new report by the Mo Ibrahim Foundation.
The report says that Morocco is one of the few African countries that has managed to strengthen its internal financial capacity despite a sharp drop in external aid.
According to the report, official development assistance to Africa has decreased by around 38%, while the continent receives only 2.8% of global climate finance.
In contrast, Morocco has made significant progress. Remittances from Moroccans living abroad reached approximately $11.8 billion in 2023, placing the country third in Africa in terms of remittance volume.
These funds are playing a growing role in supporting the national economy.
The report also highlights the Mohammed VI Investment Fund as a major tool for sovereign financing in Africa.
The fund plays a key role in backing infrastructure and industrial development projects.
As global financial systems remain unequal, with Africa holding only 6.5% of the voting power in the International Monetary Fund, despite making up 19% of the world’s population, countries like Morocco are turning to local solutions.
The report says that Morocco is working to diversify its financing methods, including the use of diaspora bonds and stronger public-private partnerships, especially in the energy and climate sectors.
The report calls for a shift in strategy across Africa, suggesting that countries aim to raise between 75% and 90% of their development funding from within.
This strategy shift would involve tax system reforms, a broader tax base, and better governance.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.