A conversation with Aziz Akhannouch, Head of Government, Kingdom of Morocco.
Simultaneous interpretation in English and French
Morocco’s Prime Minister Aziz Akhannouch used Davos to position the kingdom as a “crossroads between Europe, Atlantic and African countries” and a case study in pairing social resilience with investment-led modernization. He argued that “we cannot build a geopolitical future on a fragile society,” outlining a “social State project” that expanded compulsory health insurance to more than 32 million people (about 83% coverage versus 42% previously) and created direct cash support reaching roughly 12 million people annually, including widows and orphans.
He framed recent macro gains as the financial foundation for inclusion: inflation fell from above 6% in 2023 to below 1% in 2024–2025; growth is approaching 5%; the deficit is projected to decline to 3.5% by 2025; and debt to about 67.4%. Morocco also emphasized credibility with partners, citing a return to investment-grade standing and removal from the “grey list.”
On competitiveness, Akhannouch highlighted logistics and decarbonization: Tangier as a global container hub; new ports, highways, and high-speed rail; and renewables reaching 46% of installed capacity by end-2025, targeting 52% by 2030. Hosting AFCON and co-hosting the 2030 World Cup with Spain and Portugal is presented as an accelerator, turning event-driven infrastructure into long-term regional development.
Go.
Bonjour a tous pour cette.
Ladies and gentlemen.
To this conversation.
We have with us the Prime Minister of the Moroccan government. And I'd like to encourage you to participate in the discussion so that we can get a better insight regarding the way Moroccan is. Morocco is managing the current environment. Maybe also, we could focus on the hottest topics and the most recent events. So I would like to give you the floor very quickly, because we came here to listen to you rather than anything else. Again, although this is a conversation, I am going to speak French. I hope you don't mind. There is English translation available on channel number one, so don't hesitate to get an English translation. Channel number one if anybody wants it. In French, we can from French to English. So, I would like to, in fact, I was supposed to be standing and invite you, but I think I will stay where I am. Monsieur le Prime minister. Mr. Prime Minister, if you could please stand behind the lectern. Monsieur Akhannouch. Mr. is, as I said, the Prime Minister of Morocco. He has been. A monsieur since October 2021. The extensive experience working for his country, because he has held a number of other functions in the past, and he's now the Prime Minister since the 7th of October, not 2021. We are absolutely delighted that you agreed to come and describe the situation in Morocco. So you have several minutes available.
Merci.
Honourable assistance. The chair. Andre Hoffman, thank you very much. Thank you very much, ladies and gentlemen, for being here three years ago. I remember being here exactly in the same place here in Davos in January 2023. And I delivered a presentation at a time when the world was going through a number of crises the sanitary crisis, the war in Ukraine, the increase in the price of energy and raw materials and the social situation which was shaken for many, many of our citizens in the last few years. The references on which the national economic order were resting were shaken and war is back on the European continent. Geopolitical tensions are expanding. The climate, climate, health and social welfare are variables now in a doubt in a world that doubt itself, Morocco has chosen not to give up and fall back onto itself. Morocco has decided to protect, to reform and to look forward, protect our population with a social network and a social welfare based on our fundamentals, economic fundamentals, so that we can restore confidence and we can look at ourselves as a country that is at the crossroads between Europe, Atlantic and African countries. In this situation, it is no longer the matter as regarding where the best yield can be found, but rather how we can build the more solid trajectories. And this is how Morocco, under the leadership of King Mohammed VI, is providing an answer to the question an ambition, an inclusive answer to the question. Ladies and gentlemen, for us, it all starts with a very basic principle we cannot build a geopolitical future on a fragile society. So we have decided to first protect our society and our population. Following the price increase after the Covid crisis, the state has built a shield around the population. $13 billion were invested between 2021 and 2025 to keep the prices stable for utilities and consumption goods, and $1.7 billion were dedicated to preserve the family because, for instance, energy water prices have Rosen shot to the stars and we have brought back inflation to from more than 6% in 2023 to less than 1% in 2024 and 2025, one of the lowest inflation rates in the area. At the same time, the growth rate has increased in its about to reach 5%. At the end of 2025, the budget deficit will move from 7.1% in 2020 to 3.5% in 2025, and in depth depth will move from 71.4% to 67.43 years later, 2022 and 2025. So why are these indicators meaningful? Because economic growth, the decrease in inflation, the decrease in the debt are very important because they show how resilient, how solid the Moroccan economy is. And only a resilient economy will be able to fund the first, project of our government, the social State project, under the leadership of the King. In a few years, Morocco has generalized compulsory health insurance across the country, more than 32 million people. So 83% of the Moroccan population benefit from a medical insurance coverage versus 42% only before the reform we started. Along the same lines, the project that consists in developing so direct social support is, built in the contract between the state and the less, the poorest families. So 12 million people every year receive financial aid from the state among the poorest populations. And we also dedicate a lot of attention to the reinforcement of our health insurance health system, our education system. And the government is providing education. And we have increased by 20%. The budget for health and education in 2026 to reach 13 billion mark. This increase has helped us speed up the major reforms in both areas. In order to modernize and reinforce infrastructures and give them more value, for instance, by attributing better the teaching and healthcare personnel and patients and children are at the very heart of our response. Ladies and gentlemen, protecting without reforming, without transforming would not make any sense. Reinforce a reinforcing the social welfare and social status, which means that we have also refunded our economic bases and our international partners have acknowledged this. We have restored confidence, and we are no longer on the grey list and the grey list for your associated European countries. Morocco is based back to the investment grade given by the rating agency. The World Economic Fund has restored the four confidence with $4.5 billion. This all results from a very strong budgetary discipline, multi multi-year fiscal reforms, tax reforms and a constant transparency effort. And also we have implemented an investment charter that allows us to support all the companies, be they small or big. We have started a process to increase productive investment in 2025 investments. And Historic growth. Income has reached.
A the reform economic and.
Social billion dollars economic reforms are convinced that they cannot be on one side. The social time for social society, for the society and the time for the market. There is only one time for both for society and for the markets. The time where the the country can prove it can help. His promises towards its partners is in southern society. We are at the crossroads between Europe and Atlantic and Africa, and we are increasingly seen as a major logistic partner. Sanger is one of. the biggest container hubs in the world. We have a big new structure reinforcing the, road, train and maritime corridors, and we have a connectivity geography whereby Morocco has become a natural hub. Our ambition goes well beyond logistics, and Morocco has chosen to become a player in decarbonization. In the end of 2025, more than 46% of our energy electrical energy installed capacities are from renewable energies, and we will reach the 52% mark in 2030. And we have also started the world grade programs for wind energy, solar energy and green hydrogen. Ladies and gentlemen, no investor will stop to the infrastructure and the megawatts. Every investor will think about the future of the territory. And, 20, 25 will and will remain a hinge year for, Morocco because our king adopted the 2797 resolution from the UN Security Council on the 23rd of October, 2025, and sent an unambiguous signal to the international community. The Moroccan Autonomy Initiative for the South Provinces has been acknowledged as a starting point for the negotiations that were started in respect of the sovereignty and territorial integrity of Morocco. This was a political clarification, and it also plays a we also play a sports and civilization role in the joint organization of the 2030 World Cup. Morocco, Spain and Portugal are going to organize it together for the first time in history. The biggest sports competition on the world level will be held on both sides of the Mediterranean. And this is not an end unto itself. The World Cup is only a milestone in a long term strategy to transform the world, with stadiums and digital networks, investment in culture and sports, sustainable tourism, security and young population training. Thank you very much.
Merci.
Merci beaucoup.
Thank you very much, Prime Minister. Thank you, thank you. Now we can start a conversation with a few questions that I would like to ask. May I remind the audience that if you would like to send a tweet, please use the, with, hashtag the ref 26. Hashtag. It's useful to show our current position, the fact that, we are in a dialogue spirit, we are in a spirit with dialogue. And this is going to have an impact on every single event, and especially the coverage towards the countries that have honored us with their presence. So thank you again to, Mr. Hackenbush, Mr. Prime Minister of the Moroccan government. And now we are going to start the conversation with football or soccer, as we say in British English. We recently had the African Nations Cup, a huge investment for the Moroccan, kingdom. And it's interesting. I'd like to ask you how you intend to use the fallout of this investment as a lasting investment. Is this going to have an impact on civilian life in Morocco and on the kingdom? I'm not just I'm not referring only to the investment. I'm referring to keeping the infrastructure alive in the near future. And I would really like to hear your opinion on the topic.
Now, obviously, under the impetus of His Royal Highness the King of Morocco, we prepared a country to host this world's, event by also hosting the Cannes Championship football championship. And the finale was played, last weekend. And we were able on this occasion to demonstrate that we have a world class organization and organization, organizational skills. And this was a very nice event, certainly full of emotions. And the world was able to discover that we had the right infrastructures, that our people are very kind. And hosting such events, with best skills possible. And I think we may say that it was one of the best installments of the Cannes to date. Now, as you said, we are getting prepared for the 2030, event that will be co-organized with Spain and Portugal on the occasion of the World Cup. And this will be an accelerator, a growth accelerator for a country that's one of our targets. Now, obviously, we invest in those sports infrastructures, stadiums, etc., and we suppose that it will boost adoption of sports in our country. But obviously when you build a new railway, route from Tangier to Marrakesh, for example, of course we build that, on the occasion of this event, but also because we want to develop our different regions, we also invest in our cities so that they are more attractive, obviously, that they are admired by the world, but also by our own citizens. And it's going to have an impact, positive impact on tourism. We are also in the process of building a regional railroad network, obviously, to help transport aficionados to the stadiums, but also for citizens when they need to travel to their families or to go to the hospital. So it's supporting both objectives at the same time. And we also supporting two very important sectors that are, as I said in my speech, education and healthcare. And so we are building hospitals in all regions of the kingdom, plus, education infrastructures. So we're doing both at the same time, and we're also conducting a reform of our education system to really upgrade the educational level. So all goes hand in hand, if you will. And we all striving towards the double objective, I suppose that all of citizens are very proud to take part to that. Indeed, to build this Morocco that will host that world competition in 2030, the biggest stadium will have a capacity of more than 100,000. people, which is in the process of being built in Casablanca. But Casablanca is already ready to host, that event. We're not concerned whatsoever. The country will be ready. Our population loves football, and we are ready to host that event. Well, thank you very much for this answer. And I suppose that we.
Will.
Sports and worldwide sports is certainly an accelerator. The love of football really brings people together. And I suppose it really helps as, a good way to, bring people together and get people closer together while we operating are currently in a divided world with more and more fractures than ever. It's been the case. It's more divided than it's ever been since the end of the Second World War. Well, in the meantime, Morocco is really keeping things together. And I suppose that the World Cup will be a good way to showcase that. I also listen very carefully to your speech, and you said that you want to also create bridges, beyond the Mediterranean, you know, on all sides of the Mediterranean. So I'd like to have your take on this. Do you think that the World Cup will help Morocco be a hub to the rest of the Mediterranean, and also an entry door to the race of the African continent? Well, obviously, we are located 14km only from Spain, right across the sea. And the three neighboring countries. are rather closely together. And the King of Morocco has decided to, have this collaboration in between the three countries. And it's a first worldwide, where this event is going to be co-organized by countries on both sides of the Mediterranean. We have very good, relations with Portugal and Spain. And obviously this will have positive.
Impact on.
Future organization when in Rabat or Casablanca. You sometimes have to catch a plane to, see a game in the southern part of Morocco. In Agadir, for example. It's sometimes just easier to catch a plane to Madrid or to port. It's almost the same distance from Tangier to Marrakesh and from Casablanca. to Porto, for example. So in the same. Timeline, same time zone, rather, the climate is not very different. Mediterranean climate on all sides of the Mediterranean. And I suppose it will really help in making an event a very successful event. Well, it will certainly, put the spotlight on the kingdom and will definitely demonstrate all the opportunities that are to be seized in your kingdom. So, congratulations in advance for this. And again, in your inaugural words, you talked about social reforms that are under way, the the way you want to, make better conditions for available to your citizens. And I'd like again to congratulate the kingdom. You decided to reduce costs, obviously. But you in the meantime, you want to see more opportunities. You want to have a highly functional, kingdom. and society while reducing costs. Yes. That's definitely a priority of His Royal Highness to really, again, reform, social situation. Social situation. So first, as I said, we want to, 4 million families are going to benefit from health insurance. And in total, 11 million Moroccan can benefit from that. And more than 80% of all citizens have this, health insurance and benefit from this program. That's very important, obviously, because health means dignity. If you want to have a decent life, you have to be in good health. From a social standpoint, 4 million families receive benefits. So first, we want to start with the children of a less privileged families. So we want to make sure that they go to school, that they can safely go to school. So we're talking about 12 million people, 4 million families, but we also care for the elderly and also the widows. Widows receive benefits and monthly benefits to make for a more decent living. So we need to support all layers of society. We want also them to then integrate in society. get a job and better integrate into society. And that's part of our future projects. This is a very recent reform. It started in 2023. We also care for orphans, orphans that are taken care of. But as we try not to forget those children, those orphans, we try to. Of course, support, they will. receive benefits that will be, put on a special account and they will receive that money when they reach the age of 18. And so we will get that money that will have been staved. off for.
Them throughout the. time spent.
In those associations. So that's very important for them. So to help them start in life in the best possible conditions. So that's very important. We very much concentrate on people. And obviously we also need to concentrate on a stronger economy. We're very proud that our growth is 5%. Since my government started, we doubled fiscal revenues in a framework of five years. This made it possible to, finance a number of projects, and a KPIs are rather positive when it comes to inflation, the debt ratio and growth, as I said, is very dynamic. And obviously both are working together, our people and our economy. Our economy needs to be strong and it's strong if all citizens also are good consumers. And that was a an enlightened choice by His Royal Highness, who really understood that it's important for an in-depth transformation of our society. And this requires courage and and vision. And God willing, we will also fight against poverty. Well, thank you very much, Mr. Minister. The fact that you're here in this year in a context of international organizations, this year, we have more than 3000 participants, 67 heads of governments, one of which you are we trying to think about the future of our planet on the long term? And it's good to hear that you want to modernize your country's infrastructures. And I suppose that your country will be more stable for this. And, I'm deeply grateful that you took the time to explain and go into the details of what you plan and do going forward in the kingdom. Now, we, have another question, a follow up question to that. What would be the advantages to companies present here in Davos? Would it be interesting for them to invest in your country? So, it's a two pronged question. When I listen to to you, I heard that you want to reform your healthcare system and you want to be also to have greener infrastructures. I think it's a very important, obviously, to properly manage energy costs. It's important for the independence of your country. It was there that you launched a large project of solar form, nor the name of this project if the interpreter has that right. Sorry about that. I would like to again have your. thoughts on this. Again, on how you plan to use this green, electricity or power and, how we can go from suicidal energies to green hydrogen, for example? Well, obviously, yes, we're here to showcase, investment opportunities in our kingdom. Morocco, in Morocco, we are building a very large international airport in Casablanca. It will be a large, airport able to receive the number of planes that will have to land in Morocco will go to 80 million passengers yearly. That's important to increase our capacity. It's going to be more than double doubled. We are also building a high speed train line. We have two harbors that are in the process of being built, one on the Mediterranean and another one on the Atlantic Ocean. And both ports or harbors are really going to strengthen the corridors that we already have. The corridor that also goes from Tala in the south of Morocco, and this is probably around this harbour that will strengthen our plans of producing hydrogen. We have now a high speed road, a highway, if you will, to from Casablanca. So we have more and more, high speed roads or highways? Hospitals are being built. A university hospital will shortly be opened in Rabat. We recently opened one in Agadir. Another one will be used in tala in high up. So many hospitals being built. So the again, the healthcare sector is key in our reform. We also reforming our education system. Obviously we are renovating the finishing of the existing schools, but we also are looking at the curriculums that we want to also update. So a wealth of opportunities, I would say, and energy is one, the energy sector is one of those. As you know, in the south of our country, we have a number of investments. The investments are aware of us. We have a very good yield when it comes to solar panels. And we have also a lot of wind, which are also very favorable to those industries. And this is certainly a strong opportunity. We would like to have 2% of our production power capacity that comes from renewable energies. So talking about solar and wind, renewable energy is 2% of our production. We also develop hydrogen production. Hydrogen can be used for transportation purposes, but also in the industrial sector. And again under the impetus of His Royal Highness, we also produce a specific type of hydrogen. And we called for projects. We currently have seven operators who decided to bid for that project to be one of our future operators in hydrogen production, and obviously there will be other opportunities, and other call for projects or interests in the energy sector. So that's definitely a sector that will help in our country's development. We have a coastline of 3200km. And of course, desalination or removing salt from seawater is certainly also an opportunity. We've gone through periods of growth, and this year is an exceptional year where we've had a lot of rainfall and also snowfall. And, Morocco, you know, is very pretty when dusted in white snow. The Atlas Mountain is beautiful with a.
Dusting of snow.
Thank you very much, Your Excellency. Now we're about to bring this dialogue to a close. Thank you very much for being here. I would like to underline three major points. While Morocco is about to. Well, it was getting ready or in the process of modernizing its infrastructure. It's an interesting platform, for long term investments. I'll say it's an interesting entry door in between the south of the European continent and the north of Africa. So it's a very nice place in which you may want to invest. I would like to underline the stability of the regime and the guidance of His Royal Highness, the King of Morocco. And I would like to, thank Aziz Hana for being present this morning. He, made very good presentation of a highly fascinating country. Thank you very much for your presence in this room. I do recommend that you continue and show some interest happening in Morocco. But also, again, we here, in the spirit of dialogue, trying to better understand each other, try to understand what we can do to make for a more sustainable and more fair of fairer world. Thank you very much for your presence here this morning. Thank you.
Merci.