Morocco has maintained a strong position in Africa's risk and return map, according to a report by Control Risks and Oxford Economics Africa. The report, released on September 29, 2026, shows that Morocco's return on investment has decreased, while risks have increased. Despite this, the country remains among the top economies in Africa with a diverse base and strong logistics platforms.
The report, now in its 11th edition, assesses opportunities for returns against political, economic, security, and business environment risks, as well as international relations. Morocco's overall score decreased by 0.50 points, with its return on investment dropping from 5.31 points in 2025 to 5.14 points in 2026, and its risk score increasing from 3.88 to 4.21 points.
Morocco's economy grew by 4.9% in 2025, the highest in a decade, with an inflation rate of 0.8% and a budget deficit of 3.5% of GDP. The country's sovereign rating also returned to investment grade. According to the report, Morocco's resilience stems from its diversified economy, with no single export channel, funding partner, or growth driver dominating its economy.
This diversification is particularly important given the ongoing reorganization of global trade and supply chains. However, the report also notes that Morocco faces risks related to supply chains, including potential disruptions to sulfur and ammonia imports from the Gulf region. The OCP group, a major player in the sector, is taking steps to diversify its sulfur suppliers.
In comparison to other African economies, Morocco's risk and return profile differs significantly. Egypt, for example, has a higher return on investment (6.32 points) but also faces higher risks (5.75 points). Kenya and South Africa also have distinct profiles, with Kenya scoring 5.47 points for return and 5.65 points for risk, and South Africa scoring 4.33 points for return and 4.94 points for risk.
Looking ahead, the report identifies Morocco as one of the African countries best positioned to attract investments in data centers and artificial intelligence, along with South Africa, Kenya, Egypt, and Nigeria. The demand for electricity in data centers is expected to increase significantly, making reliable energy supply and connectivity crucial for converting these opportunities into actual investments.
The report's findings highlight the complexities of Morocco's economic landscape and its ability to navigate global uncertainties. As the country continues to implement reforms and invest in its infrastructure, its position on the African risk and return map is likely to remain strong.
Key points
- Morocco's diverse economy and logistics platforms help it stay resilient amid global uncertainties.
