Central Bank of West African States designated as West African Monetary Union macroprudential authority as ministers adopt 2025-2030 financial inclusion strategy

The Central Bank of West African States published the West African Economic and Monetary Union Council of Ministers’ conclusions from its first ordinary session of 2025, including adoption of a regional financial inclusion policy and strategy framework for 2025–2030 and approval of the Central Bank’s designation as the macroprudential authority for the West African Monetary Union to define and implement the Union’s macroprudential surveillance framework. Ministers reviewed recent economic developments, noting estimated Union growth of 6.2% in 2024 (5.3% in 2023), inflation easing to 2.9% in the fourth quarter of 2024 (4.1% in the prior quarter), and an overall fiscal deficit of 5.1% of GDP at end-December 2024 (6.2% a year earlier). The Council approved the report on the Union’s economic and monetary situation as at 31 December 2024, took note of the Central Bank’s forecast of 6.3% GDP growth in 2025, applied provisions on the terms of Monetary Policy Committee members, validated the replacement of Togo’s representative on the Union’s Financial Stability Committee, and approved the Central Bank’s 2024 accounts and allocation of the financial result. Separately, the Council applied provisions on mandates for members of the Banking Commission’s Supervisory Board, approved the West African Development Bank’s 2024 annual accounts and annual report, and encouraged the UEMOA Commission to finalise a draft additional act on a convergence, stability, growth and solidarity pact for submission to the next Conference of Heads of State and Government.