The Central Bank of West African States published an update on the third ordinary 2026 session of the West African Economic and Monetary Union Council of Ministers. The Council issued an opinion on participation by the central bank and West African Monetary Union commercial banks in the Pan-African Payment and Settlement System, which is expected to support regional and continental trade and financial flows. It also adopted measures covering public procurement, social protection and development financing. The new procurement directive seeks to accelerate tendering procedures and improve member states’ capacity to use investment appropriations. The Council approved the 2026-2035 Regional Social Protection Strategy, focused on extending coverage to vulnerable groups, and waived certain immunities and privileges of the West African Development Bank to help it obtain new funding and finance priority projects. It also approved the West African Monetary Union Financial Markets Authority’s 2025 accounts. Economic growth in the union was estimated at 6.0% year on year in the second quarter of 2026, down from 6.1% in the previous quarter, while inflation rose to 0.4% from negative 0.2%. The external position strengthened as exports of gold, cotton, cocoa and petroleum products increased, although the outlook remains exposed to global conditions, country-specific developments and climate change.
Central Bank of West African States reports WAEMU Council action on Pan-African Payment and Settlement System participation and regional reforms
The Central Bank of West African States reported that the WAEMU Council issued an opinion on central bank and commercial bank participation in the Pan-African Payment and Settlement System. The Council also adopted procurement and social protection reforms and facilitated new financing for the West African Development Bank. Union growth was estimated at 6.0% year on year in the second quarter of 2026, with inflation at 0.4%.