Casablanca to host the 2024 African financial summit with focus on economic resilience

The 2024 African Financial Summit (AFIS) will take place in Casablanca, Morocco, on December 9-10, with the theme “The Time for African Financial Powers Has Come.”

This annual event, established in 2021 by the media group Jeune Afrique and co-organized by the International Finance Corporation (IFC), is expected to bring together over 1,000 financial leaders, policymakers, and regulators from across Africa to discuss strategies for transforming the continent’s financial sector into a key driver of economic growth and resilience.

The AFIS 2024 comes at a pivotal time for Africa’s financial landscape, as leaders from both the private and public sectors come together to address the continent’s pressing need for sustainable financing solutions and long-term reforms.

The summit’s primary aim is to craft innovative strategies that will enable Africa to better meet its economic needs by strengthening its financial sector and positioning it as a key player in addressing the continent’s socio-economic challenges.

The decision to host the summit in Morocco underscores the country’s commitment, under King Mohammed VI, to enhancing partnerships across Africa, particularly in the financial sector.

Morocco’s involvement, through institutions such as the Ministry of Economy and Finance, the Moroccan Capital Market Authority (AMMC), and the Casablanca Stock Exchange, reflects the nation’s growing role as a financial hub in the region.

The Moroccan Agency for Investment and Export Development (AMDIE) and the Ministry of Investment, Convergence, and Evaluation of Public Policies are also key contributors to the event.

Experts agree that for Africa to fully unlock its financial potential, bold strategies and structural reforms are necessary.

A strong network of regional leaders, pan-African stakeholders, and regulatory bodies will be essential for driving the continent’s financial and economic prosperity on the global stage.

Nadia Fettah, Morocco’s Minister of Finance, emphasized that hosting the AFIS is part of Morocco’s ongoing role as a bridge between Africa and Europe.

She stressed that the country is uniquely suited to host such a high-impact event, aimed at fostering a unified financial vision across the African continent.

Sérgio Pimenta, Vice-President of the IFC for Africa, highlighted the critical need for mobilizing Africa’s financial power, particularly in sectors like small business financing, renewable energy, agriculture, and digitalization.

He also pointed out Morocco’s strategic positioning as a regional finance and trade hub, with both public and private sectors committed to enhancing regional influence.

Amir Ben Yahmed, President of AFIS, spoke of the transformative potential of the summit, noting that the African financial sector must rise to meet the needs of its economies, particularly as global financial players begin to pull back.

He described the AFIS as more than just a discussion forum; it is a platform for decision-making where participants can foster the creation of a world-class financial ecosystem for Africa.

The summit will focus on five key priorities to drive necessary transformations: developing banking products and financial markets that channel local resources into productive investments, enhancing cross-border payment interoperability, reducing transaction costs, and fostering stronger partnerships with global financial centers.

Additional goals include improving financial access for Africa’s informal workforce, expanding digitized insurance and banking services, and creating a pan-African stock exchange to reduce market fragmentation and encourage intra-African investment.