The Chairman of the Council of Ministers of the Economic and Monetary Union of West African States
(UEMOA) encourages its Member States to "maintain the course of bold reforms in order to meet the
challenges of strengthening the foundations of the economy and improving the well-being of populations".
This recommendation was made by the Beninese Minister of Economy and Finance, Romuald Wadagni,
Friday in Dakar, at the opening of the WAEMU Council of Ministers of which he is the president.
"While waiting for the results of this council, he said, I congratulate the Member States for the quality of the
policies in their countries".
According to him, "fiscal consolidation efforts in the Member States have resulted in a reduction
of the Union's overall budget deficit at 2.7% of GDP compared to 3.3% during the same period of the year
former".
Following the trend of previous quarters, the WAEMU growth rate "amounted to 6.6% after
September 2019, up 0.3% compared to the third quarter of 2018," he said.
The Beninese Minister of Economy and Finance recalled that the last session of the year 2019 of the
UEMOA Council of Ministers is held the day after "several major events entering into the
framework of the regional integration process".
Romuald Wadagni to quote in particular the Extraordinary Conference of Heads of State and Government on
security financing, the second edition of the Financial Inclusion Week, with the theme
"Digitalization at the service of financial inclusion: challenges for the financial sector of the Member States of
WAEMU".
"The decisions and recommendations made will certainly inform our actions for the coming months",
estimated the Beninese Minister of Economy and Finance.
To the order of the board, in respect of the Central Bank of West African States (BECEAO), to assess the
report on the economic and monetary situation within the Union as of September 30, 2019, according to Romuald
Wadagni.
This document should serve as a basis for discussions for the analysis of the economic prospects of WAEMU,
with a view to deciding on "appropriate measures to sustainably consolidate growth in the area".
Regarding the West African Development Bank (BOAD), the WAEMU Council of Ministers is
called to decide on the "updated financial outlook for the period 2019-2023".
As part of the WAEMU Commission, the Council will consider the item on the organization and
operation of the security fund management rules.
Similarly, the 2020 draft budget of the Regional Council for Public Savings and Financial Markets
(CREPMF) will be submitted to the WAEMU Council of Ministers for approval.
An "in-depth examination" of this draft budget will be made during this council meeting, which will be held behind closed doors, a
final communiqué will be made public for the media.