IN a noteworthy achievement, Casablanca Finance City (CFC) has reinforced its standing as Africa’s leading financial centre, securing the 54th spot in the Global Financial Centres Index (GFCI). This three-place ascent in the rankings underscores CFC’s prominence in Africa’s rapidly expanding and competitive financial markets.
Business Wire highlights CFC’s journey since its establishment in 2010, offering its members an appealing value proposition, including the ‘Doing Business’ incentive that fosters their operations across Africa. The CFC has also cultivated a robust membership community comprising over 200 companies spanning more than 70 countries, further enhancing its influence and reach.
CFC’s enhanced ranking in the GFCI coincides with Morocco’s hosting of the annual meetings of the World Bank and the IMF in Marrakech from October 9 to 15. This development aligns with Morocco’s commitment to position itself as the preferred gateway to Africa, as noted by Business Wire.
While CFC surges in the rankings, Johannesburg, South Africa’s economic powerhouse, experiences a significant decline, slipping from 69th to 83rd in the Global Financial Centres Index. This deterioration can be attributed, in part, to South Africa’s inclusion on the Financial Action Task Force (FATF) grey list.
The FATF, an intergovernmental body setting global standards for combating money laundering and terrorist financing, placed South Africa on its grey list. In contrast, Morocco was removed from this list last March, strengthening the Kingdom’s standing in the eyes of international financial institutions and foreign investors.
The FATF grey list serves as a reference for banks, financial organisations, and investors worldwide, indicating countries that may not fully comply with anti-money laundering and anti-terrorist financing regulations. Besides South Africa, countries such as Haiti, Yemen, and Mozambique also find themselves on the FATF grey list.
Notably, the city of New York in the United States maintains its status as the world’s foremost financial centre, having dethroned London five years ago. London now holds the second position, followed by Singapore and Hong Kong.
The GFCI, comprising 121 cities, derives its rankings from surveys and data provided by organizations like the World Bank, the OECD, and the United Nations. Factors such as the local business environment, human capital, infrastructure, and financial sector development are considered in determining these rankings.
