The BCEAO Monetary Policy Committee (MPC) at the end of its last session noted that the recovery in economic activity in the West African Economic and Monetary Union (WAEMU) continued in the first quarter of 2022. Real GDP (gross domestic product) grew at an annual rate of 5.6 percent, after 5.7 percent in the previous quarter.

The MPC expects the Union's GDP to grow in 2022 and 2023 by 5.9% and 7.2%, respectively, the Central Bank of West African States said in a statement issued after its second regular meeting of the year. The monetary policy committee also reviewed the main developments in international and regional economic conditions, as well as risk factors that could affect the medium-term outlook for inflation and economic growth in the Union.

The overall deficit was CFAF 979.2 billion in the first quarter of 2022, compared to CFAF 1,059.5 billion a year earlier, according to the MPC. The general price level rose by 6.4 percent year-on-year in the first quarter of 2022, compared with 5.0 percent in the previous quarter. Meanwhile, the recovery in global economic activity is expected to continue, albeit at a slower pace, with growth expected at 3.6 percent in 2022 and 2023.