Morocco's Capital Market Shines in OECD's 2026 African Report

The Organisation for Economic Co-operation and Development (OECD) has released its 2026 report on African capital markets, showcasing Morocco's prominent position in the region. The report notes that Morocco, along with a few other countries, dominates Africa's capital market. The country's capital market has demonstrated resilience in the face of global shocks and geopolitical uncertainties in 2025 and early 2026.

The OECD report highlights Morocco's experience in reforming public enterprises as a notable example. The reform, which began with laws passed in 2021, aims to professionalize the state's shareholder role and improve governance. The National Strategic Management Agency of State Holdings and Monitoring of Public Enterprises' Performance (ANGSPE) was established to oversee the state's strategic assets and monitor public enterprises' performance.

A key aspect of Morocco's reform is the new State Shareholder Policy (PAE), adopted by decree in December 2024. This policy outlines the state's objectives as a shareholder and the role of public enterprises in supporting national sovereignty, public services, strategic sectors, innovation, and socio-economic development. The policy focuses on strengthening the exemplary governance and performance of public enterprises.

The ANGSPE has encouraged public enterprises to publish consolidated financial statements in line with international financial reporting standards (IFRS), enhancing transparency. The agency has also promoted regular publication of information on the state's portfolio of holdings through its annual report on the state shareholder, aiming to improve transparency regarding public enterprises' financial and operational performance.

The OECD report notes that as governance reforms progress, the capital market aspect gains importance. In April 2025, the ANGSPE and the Moroccan Capital Market Authority (AMMC) signed an agreement to facilitate public enterprises' access to capital market instruments. The ANGSPE has actively supported public enterprises in transitioning from traditional state-backed financing to market financing.

This approach has enabled financing of large investment programs in transportation, infrastructure, energy, and industry sectors. According to the OECD, only seven new stock market listings occurred on the African continent in 2025, in countries such as South Africa, Egypt, Ghana, and Morocco. The ANGSPE has helped public enterprises structure bond issuances and securitization operations.

Despite progress, the OECD report identifies significant implementation challenges. The organization emphasizes that increased reliance on market-based instruments will depend on continued progress in corporate governance, transparency, investor confidence, and the development of a pool of enterprises ready to attract investment.

Key points

• Morocco's capital market has shown resilience and strong performance in 2026.
• The country's public enterprise reform has improved governance and transparency.
• The OECD report highlights challenges in implementing market-based financing for public enterprises.