Morocco secured the 8th spot in the rankings of the most developed African financial markets this year with an overall score of 58 points, according to The Absa Africa Financial Markets Index 2023.
The study was conducted by the Official Monetary and Financial Institutions Forum (OMFIF) in partnership with South African financial services group Absa Group.
The Absa Africa Financial Markets Index 2023 takes into account market depth, access to foreign exchange, market transparency, tax and regulatory environment, the capacity of local investors, macroeconomic environment and transparency, legal standards, and enforceability pillars.
Regarding the first criterion, Morocco ranked second with a score of 60 points, just behind South Africa with 100 points.
As for the second pillar, the North African country took third place with 76 points in terms of access to foreign currencies, after South Africa (88 points) and Egypt (87 points).
In terms of the third criterion, which evaluates market transparency, taxation and regulatory environment, Morocco came in fourth with 89 points, behind South Africa, Mauritius, and Kenya.
In the fourth benchmark–which assesses the capacity of local investors–the Kingdom took seventh position with 29 points, while the country ranked 18th in the macroeconomic environment and transparency with 70 points.
Morocco took 17th place in the legal standards and enforceability pillar with a score of 25 points.
South Africa outranked all African countries with a score of 88 points in 2023, followed by Mauritius with 77 points, Nigeria with 67 points, and Uganda with 63 points, respectively.