The Council of Ministers of the West African Economic and Monetary Union (UEMOA) held its fourth ordinary session on December 29, 2025, for the year 2025, at the headquarters of the Central Bank of West African States (BCEAO) in Cotonou, Republic of Benin, under the presidency of Mr. Aboubakar NACANABO, Minister of Economy and Finance of Burkina Faso, its current President.
Also present at the meeting were Mr. Abdoulaye DIOP, President of the UEMOA Commission, Mr. Jean-Claude Kassi BROU, Governor of the BCEAO, Mr. Serge EKUE, President of the West African Development Bank (BOAD) and Mr. Kossi TENOU, President of the Financial Markets Authority of the West African Monetary Union (AMF-UMOA).
At the end of the discussions, the following conclusions and recommendations were approved by the Council of Ministers:
Regarding the BCEAO
Examining the recent evolution of the Union’s economies, the Council of Ministers welcomed the continued dynamism of economic activity during the year 2025. Economic growth remained strong with a real GDP growth of 6.2% in 2024 to 6.7% in 2025 and 6.4% in 2026. This evolution is driven by an increase in household consumption and continued investments, particularly in socio-economic infrastructure, as well as the good performance of the agricultural sector, services sector, and extractive and manufacturing industries.
Ministers also noted a decrease in the inflation rate, which stood at 0.2% in 2025, down from 3.5% in 2024 and is expected to rise to 2.0% in 2026.
Regarding public finance management, the Council of Ministers noted a reduction in the overall budget deficit of the Union, from 3.9% of GDP in 2025 to 3.3% of GDP in 2026, after achieving 5.4% in 2024.
Furthermore, Ministers observed an improvement in the Union’s external trade during the recent period, linked to increased exports of oil products, rising gold and cocoa prices, as well as reduced costs of imported food and energy products.
The Council noted that the economic outlook remains positive, although it remains subject to risks related to geopolitical and security tensions, as well as the negative effects of climate change.
Ministers approved the Report on the economic and monetary situation of UEMOA as of September 30, 2025, and the macroeconomic framework of UEMOA for the years 2025 to 2030.
The Council also examined and adopted the Decision revising the usury rate in force in UMOA. This text will ensure a better alignment of regulatory ceilings with the economic environment of financial institutions, strengthen financial inclusion, support economy financing, and promote adequate protection of Union consumers.
Regarding the BOAD
The Council approved the updated financial outlook 2026-2030 of the BOAD.
Regarding the UEMOA Commission
The Council of Ministers examined the semi-annual report on the multilateral surveillance of December 2025.
For the medium-term economic and financial outlook, the forecasts of the member states indicate an improvement in key macroeconomic indicators. Budget consolidation observed in 2025 in most member states would continue in 2026 and 2027 and would be effective in all member states by 2028.
However, these outlooks could be disrupted by the persistence of the security crisis in the region, uncertainties related to socio-political crises, climate shocks, and unfavorable financing conditions. This is compounded by a difficult international environment marked by ongoing geostrategic tensions and commodity price volatility.
The Council adopted the execution report of the multilateral surveillance for the second half of 2025 and made a Recommendation regarding the economic and financial outlook of the Union’s member states for the period 2026-2030.
Ministers also approved the budget adjustment authorized by Regulation No. 02/2025/CM/UEMOA amending Regulation No. 04/2024/CM/UEMOA of December 20, 2024, on the Budget of the West African Economic and Monetary Union Organs for the year 2025.
The Council also examined and adopted the Budget of the Union’s Organs for the year 2026, amounting to 115.9 billion CFA francs in revenue and expenses, compared to the initial Budget forecast of 149.6 billion CFA francs for 2025, representing a 22.5% decrease.
This Budget, which takes into account the control of Organ expenses, includes the structuring activities of the UEMOA Commission’s IMPACT 2030 strategic plan, aimed at making UEMOA an agile institution, a driving force for deepening integration and structural transformation of the member states’ economies of the Union.
Regarding the Court of Auditors of UEMOA
The Council examined and adopted the annual report on the audit of the accounts and management of the UEMOA Organs for the year 2024 presented by the Union’s Court of Auditors.
It adopted the Regulation approving the financial accounts of the UEMOA Organs for the year 2024, as well as Decisions granting discharge of management, for the period from January 1 to December 31, 2024, respectively to the main Authorizing Officers of the Commission and the Court of Justice of UEMOA and their main Accountants.
Regarding the AMF-UMOA
The UEMOA Council of Ministers approved the revision of the Decision establishing an annual function allowance for Members of the AMF-UMOA Board.
At the end of the Council, the Ministers, very appreciative of the warm and fraternal welcome they received during their stay in Cotonou, express their deep gratitude to the Government and the people of Benin.
Done in Cotonou, December 29, 2025
President of the Council of Ministers
Aboubakar NACANABO
