Economic activity was well oriented in the West African Economic and Monetary Union (WAEMU) in 2019, despite an unfavorable international context, marked by the persistence of geopolitical and trade tensions, according to a new report by the institution.
 
This 2019 annual report from the Central Bank of West African States (BCEAO) highlights that internally, member countries' economies have benefited from an overall favourable socio-political environment and an improving business climate. 
 
"Economic activity has also benefited from continued investment in socio-economic infrastructure by WAEMU member states," the report continues. 
 
As in 2018, the WAEMU's gross domestic product is estimated at 6.6% in 2019, thanks in particular to the "good performance of commercial, port and airport activities, the dynamism of services, the consolidation of activities in buildings and public works, and the strengthening of manufacturing and agricultural production''. 
 
The economic expansion was driven mainly by the tertiary sector, with a contribution of 3.8 points, according to the report. 
 
It indicates that contributions from the secondary and primary sectors amounted to 1.7 percentage points and 1.1 percentage points respectively. By country, economic growth was 7.6% in Benin, 7.5% in Côte d'Ivoire, 6.3% in Niger, 6.0% in Senegal and Burkina Faso, 5.6% in Mali, 5.3% in Togo and 5.1% in Guinea-Bissau. 
 
"During 2019, the Central Bank of West African States continued to work for a monetary policy aimed at price stability," said its governor, Tiémoko Meyliet Koné, in the introductory note of the report. 
 
On an annual average, the inflation rate came out at -0.7% in 2019, compared to 1.2% a year earlier.
 
In this context, the report continues, the BCEAO continued the accommodative stance of its monetary policy by maintaining, for the sixth consecutive year, its main policy rate at 2.50%. 
 
In addition, in FY2019, the Central Bank of West African States continued its efforts in financial stability.
 
The report reviews the evolution of the banking and financial system, as well as actions in terms of stability and financial inclusion, the management of monetary signs, payment systems and means, foreign exchange reserves, etc.