The outlook for the region appears promising, with projections from the Central Bank of West African States (BCEAO) indicating economic growth of around 6.5% this year.
Ivorian Finance Minister Adama Coulibaly, who chairs the Council of Ministers, highlighted the “encouraging” economic outlook fueled by the resilience of extractive and manufacturing industries. However, he acknowledged potential challenges like global economic fluctuations, internal security threats, and climate change.
Minister Coulibaly emphasized the importance of regional cooperation in strengthening UEMOA’s resilience. He expressed confidence in overcoming these obstacles through sound economic and financial governance, along with strategic structural reforms, leading to greater prosperity and well-being for member states.
Economic and Monetary Review: Ministers will analyze a detailed report by the BCEAO on UEMOA’s economic and monetary situation in 2023. Anti-Money Laundering and Counter-Terrorism Financing: Strengthening measures to combat these issues is a priority, with ministers expected to approve revised reporting thresholds for UEMOA member states.
Benin’s Currency Counterfeiting Legislation: A request for legal reforms to address counterfeiting will be considered by the ministers. BCEAO Monetary Policy Committee: The appointment of Guinea-Bissau’s representative to this key committee will be on the agenda.
Financial Oversight and Development: The ministers will review the Central Bank’s financial statements, the West African Development Bank’s annual accounts, and the proposed budget for the region’s Financial Markets Authority (AMF-UMOA). Additionally, they will discuss reforms within the AMF-UMOA.
Regional Institution Boards: Appointments of UEMOA member state representatives to the boards of the regional securities exchange and the central bank-settlement depository will be finalized.
This first meeting sets the stage for UEMOA’s continued economic progress and regional cooperation throughout 2024.
ARD/te/fss/abj/APA