Morocco, “big newcomer” in list of Africa’s fastly growing firms- Financial Times

The Financial Times described Morocco as the “big newcomer” in the list of Africa’s 125 rapidly growing companies, with 12 firms, compared to just three previously.

Morocco’s Chari.com, an e-commerce company, was ranked the sixth fastly growing African company at 244%, with a total revenue of $6.4 million in 2022.

Marchiche Global Solutions came 22nd with compound growth rate of 122% and an annual revenue of $10.3 million in 2022.

Nigeria’s Omniretail Inc topped the list with a growth of 722% and a revenue of $139 million.

The ranking was conducted at a difficult context as African economies struggle to recover from the pandemic, Financial Times said.

Cited by the British paper, Abebe Selassie, the head of the IMF’s Africa department, acknowledges that Covid-19 set economies back.

“I worry about the effect that the pandemic has had on poverty, particularly in the most fragile countries,” he said.