Akhannouch Ranks 14th Richest Man in Africa Amid Morocco’s Economic Crisis

Rabat – While the large majority of Moroccan families continue to be overwhelmed by soaring fuel and food prices, Morocco’s Head of Government Aziz Akhannouch is maintaining his position as one of the richest people in Africa.

Earlier this week, Forbes listed Akhannouch among a list of 19 wealthiest people on the continent, with the Moroccan politician and businessman coming in 14th place with a net worth estimated at $1.5 billion.

The Africa-focused Forbes list also features the top Moroccan banker Othman Benjelloun as the 16th wealthiest man in Africa with a net worth of $1.3 billion.

The ranking shows that Akhannouch lost his 13th position to Egyptian businessman Youssef Mansour, whose net worth is also estimated at $1.5 billion.

Describing the head of Morocco’s government as “the majority owner of Akwa Group, a multibillion-dollar conglomerate founded by his father and a partner, Ahmed Wakrim in 1032,” Forbes detailed that his net worth was estimated at $2.2 billion in 2022.

Forbes’s ranking of Akhannouch among the twenty richest people in Africa comes as the businessman-turned politician faces popular backlash over his government’s failure to meet its pledges as low-income Moroccan families see their purchasing power crumble under the weight of soaring food and fuel prices.

In addition to ordinary citizens, opposition politicians have also been pointing fingers at the government’s inability and reluctance to save or protect the purchasing power of crisis-hit Moroccans.

Abdellah Bouanou, the president of the Justice and Development Party’s (PJD)’s parliamentary group, has publicly attacked Akhannouch’s government and accused the head of government himself of benefiting from a “conflict of interests.”

“How is it possible that Akhannouch’s net worth increased from $1 billion to $ 2 billion between 2020 and 2022,” he said, stressing that such a notable increase was only possible because of skyrocketing prices in the energy sector, where Akhannouch’s main company operates.