In the annual management report for the 2019 financial year of the Central Bank of West African States (Bceao), Governor Tiémoko Meyliet Koné analyzes the past year and the policy pursued by the institution. . He

pointed out that 2019 was marked by growing uncertainties related to trade tensions between the United States and China, Brexit and the geopolitical situation in the Middle East.

Growth in the world economy, which stood at 3.6% in 2018, decelerated to 2.9% in 2019. Despite this unfavorable international context, Mr. Koné noted that economic activity has well oriented in the West African Economic and Monetary Union (UEMOA) during the year under review.

According to him, the economies of the area have benefited from a generally favorable socio-political environment, an improving business climate and continued investment in socio-economic infrastructure. The Union's gross domestic product is estimated at 6.6% in 2019, just like in 2018.

During 2019, the Central Bank continued to work for a monetary policy aimed at price stability. As an annual average, the inflation rate stood at -0.7% in 2019 against an achievement of 1.2% a year earlier. In this context, he explains, the Bceao continued the accommodating orientation of its monetary policy by maintaining, for the sixth consecutive year, its main key rate at 2.50%.

In addition, he added, in fiscal 2019, the Central Bank continued its efforts in financial stability. The systemic risk surveillance mechanism in the Union has been strengthened by the adoption of a methodological framework for the identification of systemically important banking institutions.

At the same time, it continued to implement Basel II and III standards in WAEMU. The Central Bank has also emphasized the development of services to the economy, by stepping up its actions in favor of inclusive finance.

“In the field of regional integration, the year 2019 was marked by significant progress in the implementation of the roadmap for the creation of the single currency of ECOWAS. In this perspective and with a view to promoting the advent of this currency and facilitating its adoption by the Member States of the Union, the Heads of State and Government of UEMOA proceeded to the revision of the cooperation agreement monetary policy with France”, reminded the governor of the Bceao.