{"id":490077,"date":"2026-04-21T00:20:43","date_gmt":"2026-04-21T00:20:43","guid":{"rendered":"https:\/\/www.financialafrik.com\/en\/2026\/04\/21\/uemoa-what-if-the-warehouse-receipt-finally-became-an-agricultural-currency\/"},"modified":"2026-04-21T00:20:54","modified_gmt":"2026-04-21T00:20:54","slug":"uemoa-what-if-the-warehouse-receipt-finally-became-an-agricultural-currency","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2026\/04\/21\/uemoa-what-if-the-warehouse-receipt-finally-became-an-agricultural-currency\/","title":{"rendered":"UEMOA: What if the warehouse receipt finally became an agricultural currency"},"content":{"rendered":"
<\/div>\n

By Serge KOUAMELAN, Executive Director of APBEF-CI<\/strong><\/p>\n\n\n\n

At the heart of agricultural financing in West Africa lies a paradox, an improbability, even a fallacy that no one can ignore anymore: we produce, we store, but we do not finance.<\/p>\n\n\n\n

In the UEMOA region, agriculture represents 16 to 40% of the GDP, depending on whether we refer to countries like C\u00f4te d’Ivoire and Senegal on one side, or Burkina Faso and Mali on the other. At the same time, it can mobilize up to 80% of the active population in some countries in the region.<\/p>\n\n\n\n

However, less than 5% of bank credit is dedicated to agriculture. I wrote that for your attention: less than 5%. This structural imbalance reflects a very simple reality: the financial industry, through its most eminent leaders and actors, does not fully recognize the value of agricultural assets.<\/p>\n\n\n\n

A massive asset… but still invisible<\/strong><\/p>\n\n\n\n

Every year, millions of tons of agricultural products are stored in the region. In C\u00f4te d’Ivoire, for example:
\u2022 more than 2 million tons of cocoa;
\u2022 more than 1 million tons of cashew nuts; not to mention the millions of tons of cashew apples from which we do not fully benefit, unlike a country like Brazil.<\/p>\n\n\n\n

These volumes represent billions of CFA francs immobilized, rarely mobilized as bank guarantees. At the same time, post-harvest losses reach 15% to 30% in sub-Saharan Africa (FAO). Thus, we face a double inefficiency: an unfunded asset and a partially lost value.<\/p>\n\n\n\n

Solid foundations, but still fragmented<\/strong><\/p>\n\n\n\n

C\u00f4te d’Ivoire has structured an advanced model with the Authority for the Regulation of the Warehouse Receipts System (ARRE), allowing:
\u2022 certification of stocks;
\u2022 traceability;
\u2022 legal security of stocks.<\/p>\n\n\n\n

This system already allows financing of 60 to 80% of the value of stocks in certain sectors. Senegal is moving in a similar direction, with a framework in consolidation.<\/p>\n\n\n\n

But these initiatives remain local.<\/p>\n\n\n\n

Yet, finance only works fully on the scale of integrated markets.<\/p>\n\n\n\n

What is the obstacle? The absence of prudential recognition<\/p>\n\n\n\n

Today, in the UEMOA:
Banks either apply high discounts (often > 30%), or remain cautiously prudent towards these instruments.<\/p>\n\n\n\n

Is it because the mechanism is faulty? No. Simply because it is not standardized and recognized at the regional level.<\/p>\n\n\n\n

Standards, oh standards… And so, an asset without a clear regulatory status remains an underfunded asset.<\/p>\n\n\n\n

The BCEAO moment: a structuring decision<\/p>\n\n\n\n

The BCEAO now has a decisive lever to transform this tool into a regional standard.<\/p>\n\n\n\n

Behind the warehouse receipt, a major potential emerges:
\u2022 billions of CFA francs of mobilizable stocks;
\u2022 an immediate financing leverage without public debt;
\u2022 a tool for stabilizing agricultural markets.<\/p>\n\n\n\n

Let’s carefully examine 4 priorities to scale up<\/p>\n\n\n\n

    \n
  1. Standardize the receipt at the UEMOA level
    A common standard, recognized and accepted by all, would guarantee:<\/li>\n<\/ol>\n\n\n\n

    \u2022 readability;
    \u2022 legal security;
    \u2022 bank confidence.<\/p>\n\n\n\n

      \n
    1. Recognize it as an eligible guarantee
      Its integration into refinancing mechanisms becomes essential to trigger massive adoption.<\/li>\n\n\n\n
    2. Adapt the prudential framework
      \u2022 regulation of discounts;
      \u2022 better risk weighting;
      \u2022 consistent treatment by banks.<\/li>\n\n\n\n
    3. Structure an agricultural financing market<\/li>\n<\/ol>\n\n\n\n

      In the long term:
      \u2022 credits backed by stocks;
      \u2022 market instruments;
      \u2022 regional integration of agricultural flows.<\/p>\n\n\n\n

      On the road to monetizing agriculture<\/strong><\/p>\n\n\n\n

      Let’s think out loud, that if only 10% of the agricultural stocks in the UEMOA were mobilized, several hundred billion CFA francs could be injected into the real economy. The warehouse receipt would then become what it should be: an instrument for the financial transformation of agriculture.<\/p>\n\n\n\n

      Conclusion: a strategic choice, not technical<\/strong><\/p>\n\n\n\n

      The question is no longer about relevance or any other inquiry. It is about the courage to make a decision. Recognizing and promoting, through our local and regional ambitions, the warehouse receipt, is to bring agriculture into the realm of bankable assets. It is also about aligning real production with the financial system.<\/p>\n\n\n\n

      Guarantee, valuation, security, ownership: the winning combination for 21st century agriculture<\/p>\n\n\n\n

      In a region where agriculture is an economic pillar and an essential social factor, this is not a technical reform, but a determined will for economic sovereignty.<\/p>\n\n\n\n

      <\/p>\n

      <\/div>","protected":false},"excerpt":{"rendered":"

      By Serge KOUAMELAN, Executive Director of APBEF-CI At the heart of agricultural financing in West Africa lies a paradox, an improbability, even a fallacy that no one can ignore anymore: we produce, we store, but we do not finance. In the UEMOA region, agriculture represents 16 to 40% of the GDP, depending on whether we<\/p>\n","protected":false},"author":536766,"featured_media":490078,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"https:\/\/www.financialafrik.com\/2026\/04\/21\/uemoa-et-si-le-recepisse-dentreposage-devenait-enfin-une-monnaie-agricole\/","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12048,12046],"tags":[],"class_list":{"0":"post-490077","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-chronicles","8":"category-leaders-en","9":"pmpro-has-access"},"yoast_head":"\nUEMOA: What if the warehouse receipt finally became an agricultural currency - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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