Nadia Fettah: 80% of African Transactions are in Foreign Currencies, and Morocco Establishes a Model for Stability and Investment
Nadia Fettah, the Minister of Economy and Finance, warned that approximately 80% of economic transactions between African countries are conducted in foreign currencies, leading to increased costs and hindering the path to continental economic integration. Conversely, she highlighted promising initiatives that could enhance African financial integration, such as the African Payments and Settlements System (PAPSS), which allows for transfers in local currencies and saves billions of dollars annually.
During her speech at the opening of the African Financial Summit (AFIS 2025) on Monday in Casablanca, Fettah emphasized that projects connecting African stock exchanges, encouraging mutual investment, and the flourishing of fintech companies are all effective tools for supporting financial inclusion and ensuring the continent’s economic sovereignty.
The minister affirmed that discussions around reforming the global financial system must adopt a multilateral approach that fully involves African countries, emphasizing that these nations are often marginalized in shaping international financial and monetary rules, despite having strong qualifications in terms of fiscal discipline, banking expansion, and digital dynamism. She added, “Morocco, modestly but resolutely, contributes to this journey towards African financial independence.”
Fettah noted that the Moroccan economy today is built on solid foundations, with an expected growth rate of nearly 5% this year, a gradual decline in the fiscal deficit, and controlled inflation. She considered tax and social reforms, along with the Mohammed VI Investment Fund and energy transition initiatives, as embodying an African model based on stability and productive investment.
She also praised Morocco’s restoration of its good credit rating by Standard & Poor’s, indicating that this reflects the kingdom’s ability to turn challenges into opportunities, making resilience a catalyst for growth and development. However, she stressed that “the real challenge lies not in achieving growth but in transforming it into economic independence and genuine solidarity among the continent’s countries.”
The minister pointed out that Africa saves hundreds of billions of dollars annually, yet a minuscule percentage of these resources are invested within the continent, which poses a real paradox. She called for the establishment of an integrated African financial system capable of mobilizing local savings and directing them toward large development projects, asserting that African banks, insurance companies, and fintech possess the keys to the future, yet remain fragmented and unequal.
In closing her remarks, the minister expressed pride in the historic decision made by the Security Council, which enshrined the autonomy initiative under Moroccan sovereignty as the sole solution to the dispute over Western Sahara, considering it a significant victory for the national cause.
Casablanca is currently hosting the African Financial Summit 2025, one of the continent’s most significant economic events, with participation from ministers, central bank governors, entrepreneurs, and officials from various African countries.
