In January 2024, Cosumar, Morocco’s leading sugar producer, was at a turning point. After enduring the combined effects of a severe drought and the COVID-19 pandemic, the company faced significant operational and financial pressures. While certain initiatives had provided short-term relief, persistent vulnerabilities remained in its financial structure and strategic positioning. Cosumar’s leadership faced a critical dilemma: How could the company ensure sufficient financial flexibility to both maintain its dominant position in the domestic market and pursue strategic expansion into the Middle East and Sub-Saharan Africa? The company had to reflect on these questions in the context of uncertainty and rising stakeholder expectations.
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