Capital Markets

Economic progress and the country’s natural position as an investment bridge between Europe and Africa have allowed Morocco to establish one of the continent’s largest and most sophisticated capital markets. Despite its advantages, however, the Casablanca Stock Exchange has been affected by low levels of liquidity, a scarcity of new listings and an overall lukewarm performance. One significant difficulty has been the bourse’s inability to attract new firms and spur the interest of a large volume of individual investors. Still, the government’s new roadmap is likely to positively impact the stock exchange over the medium term by helping improve offerings and boost demand. Government plans to list certain public companies and attract private investors is also expected to improve performance. This chapter contains interviews with Nezha Hayat, Chairperson, Moroccan Capital Markets Authority; Karim Hajji, General Manager, Casablanca Stock Exchange; and Younes Benjelloun, Partner and CEO, CFG Bank.