Casablanca ranks as Africa's leading financial centre

Casablanca Finance City (CFC) continues to be the leading African financial centre, ranking 54th in the Global Financial Centres Index (GFCI). The Moroccan city's economic centre has climbed three places from the previous ranking, reinforcing and boosting its reputation in fast-growing and competitive African markets.

As Business Wire notes, since its inception in 2010, the CFC has offered its members an attractive value proposition, including the "Doing Business" bonus that stimulates their activities in Africa. Furthermore, in order to promote the Casablanca market, the CFC has established a strong membership community of over 200 companies operating in more than 70 countries. 

Casablanca Finance City's rise in the GFCI ranking comes just before Morocco hosts the annual meetings of the World Bank and the International Monetary Fund (IMF), which will take place from 9 to 15 October in Marrakech. "This also reflects Morocco's commitment and energetic efforts to be the gateway of choice to Africa," notes Business Wire.

While CFC improves its position in the ranking, South African economic metropolis Johannesburg has experienced a significant deterioration in its reputation as a relevant financial centre in Africa. The city has slipped from 69th to 83rd in the Global Financial Centres Index.

This is partly due to the Financial Action Task Force (FATF) placing South Africa on its grey list. This intergovernmental body is responsible for setting global standards to combat money laundering and terrorist financing. 

Last March, the FATF removed Morocco from its grey list, thus strengthening the image and position of the Kingdom in the eyes of international financial institutions, as well as the confidence of foreign investors in the Moroccan economy.

This watchdog indicates to banks, financial organisations and investors around the world which countries are not fully complying with anti-money laundering and anti-terrorist financing rules. In addition to South Africa, other countries such as Haiti, Yemen and Mozambique are on the FATF grey list.  

On the other hand, it is worth noting that the US city of New York remains the world's leading financial centre since it dethroned London five years ago. The British capital now ranks second, followed by Singapore and Hong Kong.

Some 121 cities are included in the ranking, which is based on surveys that take into account data provided by organisations such as the World Bank, the OECD and the United Nations. The local business environment, human capital, infrastructure and the development of the financial sector are some of the factors taken into account when making the list.