Ivory Coast Minister of Finance and Budget highlights dynamic economic activity and positive regional outlook.
Abidjan, March 29, 2024 – The 1st Ordinary Session of the West African Economic and Monetary Union (WAEMU or UEMOA) Council of Ministers convened in Dakar on March 28th, 2024. Chaired by Adama Coulibaly, the Ivorian Minister of Finance and Budget, the meeting brought together ministers and heads of institutions from across the UEMOA's eight member states.
Coulibaly's opening address offered a positive assessment of the region's economic health: "Economic activity has remained dynamic in the fourth quarter of 2023, with a 5.7% increase in real GDP – matching the previous quarter's performance. Inflation within our zone stood at 3.7% in 2023 compared to 7.4% in 2022, reflecting easing food prices, government efforts to combat rising costs, and the impact of the BCEAO's monetary policy.”
UEMOA Economic Growth: Encouraging Projections
Coulibaly stressed that the "economic prospects of the Union remain favorable," even while acknowledging potential risks from global conditions, regional security concerns, and climate change impacts. The BCEAO forecasts a robust UEMOA economic growth rate of 6.5% in 2024 and 6.6% in 2025, fueled by strong performance in the extractive and manufacturing sectors.
The Council of Ministers expressed satisfaction with these results, commending the leadership of the UEMOA Commission, the BCEAO, the BOAD (West African Development Bank), and the AMF-UMOA (Regional Financial Market Authority) for their contributions to the region's economic progress.
Key Reports and Budget Discussions
The Council's agenda included in-depth reviews of:
- The BCEAO's report on the UEMOA's economic and monetary situation as of December 31, 2023.
- The BOAD's annual accounts for the financial year ending December 31, 2023.
- The AMF-UMOA's draft budget for the 2024 financial year.
Tribute to President Macky Sall's Leadership
On behalf of the Council, Adama Coulibaly paid tribute to President Macky Sall of Senegal for his long-standing commitment to regional integration, particularly through his leadership of the UEMOA's Peace and Security project. The Council also congratulated President-elect Bassirou Diomaye Diakhar Faye on his victory in the March 24th, 2024 Senegalese presidential election.
UEMOA Economic Growth – A Regional Priority
The successful 1st Ordinary Session of the UEMOA Council of Ministers reaffirms the Union's commitment to sustained economic growth and development. Through collaborative efforts and sound policy, the UEMOA aims to secure a prosperous future for its member states and citizens.
