Morocco’s Central Bank Governor, best central banker in Africa

Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, was named “Best Central Banker in Africa for 2024” by the London-based financial and international affairs magazine “The Banker”, affiliated to the “Financial Times” group.

The Banker’s Central Banker of the Year 2024 awards celebrate the officials who have best managed to stimulate growth and stabilize their economy.

Abdellatif Jouahri has served as governor of Morocco’s Bank Al-Maghrib (BAM) for more than 20 years, helping steer the country’s banking sector and wider economy through a period of remarkable growth during his tenure, notes the magazine in a press release announcing the results on Tuesday.

Jouahri receives The Banker’s Central Banker of the Year award for Africa for 2024 in recognition of BAM’s role in relief efforts following the devastating earthquake in the west of the country in September and its success in tackling inflation.

After lifting its key interest rate to 3% in March, BAM was one of the first major African central banks to hold rates in 2023, allowing for the impact of rate rises to work their way through the economy. After a slight uptick in August, the bank continued to hold its nerve, a move that was vindicated by inflation falling back down to 4.3% in October from a high of 10.1% in February, explains the publication.

“It is with considerable satisfaction that I receive this award from such a prestigious international publication as The Banker,” Jouahri was quoted as saying in the press release. “I am convinced of central banks’ pivotal role in overcoming the major challenges that beset the world. Foremost among these is climate change, whose consequences are steadily worsening,” he added.

“At a time of intensified political tensions, the protracted inflationary trends around the world are a further concern for central banks,” Jouahri said. “They are therefore called upon to optimize their monetary policy decisions to safeguard the purchasing power of citizens, especially the most underprivileged among them, and improve investor confidence in the future of their companies.”

Within days of the September earthquake, BAM donated MAD1bn to the country’s main relief fund for the resettlement of earthquake victims, and was quick to offer support for sectors of the economy most impacted by the tragedy. The bank also established free helplines to assist with money transfers and remittances to further boost relief and recovery efforts, writes “The Banker”.

Another highlight of the year was the launch of the instant interbank transfer in June in collaboration with the Groupement pour un Système Interbancaire Marocain de Télécompensation, says the magazine.