The UEMOA Council of Ministers held its fourth regular session for 2024 on December 20 in Bamako with an optimistic assessment of the economic grouping’s outlook for the next 12 months .
Following this meeting, the region’s economic prospects for 2025 appear promising, according to a statement shared with APA on Thursday.
The ministers expressed satisfaction with the region’s economic performance in 2024, which saw a 6.0% GDP growth, compared to 5.3% in 2023. The Council also noted that the annual inflation rate stood at 4.1% in the third quarter of 2024, a stable level compared to the previous quarter.
For 2025, the Council anticipates an acceleration in economic growth, projecting a 6.3% increase.
This growth is expected to be driven by “strong agricultural, extractive, and manufacturing production, as well as by commercial and financial activities,” the statement added.
The Council adopted several key decisions, including the budget for the Union’s organs for the 2025 fiscal year, estimated at 149.6 billion CFA francs, a 5.3% increase compared to 2024.
This budget includes the initial activities of the Strategic Plan Impact 2030, which aims to “increase the performance of the UEMOA Commission and the impact of its interventions on the populations of member states.”
The Council also adopted a new regulation on the external financial relations of member states, replacing the 2010 regulation and accounting for “recent changes in the global economic environment,” thus enhancing the adaptability of economic policies to contemporary challenges.
In terms of economic security, the Council approved the adoption of the Harmonised Consumer Price Index (HCPI) with a base of 100 in 2023, which will become the official reference for measuring inflation in the UEMOA zone starting January 1, 2025.
The Council also commended the efforts of member states to mobilize resources and urged them to continue these efforts.
“It is essential to strengthen both internal and external financing capacities to ensure the economic and social stability of the Union,” the statement emphasised.
The UEMOA Council of Ministers concluded on an optimistic note, reaffirming the commitment of member states to work collectively to maintain the growth momentum and strengthen resilience against global challenges.
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