One of the mostly Arabic-speaking countries found in the Sahara Region of Africa, Morocco is among the top ten economies of Africa. Other languages spoken include French, Berber, Moroccan dialect of Arabic and sometimes Spanish to an extent due to the proximity and relations that exist between the two countries.
There is a rich mix of culture and diversity as there are African, Arab, European and Berber influences in the country. It spans 710,850 km2 and overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west. The former has served as a conduit for immigrants moving from Africa into Europe.
Morocco’s economy is expected to reach 3.5% and 3.7% in 2023 and 2024 respectively. The African Development Bank has projected inflation in the North African economy to ease to 5.4% by the end of 2023. The projected inflation is better than the many in sub-Saharan Africa. In 2022 Morocco’s economy stood at $138 billion, making it the sixth largest in Africa.
Morocco is the third largest producer of phosphates in the world and accounts for 75% of its global reserves. Phosphate is mainly used in the production of fertilizer for plants which is an essential mineral for good plant growth. It is also used in making animal feed, as food preservatives making of light emitting diodes, safety matches, steel production cosmetics and even detergents. This contributes to 90% of the mining-dependent percentage of GDP of the country. There are numerous minerals like cobalt, copper, barite, and iron as well as precious stones such as azurites, erythrites, calcites and the like extracted from the land. The country is also encouraging oil and natural gas exploitation to further boost its streams of income. It is now positioned to be a major gas exporter in Africa.
Agriculture is also a very prominent feature and grossly dependent on the people. It accounts for 34% of its GDP and employs over 45% of its population. It is also digestible even though it is from a Sahara region, the phosphate used in the production of fertiliser makes the lands arable enough for massive agricultural activities. There is a large investment in industries and factories which also process the produce into processed, semi-processed and consumer goods. There is also a concentration of canned seafood produced by these factories and industries. Tourism is a high fetcher of foreign exchange as the are many architectural buildings, historical sites and the famous red and blue city in the country.
There is a case to be made that investors and business people seek to gain a lot of profit by investing and trading in these markets. The accommodating nature of the people and the fewer cases of social vices makes it an attractive proposition. It has to be noted that non-residents or people just visiting are not allowed to own property. Those challenges, however, can be mitigated by resorting to alternative means of acquisition.
In the last decade, Morocco has invested heavily in solar energy. It has some of the largest solar farms in Africa as it takes advantage of the Sahara vegetation within its territory.
Security Issues:
Morocco is one of the safest countries you can live in with general security effective and acts of political violence or protests rare. There is a moderate level of crime and very safe cities such as Marrakesh and Essaouira are there to cater to tourists and visitors. The General Directorate for National Security being the national police dispenses its duties diligently.
In recent years, however, Morocco has been faced with the threat of attacks from terrorist cells mostly linked to ISIS. While the country’s security services have made several arrests of people linked to terrorism including women, the threat cannot be overlooked.
The country’s territorial issues in the region are also a prioritized national security situation for Rabat.
Verdict:
The relative political openness in Morocco makes it one of the most stable systems in North Africa. This makes it attractive to investors who would like to take advantage of its proximity to Europe. The sheer potential of investment opportunities in agriculture, mining and industries makes it relatively diverse in the economy. A level of good scenic views also awaits people who appreciate arts, culture and architecture. As it’s people would say “Marhaban” to Morocco which means “Welcome”. The risk is relatively low.
