Casablanca – In a significant development, Morocco has made a notable presence in The Financial Times’ list of Africa’s 125 fastest-growing companies. Described as the “big newcomer,” Morocco saw 12 of its firms featured on the list, a substantial increase from just three in previous editions. This achievement underscores Morocco’s burgeoning economic landscape across various sectors.

Moroccan companies have shown remarkable growth in diverse fields, including e-commerce, financial services, healthcare, IT, agriculture, chemicals, construction, manufacturing, and cosmetics. Leading the pack is Chari, an e-commerce firm, which secured the sixth spot as the fastest-growing African company with a remarkable growth rate of 244% and a total revenue of $6.4 million in 2022. Following closely is Marchiche Global Solutions, ranked 22nd with a compound annual growth rate (CAGR) of 122% and an annual revenue of $10.3 million in 2022.

To qualify for this prestigious ranking, companies needed to meet stringent criteria: generating at least $100,000 in revenue in 2019 and $1.5 million in 2022, maintaining independence, and being headquartered in an African country. The rankings were primarily based on each company’s CAGR from 2019 to 2022, showcasing businesses that defied the overall trend of slow economic growth in Africa. In 2022, the continent’s real GDP grew by an average of only 3.8%, down from 4.8% in 2021.

Nigeria’s Omniretail Inc. topped the list with an astounding growth rate of 722% and a revenue of $139 million. Besides Morocco, other countries with a significant number of companies on the list included Nigeria, South Africa, and Egypt, with South Africa leading with 41 companies.

Abebe Selassie, head of the IMF’s Africa department, highlighted the challenges faced by African economies, attributing setbacks to the COVID-19 pandemic. He expressed concern over the pandemic’s impact on poverty, particularly in the most vulnerable nations. “I worry about the effect that the pandemic has had on poverty, particularly in the most fragile countries,” Selassie told The Financial Times.

The Financial Times conducted this ranking during a challenging period as African economies strive to recover from the pandemic. The inclusion of Moroccan companies in such significant numbers reflects the resilience and growth potential within the kingdom’s diverse economic sectors.