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Ryad Mezzour Calls on Moroccan Industries to Overcome Capital‑Opening Hurdles
At a ceremony in Casablanca on 17 February 2026, Minister Ryad Mezzour used the certification of the first “Croissance” cohort to spotlight the persisting reluctance of Moroccan industrial firms to open their equity. Despite a comprehensive support package – from mindset training to governance and financing tools – the minister identified four core barriers: fear of losing control, exposure of weaknesses, strategic conservatism and difficulty persuading family shareholders. He warned that firms that do not grow will lose competitive relevance and urged companies to treat capital access as an accelerator for value creation, jobs and champion‑level scaling.
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On February 17, 2026, the Ministry of Industry and Trade, together with the Casablanca Stock Exchange, the General Confederation of Moroccan Enterprises (CGEM) and the Moroccan Capital Market Authority (AMMC), celebrated the certification of the first cohort of the “Croissance” programme. The event gave Minister Ryad Mezzour a platform to directly address industrial CEOs about the stubborn reluctance to open their equity to the market.
Why Companies Hesitate
Mezzour summed up the main obstacle in a stark formula: “No interest, no action.” Despite a suite of support tools—training on entrepreneurial mindset, corporate governance, financing solutions and how to craft an “equity story”—many firms still shy away from fund‑raising, IPOs or capital‑raising deals.
The Four Key Barriers Identified
- Loss of control: Managers fear that new shareholders will dilute decision‑making power and impose additional regulatory demands.
- Exposure of weaknesses: Greater transparency is seen as a risk, potentially triggering a negative feedback loop of banking tightening, supplier pressure and loss of customer confidence.
- Strategic conservatism: A “we’re fine as we are” attitude limits growth ambition and makes rapid expansion appear frightening.
- Difficulty convincing shareholders: In family‑owned businesses, gaining the backing of existing owners for governance reforms and capital opening is often a hurdle.
Macro‑Economic Perspective
The minister warned that firms that do not grow will see their relative influence within the Moroccan economy naturally decline. He illustrated the point with the textile sector, once a driver of industrial policy, which has lost ground to fast‑growing segments such as detergents, cleaning products and biscuits.
Capital as an Accelerator, Not a Goal
Opening the capital is meant to accelerate value creation, employment and the emergence of champions that can multiply their scale five or tenfold. “We are not asking you to take money just to enrich yourself,” Mezzour reiterated, emphasizing public‑sector aims of genuine growth.
Next Steps
The certification marks the end of an intensive learning phase. The real test now is converting the newly acquired skills into tangible financial actions—equity offerings, market listings or private fund‑raising—in a context where financing needs are soaring.