124 billion dirhams raised, and almost none of it was equity
Moroccan companies and institutions raised 124.4 billion dirhams ($13.3 billion) through the capital markets in 2025, a 17% increase from 106.7 billion the year before. The figures, published by the AMMC (Autorité Marocaine du Marché des Capitaux) in February 2026, confirm a capital market that is growing fast on one leg.
Bonds accounted for the bulk: 52.9 billion MAD in corporate and institutional debt issuance, roughly matching 2024's 53 billion MAD. Of that, 40.8 billion came through private placements and 12.1 billion through public offerings. Treasury bond issuance added another 154.6 billion MAD through November alone.
Equity told a different story. Companies raised just 5.2 billion MAD through stock issuance, down from 5.5 billion in 2024. In a year when the MASI index returned 28% and market capitalization crossed 1 trillion MAD for the first time, the primary equity market barely registered.
Why bonds won
Three forces drove the imbalance.
First, monetary policy made debt cheap. Bank Al-Maghrib cut its key rate to 2.25% in March 2025 and held it there through the year. With inflation averaging 0.8%, real borrowing costs for investment-grade issuers turned negative. That made bond issuance a rational choice for any company with a credit rating.
Second, institutional investors wanted yield. Insurance companies, pension funds, and mutual funds hold roughly 50% of Morocco's outstanding private debt (AMMC, Q3 2025). These buyers need fixed-income assets to match their liabilities. The appetite for corporate bonds remains structurally strong.
Third, the equity market's structure discourages new issuance. The Casablanca Stock Exchange listed 80 companies by year-end 2025, after two late additions: SGTM (construction, December 16) and Cash Plus (fintech, December 8, raising 750 million MAD). But the exchange remains dominated by institutional investors, with limited retail participation and thin secondary-market liquidity. For most mid-sized Moroccan companies, the cost and disclosure burden of an IPO still outweighs the benefits.
How Morocco compares
Among African capital markets, Morocco's 124.4 billion MAD ($13.3 billion) in annual fundraising puts it behind only South Africa and ahead of Nigeria and Egypt in absolute terms. The ratio of capital market fundraising to GDP (roughly 8%) is competitive with upper-middle-income peers.
But the equity gap stands out. In markets like Nairobi or Johannesburg, equity issuance typically accounts for 15-25% of total capital raised. Morocco sits at 4%. The bond-heavy mix signals a financial system where banks and debt markets do the heavy lifting, while equity remains a niche product for large corporates and government-linked entities.
What this means
The 17% growth in capital market activity is a sign of confidence. Companies are investing, and they can find financing. The pipeline of infrastructure projects ahead of the 2030 World Cup, combined with low interest rates, will likely push 2026 issuance even higher.
The equity gap is the structural question. Morocco's capital market reforms, including a new framework for SME listings and the AMMC's push for retail investor access, are in early stages. Until more companies see the exchange as a viable path to growth capital, Morocco's capital markets will keep running on debt.
Sources: AMMC (February 2026), Medias24 (February 11, 2026), Morocco World News (January 2026, December 2025), Bank Al-Maghrib (December 2025), Casablanca Stock Exchange (December 2025).
