Prime Minister Aziz Akhannouch’s National Rally of Independents (RNI) has suffered a major setback in Morocco’s general election, losing more than a third of its parliamentary seats according to provisional results released on Thursday. The outcome represents a sharp rebuke for the billionaire businessman who has led the North African kingdom’s government since 2021.
Data provided by the Ministry of the Interior indicates that the RNI secured only 66 seats in the 395-seat House of Representatives, a significant decline from the 102 seats it held previously. The Authenticity and Modernity Party (PAM) emerged as the largest winner, claiming 97 seats. The election was marked by a relatively low voter turnout of 38 percent, reflecting a degree of public fatigue amid persistent economic pressures.
The defeat of the RNI is particularly notable given the personal profile of its leader. Aziz Akhannouch is Morocco’s wealthiest individual and the owner of Akwa Group, a multi-billion dollar conglomerate with dominant interests in oil, gas, and chemicals. His tenure as Prime Minister was closely watched by international investors as a period of pro-market reforms and infrastructure-led growth. However, his administration also faced criticism over the rising cost of living and the perceived influence of big business in governance.
Under the Moroccan constitutional framework, King Mohammed VI typically appoints the Prime Minister from the party that wins the most seats in parliament. With PAM now holding the largest plurality, the party is expected to lead negotiations to form a new coalition government. This transition comes at a critical juncture for Morocco as it navigates post-pandemic recovery and long-term climate challenges affecting its vital agricultural sector.
Economic Policy and Market Stability Following the Election Results
The shift in parliamentary power raises immediate questions regarding the continuity of Morocco’s economic agenda. During his time in office, Akhannouch championed the “New Development Model,” which aimed to reduce social inequalities while maintaining a business-friendly environment. Financial analysts are now monitoring whether a PAM-led coalition will pivot toward more populist fiscal policies or maintain the orthodox approach favoured by the RNI.
Morocco has positioned itself as a stable hub for foreign direct investment in Africa, particularly in the automotive and aerospace manufacturing sectors. The country’s commitment to large-scale projects, such as the expansion of the Tanger Med port and significant investments in green hydrogen, has been a cornerstone of recent policy. Reports from the latest market briefings suggest that while the political landscape is changing, the fundamental economic pillars of the kingdom are unlikely to be dismantled, given the oversight of the monarchy in strategic sectors.
The business community is also closely watching the future of the OCP Group, the state-owned phosphate giant, and the kingdom’s aggressive renewable energy rollout. Any significant changes in the cabinet, particularly in the ministries of finance, industry, and energy, will serve as the first real indicator of the new government’s direction. Investors generally prefer the stability of the RNI’s technocratic approach, but a clear majority for PAM could provide the legislative clarity needed to push through stalled structural reforms.
Inflation remains a primary concern for the Moroccan electorate and was a recurring theme throughout the campaign. While the Moroccan central bank, Bank Al-Maghrib, has maintained a cautious monetary policy to curb price growth, the incoming government will face pressure to increase social spending. Balancing these populist demands with the need for fiscal discipline required by international lenders will be the first major test for the RNI’s successors.
The provisional results must still be finalised and validated by the Constitutional Court. Following this, the King is expected to invite the leadership of PAM to begin the formal process of coalition building. Given the fragmented nature of the Moroccan parliament, where no single party holds an absolute majority, the resulting government will likely require the support of several smaller parties, potentially including remnants of the RNI or the Istiqlal Party.
As the political dust settles in Rabat, the focus shifts to the official handover of power. The exit of a billionaire prime minister marks the end of a specific era of corporate-aligned political leadership in Morocco, though Akhannouch’s Akwa Group remains a central pillar of the nation’s private sector. The coming weeks will determine how the new legislative map translates into practical policy for Africa’s fifth-largest economy.
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