Debt: Moroccan Households Face a Growing Burden

Moroccan families are feeling growing pressure linked to debt, particularly before the end of 2024. A report from the European Investment Bank, entitled “Africa Finances 2023”, reveals that Morocco occupies second place in Africa , just after South Africa, in terms of household debt. The level of debt now represents 30% of national GDP.

This situation raises questions about the measures taken by the government to protect the purchasing power of households and mitigate the effects of inflation, which has increased in recent years. Although the debt rate remains below the average for emerging countries, it highlights the financial fragility of households in the face of repeated economic crises.

Financial Pressures and Increased Risks for Moroccan Families

Middle-income families, earning between 4,000 and 10,000 dirhams per month, are particularly affected. These households are increasingly forced to resort to loans to meet their basic needs, such as housing, education and health, according to a report from Bank Al-Maghrib. Increased debt among employees, who represent 67% of borrowers, makes these households even more vulnerable to financial difficulties.

In response to this situation, the government included in the 2025 finance bill several initiatives aimed at reducing the tax burden. Among them, the increase in the annual tax-exempt income threshold, from 30,000 to 40,000 dirhams, should allow households earning less than 6,000 dirhams per month to be exempt. The project also provides for a reduction in tax rates on several income brackets to support purchasing power.

Measures Deemed Insufficient for Sustainable Change

For Mohamed Amine El Hassani, expert in applied economics, the government’s current approach may not be enough. According to him, it is essential to reduce loan interest rates, so as to ease repayment burdens. El Hassani also proposes the development of alternative financing solutions, such as crowdfunding or microcredits, to meet the needs of the most modest households.

He also calls for tax reform that would be more equitable, in order to reduce the gap between different social classes. This, according to him, would promote social justice, while minimizing households’ recourse to credit to cover their current expenses.

Economic Consequences of Household Debt

The increase in debt has significant repercussions on the national economy. Mohamed Yazidi Chafai, another economic expert, warns that the continued rise in family debt could lead to increased pressure on the balance of payments and limit personal investment capacities. According to him, this situation is also fueled by wage increases in the private sector, which allow households to support higher levels of debt.

However, he specifies that despite the increase in interest rates, banks continue to facilitate access to credit, making recourse to loans more frequent. Yazidi Chafai insists on the need to regulate consumer credit to avoid excessive debt, which could permanently harm families.

In conclusion, while the government seeks solutions to support purchasing power and reduce household debt, it is essential that long-term strategies are implemented to ensure lasting financial stability and protect Moroccan households from debt risks.

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