Despite torrid economic times globally, the West African Economic and Monetary Union has stayed the cause, making significant progress, according to the Governor of the Central Bank of West African States, Jean-Claude Brou.
By Abdourahmane Diallo
The year 2023 was marked by persistent inflationary pressures, growing geopolitical tensions and the continued tightening of central banks’ monetary policies. Despite these challenges, the West African Economic and Monetary Union (UEMOA) managed to pull through.
One of the major achievements of the year was the control of inflation. According to the Governor of the Central Bank of West African States, Jean-Claude Brou, inflation has fallen from 7.4 percent in 2022 to 3.7 percent in 2023. “This decline has been helped by several factors, in particular the easing of inflationary pressures on food products, the efforts of governments to combat the high cost of living and the monetary policy measures taken by the BCEAO,” Mr. Brou said.
Besides, the Governor added, “economic activity remained dynamic throughout the year, with real GDP growth of 5.7 percent in the fourth quarter of 2023, a level similar to that recorded in the previous quarter.”
“This performance testifies to the resilience of the economy in the face of external challenges,” Jean-Claude Broustressed. He was speaking on Wednesday 27 March in Dakar at the first meeting of the Central Bank’s Board of Directors for 2024.
The Governor of the ECOWAS Bank also noted that the issuing institution had continued its operational activities in various areas in order to fulfil its missions. It has thus maintained its stability and its commitment to protecting and promoting financial and monetary stability in the region, according to Mr. Brou.
ARD/ac/fss/as/APA