In its fourth edition, the “High-Level Regional Forum on Financial Stability” returned to Morocco’s capital after the pandemic, convening African central bank governors, regulatory bodies, and international institutions.
Organized by Bank Al-Maghrib in collaboration with the Ministry of Economy and Finance, the Moroccan Capital Markets Authority, and the Insurance and Social Welfare Supervisory Authority, the forum focused on financial stability amid emerging risks and geopolitical uncertainties.
In his keynote address, Abdellatif Jouahri, Governor of Bank Al-Maghrib, representing the Moroccan Committee for Coordination and Monitoring of Systemic Risks, highlighted the forum’s theme: “Financial Stability in Africa Amid Geo-Economic Uncertainties and Emerging Risks.”
He stressed that the topic reflects the complex challenges faced in recent years, notably since 2020, citing the pandemic, escalating conflicts, extreme weather events, and rising inflation. Jouahri emphasized that these factors are reshaping global economic and financial systems.
Jouahri pointed to the growing risks in Africa, notably the surge in external debt, which has risen from under 20% to nearly 30% of GDP in a decade, and the rapid pace of digital transformation and artificial intelligence. He warned that many African nations are unprepared for these shifts, particularly in cybersecurity, deepening the gap with the developed world.
Despite these challenges, Jouahri expressed confidence in Africa’s potential, noting the continent’s abundant natural resources, growing young population, and increasing focus on economic integration, exemplified by the African Continental Free Trade Area (AfCFTA).
He urged greater cooperation to harness technological innovations while managing associated risks.
Regarding cryptocurrencies, Jouahri outlined Morocco’s proactive stance, noting the development of a draft law regulating digital assets and the ongoing exploration of central bank digital currencies (CBDCs) to foster financial inclusion. He also highlighted the importance of cybersecurity, with Bank Al-Maghrib taking a collaborative approach to tackle growing digital threats.
The forum underscored Africa’s resilience and the need for collective efforts to navigate emerging financial risks and harness new opportunities.
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