Un conseil des ministres de l' Union West African Economic and Monetary Affairs (UEMOA) took place on 31 March 2023 in Dakar, Senegal. This conference was held at a time when almost all states are having difficulty financing themselves through the UMOA-Securities Agency.

Credit institutions are applying increasingly higher rates to each other, and worse, banks that used to lend to each other easily require collateral in the form of collateral to accumulate government securities in their portfolios. Indeed, during the first quarter of 2023, the amount of money raised on the public securities market was 1,062 billion FCFA, down 33.8% over a sliding year. In March, the crisis remained acute so that the amounts mobilized by auction did not exceed 159 billion FCFA, down by 66% compared with March 2022.

On their side, specialists believe that the timid reaction of the BCEAO, which raised its bank refinancing amount slightly from 5 500 billion to 7 000 billion FCFA, is insufficient to successfully counter the liquidity crisis, but it is worsening the crisis. Monetary authorities are called upon to choose between maintaining inflation, which is currently at 6%, and injecting liquidity to enable states to refinance themselves on favourable terms.