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1st ordinary session of the UEMOA Council of Ministers: the adoption of major texts

10/04/2025
Source : ORISHAS FINANCE
Categories: Sectors

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The first ordinary session of the Council of Ministers of the West African Economic and Monetary Union (UEMOA) took place on Thursday, April 3, 2025. This meeting was marked by the adoption of major texts intended to deepen economic and monetary integration within the Community area.

At the meetings held at the headquarters of the Central Bank of West African States (BCEAO), the participants approved the report on the economic and monetary situation of the Union, adopted on 31 December 2024. This reference document has been described as a “relevant framework” for the development, monitoring and evaluation of national economic policies. It makes it possible to assess growth dynamics, monetary developments, as well as the macroeconomic prospects of the Member States

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The Council also endorsed a draft ambitious regional strategy in the field of financial inclusion. This project aims to ensure equitable, secure and sustainable access to financial services for all populations, with particular attention paid to the most vulnerable social groups.

Ministers also officially designated the Union's “macroprudential authority”. This body will play a central role in implementing the framework for the supervision of systemic risks, in order to maintain the stability of the financial sector.

En ce qui concerne la gouvernance financière, les comptes de l' exercice 2024 de la Banque centrale des États de l' Afrique de l' Ouest (BCEAO) et de la Banque ouest-africaine de développement (BOAD ) were duly approved. These results attest to the conformity of the two institutions with their statutory missions, as well as their leading role in financing economic and social development in the Union

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Likewise, the financial plans of the Union's bodies for the current financial year have been validated, in accordance with the requirements of the UEMOA Court of Auditors, thus guaranteeing rigorous and transparent management of Community resources.

The Council also approved a draft additional tax, as part of the Convergence, Stability and Growth Pact, as well as a banking regulation specifying the operational modalities of the forthcoming financial sector reforms.

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