The MASI 20, which includes the 20 most liquid companies on the market, will serve as the underlying asset for the first futures contracts. These instruments will allow investors to hedge against index fluctuations, speculate on its performance, or enhance their portfolio management strategies. As Challenge.ma points out, such tools have long been used in developed markets to manage uncertainty and boost investment returns.
In a statement published in early May 2025, the Casablanca Stock Exchange emphasized that this launch is part of a gradual approach. The long-term goal is to introduce equity options, interest rate futures, and possibly other structured products.
Objective: strengthen market attractiveness and resilience
This reform is part of a broader effort to modernize Morocco’s financial sector. According to Tarik Senhaji, the introduction of derivatives aims to achieve three main goals: deepen the market, attract international investors, and provide hedging tools against volatility. Over time, these products could attract more sophisticated asset managers and enhance Morocco’s credibility as a regional financial hub, aligned with the vision of Casablanca Finance City.
The Moroccan Capital Market Authority (AMMC) plays a key role in this transformation, particularly through regulatory updates and enhanced supervision. Training sessions for brokers and fund managers are also underway to ensure a smooth transition.
A changing market across the continent
In 2024, stock market activity in Morocco saw a clear acceleration, with daily average trading volumes surging by nearly 70%, reaching 37.5 million USD. Between December 2023 and the end of 2024, the total market capitalization rose by approximately 20%, hitting 77.6 billion USD. This growth was driven by greater sectoral diversification, especially in transport services (+71.79%), transport (+57.84%), and healthcare (+52.24%).
The launch of this derivatives segment is also part of a continental trend. South Africa already has a mature derivatives market, while Nigeria and Egypt are undertaking similar reforms. Morocco, a major player in the Francophone space, is aiming not to be left behind in this structural evolution, crucial for advancing African market integration and meeting global investor expectations. “We aim to develop interest rate derivatives on a large scale, as this will connect the Moroccan government bond market to the stock exchange and create compelling multi-asset investment strategies,” said Tarik Senhaji. According to a Casablanca Stock Exchange report, awareness campaigns are underway in collaboration with professional associations to support investors through this transition.
Beyond Morocco, two other african stock exchanges to watch: Ghana stock exchange and BVMAC
According to the Bank of Ghana, the Ghana Stock Exchange saw remarkable growth in 2024, with its Composite Index (GSE-CI) rising by 56.2% year-on-year as of December 2024. Market capitalization reached 111.36 billion Ghanaian cedis (about 9.3 billion USD) by the end of December 2024, up from 73.89 billion cedis (about 6.2 billion USD) in December 2023.
More Read
However, this performance came alongside a significant drop in trading volumes. The number of shares traded plummeted by 92.9%, from 131.71 million in November 2023 to just 9.35 million in November 2024. Similarly, the value of traded shares fell by 83.85%, from 172.37 billion cedis (about 14.4 billion USD) to 27.84 billion cedis (around 2.3 billion USD).
BVMAC: a recovery driven by the bond market
The Central African Stock Exchange (BVMAC) achieved its best performance in three years in 2024, with total transaction volume reaching 17.5 billion CFA francs (about 29.7 million USD), up 41% compared to 2023. This growth was mainly driven by the bond market, where trading volume reached 16.86 billion CFA francs (about 28.6 million USD), double the figure recorded the previous year. Cameroonian government bonds were the most traded, accounting for 79.9% of total transactions. Meanwhile, the equity segment saw a 4.9% decline in its ASI index, reflecting a market capitalization of 64.3 billion CFA francs (about 109 million USD). This underperformance was linked to an 8.18% annual drop in Socapalm shares, which make up 54% of the equity segment, and a 24.8% fall in Safacam shares.
