The Central Bank of West African States published a communique on the West African Economic and Monetary Union Council of Ministers' second ordinary session of 2026, at which ministers reviewed the union's macroeconomic surveillance report and approved a set of financial and policy measures. The main financial sector outcome was the adoption of a decision to operationalize the Financial Stability Fund of the West African Monetary Union, a regional mechanism intended to strengthen the prevention and management of financial risks facing member states. Ministers also adopted the first-half 2026 multilateral surveillance report and issued economic policy orientations for member states for 2027. The surveillance report showed that union growth rose to 6.5% in 2025 from 6.2% in 2024, supported by all sectors and particularly extractive industries. Inflation fell to 0.0% from 3.5%, while the overall fiscal deficit narrowed to 3.2% of gross domestic product from 5.3% as revenue mobilization improved and spending was contained. The Council said the union met its convergence conditions in 2025 for the second time in its history after 2019, while noting that the 2026 outlook remains generally favorable but exposed to international, security, sociopolitical and climate-related risks. Other decisions included adoption of a regulation on market authorization and supervision of veterinary medicines, including a regional veterinary medicines committee, and approval of the West African Economic and Monetary Union social protection strategy for 2026-2035. Ministers also approved the 2026 budget of the Financial Markets Authority of the West African Monetary Union, renewed and appointed members of that authority, and cleared financing partnership arrangements for the West African Development Bank with the International Finance Corporation, PROPARCO and Sumitomo Mitsui Banking Corporation.

Original source Back to tracker