Morocco has come in 8th place in the 2025 African Financial Markets Index, scoring 56 out of 100 points. That’s two points lower than last year, even though the country launched a futures market and set up a new system for sustainability-linked bonds.
The report, released by Absa Group and the OMFIF forum, says these are big steps, but they haven’t yet lifted Morocco’s overall ranking.
The index looks at six main areas: market depth, access to foreign currency, transparency, legal systems, the general economy, and pension funds.
Morocco performed well in market depth, earning 61 points and taking second place in Africa after South Africa.
Experts say Morocco’s bond and derivatives markets are growing, and the new futures market is meant to help investors manage risk better.
Still, the report says trading activity in the secondary market is low compared to more active African markets.
The biggest drop came in access to foreign currency. Morocco scored 56 points, down from 65 last year.
The report says this drop is due to pressure on foreign reserves as global trade stays unstable and big central banks tighten their policies.
Even so, Morocco’s reserves are still close to what the IMF considers a safe level, meaning the country can handle outside shocks fairly well.
Morocco also performed well in transparency, with 85 points, putting it among the top five African countries in this area.
The report says Morocco keeps strong financial reporting standards and encourages green and sustainable finance. But it adds that Morocco’s legal system still needs work. With only 25 points, it trails far behind countries like Ghana and Nigeria.
The report says the country has to update its laws and systems to make it easier to enforce contracts and settle trades if it wants to attract more global investors.
In pension funds, Morocco scored only 37 points. The report notes that the country’s funds don’t yet play a big role in supporting local financial markets, unlike in places such as Namibia or Botswana.
On the economic side, Morocco scored 72 points, showing stability compared to countries suffering from inflation and currency crashes like Zimbabwe or Malawi. But the report states that the country still faces pressure from its public spending and trade deficit.
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