UEMOA: Leaders Hail Economic Progress

An extra-ordinary summit of the West African Economic and Monetary Union abbreviated in French-UEMOA, has ended in the Burundian capital Bujumbura with a call on member countries to maintain the pace towards the revamping of the regional economy. An official document of the summit states that the economies of countries having in common the use of the CFA franc are showing resilience despite the shocks they have faced. In terms of prospects for next year, a growth rate of between 6 and 7% is expected in most UEMOA member countries, with a peak for a country like Senegal. During the summit on Saturday July 8, 2023, Niger’s President Mohamed Bazoum, current chair of UEMOA, who was at his first summit since taking over the regional bloc presented a detailed roadmap of what he and his team intend to do during his tenure. According to the plan which is expected to lead to the adoption of a new convergence and stability pact, additional protocol acts will be submitted for the signature of the Heads of State of the member countries. Duty of solidarity obliges, countries like Mali, in great economic difficulty, will be supported. Bamako, for example, owes just under FCFA 300 billion to suppliers in the energy sector. In an emergency, the West African Development Bank, has already granted a loan of around FCFA 45 billion to the Malian state. Though President Bazoum’s plan of action was highly applauded, the extraordinary summit that last...