The members of the Council of Ministers of the West African Economic and Monetary Union are holding their last ordinary session of 2023 on the premises of the BCEAO national agency in Cotonou. The session was chaired by Adama COULIBALY, Minister of Finance and Budget of Côte d'Ivoire, President of the Council.

The current session, as stated by President COULIBALY, « takes place in a context where the tightening of financial conditions in international financial markets, as well as the rise of geopolitical tensions, have slowed down global economic growth, which is expected to be around 3.0% for the year 2023, according to the latest projections from the International Monetary Fund (IMF), compared to 3.5% in 2022. Additionally, security and sociopolitical crises continue to impact our region. »

 
A growth rate of 5.7% for 2023 within the UEMOA
 
Despite this difficult context, "economic activity within the Union remained vigorous in the third quarter of 2023", emphasised Adama COULIBALY, indicating that "the resilience of activity in all sectors points to a growth rate of 5.7% for 2023".

In addition, inflationary pressures have also eased, although the risks of a reversal of the situation cannot be ruled out, said the Chairman of the UEMOA Council of Ministers. The inflation rate in the Union should thus come out at 3.7% for 2023 as a whole, after 7.4% in 2022.

 
Several dossiers submitted to the Council by the Union's Institutions and Bodies during this last session of the year...
 
For the UEMOA Commission, the Council of Ministers will examine the draft budget of the Union for 2024 and the report on multilateral surveillance for the second half of 2023. For the UEMOA Court of Auditors, the Auditors' Report for the 2021 financial year is on the agenda.
 

Files presented by the BCEAO, notably the report on the economic and monetary situation of the UEMOA at 30 September 2023 and the macroeconomic framework of the UEMOA for the years 2023 to 2028, are on the agenda. For the WADB, the Board will vote on the institution's updated financial outlook for 2024-2028, as well as on the note relating to the entry into its capital of the Arab Bank for Economic Development in Africa (BADEA).

With regard to the Autorité des Marchés Financiers (AMF), the Board will examine two draft decisions on the institutional and organisational reform of this body and the approval of its draft budget for 2024.

 
The President of the UEMOA Commission, Abdoulaye DIOP, is taking part in the proceedings, accompanied by Commissioners Lassine BOUARE, in charge of the Administrative and Financial Services Department, and Mouhamadou GADO, in charge of the Economic Policies and Domestic Taxation Department. The President of the UEMOA Court of Auditors, Segnon Yves-Marie ADISSIN, also attended the meeting.