Morocco’s National Agency for the Strategic Management of State Shareholdings (ANGSPE) is preparing to launch a major technology project to automate the production of consolidated financial statements for approximately 350 state-owned enterprises and establishments under International Financial Reporting Standards.
The project, budgeted at 19.3 million dirhams, will deploy an Enterprise Performance Management (EPM) platform capable of replacing the entirely manual and spreadsheet-based consolidation process the agency has been using since producing its first consolidated accounts for the period ending December 31, 2024.
The scale of the challenge is substantial. ANGSPE’s 350 entities operate across sectors as diverse as banking, insurance, real estate, industry, and technology, each with its own information system — SAP at one, Oracle at another, Amelkis elsewhere, and in some cases no ERP at all. Data arrives in discontinuous flows, multiple formats, and incompatible chart-of-account structures.
The future platform will need to embed an automatic mapping engine capable of converting each local reference framework into a single consolidated chart of accounts, with full traceability of every conversion.
The platform must include a native IFRS consolidation engine covering all three accounting methods — full integration, proportional integration, and the equity method — with fully configurable rules for switching between methods based on shareholding thresholds: below 20 percent, the entity is not consolidated; between 20 and 50 percent, it is treated under the equity method; above 50 percent, full integration applies. The system will also model the multi-level legal ownership structure of ANGSPE’s portfolio, handling direct and indirect shareholdings, cross-holdings, and circular ownership positions, and maintaining a complete historical record of all portfolio changes.
On data security and sovereignty, the specifications are exacting: the entire platform must be deployed in SaaS mode, but with an absolute requirement that all hosting, backups, and disaster recovery sites be located exclusively on Moroccan territory. Data must be encrypted at rest and in transit to AES-256 or equivalent standard, multi-factor authentication is mandatory for all users, and access must be managed under least-privilege and role-based access control principles, with strict separation of incompatible functions. Annual penetration testing by a qualified independent firm will also be required.
Beyond the operational improvement, ANGSPE’s leadership has framed the project as a strategic signal toward international capital markets. By producing consolidated IFRS accounts that are reliable, traceable, and repeatable, Morocco’s state portfolio will speak a universally understood financial language — improving its legibility for foreign investors, facilitating access to international capital markets for its publicly traded enterprises, and demonstrating the institutional depth that Morocco’s New Development Model requires. For the EPM vendors competing for the contract — SAP, Oracle Financial Consolidation Cloud, OneStream among others — the deployment will be a notable African reference.
