Bank Al-Maghrib Governor Abdellatif Jouahri called Tuesday for a stronger recovery in private investment, arguing that sustained economic growth will depend increasingly on the private sector’s ability to drive job creation, productivity and industrial expansion.
Speaking after the quarterly meeting of Bank Al-Maghrib’s board, Jouahri said Morocco has made significant progress in restoring macroeconomic stability and improving growth prospects, but stressed that private investment must now assume a greater role in supporting the country’s development ambitions.
“We hope to see a revival of private investment,” Jouahri said, emphasizing that public investment alone cannot sustain the pace of economic transformation sought by the kingdom. According to the central bank governor, the challenge is no longer solely mobilizing public resources but ensuring that private capital responds to the opportunities created by major infrastructure projects, industrial policies and reforms.
The remarks come as Morocco pursues an ambitious investment agenda linked to preparations for the 2030 FIFA World Cup, industrial development strategies, energy transition projects and broader efforts to position the country as a regional economic hub.
Economic outlook remains favorable
Jouahri’s comments were delivered against a backdrop of improving economic indicators. Bank Al-Maghrib has projected economic growth of around 5.6% in 2026, following an estimated expansion of 4.8% in 2025, supported by a strong agricultural season and continued momentum in non-agricultural sectors.
Inflation has remained relatively subdued compared with the elevated levels experienced in previous years, allowing policymakers greater flexibility in managing monetary policy. The central bank has maintained its benchmark interest rate at 2.25%, citing balanced inflation risks and persistent uncertainty in the international environment.
Despite these positive indicators, Jouahri warned that stronger private-sector participation remains essential if Morocco is to achieve its long-term economic objectives, including higher employment rates and stronger industrial competitiveness.
Revolut interest confirmed, but no formal application
Jouahri also addressed growing speculation regarding British fintech company Revolut and its potential entry into the Moroccan market.
He confirmed that representatives from Revolut, including a British executive and a Moroccan official, met with Bank Al-Maghrib earlier this month to discuss opportunities in the kingdom. According to Jouahri, the company expressed interest in Morocco due to its stable macroeconomic environment and its potential role as a gateway for expansion into African markets.
However, the governor indicated that the timing is not currently favorable for launching formal discussions on licensing or market entry.
“We explained that Bank Al-Maghrib is currently focused on three major strategic projects,” Jouahri said, noting that these priorities limit the institution’s ability to engage in new licensing processes at this stage.
Among the key priorities cited are ongoing discussions concerning Moroccan banks’ activities within the European Union, preparations linked to upcoming assessments by international financial institutions, and broader regulatory reforms affecting the banking sector.
Jouahri emphasized that Revolut has not formally submitted a banking license application and did not express an immediate intention to do so during the June meeting. As a result, any potential arrival of the digital banking giant in Morocco appears unlikely in the near term.
The clarification may disappoint consumers and fintech enthusiasts who had anticipated a rapid expansion of Revolut into the Moroccan market, particularly as competition intensifies within the country’s digital banking sector.
Focus on structural reforms
Beyond monetary policy and financial-sector developments, Jouahri highlighted the importance of ongoing structural reforms aimed at improving the business environment and strengthening investor confidence.
He pointed to the need for greater efficiency in public administration, continued improvements in financing conditions for businesses and stronger coordination between public and private actors to stimulate productive investment.
Morocco has significantly increased public investment in recent years, financing major infrastructure projects, transport networks, renewable energy facilities and industrial ecosystems. Policymakers increasingly argue that the next phase of economic development will require a stronger contribution from domestic and foreign private investors.
Analysts note that while public investment has helped sustain growth and modernize infrastructure, private investment levels have not always kept pace with government spending. Encouraging greater private-sector participation is therefore viewed as essential for maintaining long-term economic momentum.
Balancing growth and stability
The central bank’s approach reflects a broader effort to balance economic growth with financial stability amid continued global uncertainty.
International risks, including geopolitical tensions, trade disruptions and fluctuating commodity prices, remain sources of concern for policymakers. At the same time, Morocco is seeking to capitalize on improving domestic conditions and growing investor interest linked to major international events and strategic development projects.
For Bank Al-Maghrib, the challenge now lies in preserving macroeconomic stability while creating conditions that encourage businesses to invest more aggressively in productive sectors of the economy.
Jouahri’s message was clear: Morocco’s economic foundations have strengthened, but the next stage of growth will depend increasingly on whether private investors answer the call.
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