Moroccan Prime Minister Aziz Akhannouch’s January 2026 decision not to seek a third term as leader of the National Rally of Independents (RNI) has anchored trader expectations that he will leave office by the end of the year. The party’s February election of Mohamed Chouki as its new president further signaled an internal leadership transition ahead of the September 2026 legislative elections. Under Morocco’s constitutional process, the King appoints the head of government from the largest parliamentary party, making Akhannouch’s return unlikely absent an improbable reversal. Earlier youth-led protests had already weakened the coalition’s standing, while Akhannouch’s recent parliamentary review of economic and social programs highlighted the close of his mandate. Upcoming elections and coalition talks are expected to confirm the shift, though a late royal intervention remains a narrow possibility that could still alter the outcome.