The eight (8) member states of the West African Economic and Monetary Union (WAEMU) held their second ordinary session of the Council of Ministers in Lomé on July 11, 2025. Several key issues related to the region's economy were discussed by the ministers. The Council also reviewed reports and draft decisions from the WAEMU Commission, including the approval of the financial statements of the WAEMU Financial Markets Authority (AMF-UMOA).
The session took place at the main branch of the Central Bank of West African States (BCEAO) in Lomé and was opened and chaired by Adama Coulibaly, Minister of Finance and Budget of Côte d’Ivoire and current Chairman of the Council. In his opening remarks, he recalled the agenda items and expressed satisfaction with the positive state of the region's economy. He took the opportunity to thank all stakeholders for the strong performance recorded. "I would like to convey the Union authorities’ congratulations to the President of the WAEMU Commission, the Governor of the BCEAO, the President of the BOAD, and the President of the AMF-UMOA for their commendable efforts in contributing to the dynamism of our economies," he noted.
The Council examined the draft report on multilateral surveillance for the first half of 2025 and discussed the economic policy guidelines of the member states for the year 2026. Also on the agenda were draft decisions on launching the Harmonized Household Living Conditions Survey within the member states, adopting the WAEMU private sector development strategy for 2025–2030, and adopting the strategy for promoting public-private dialogue in the WAEMU region for 2025–2030.
Among the other topics addressed by the Council were the approval of the 2024 annual accounts of the WAEMU Financial Markets Authority, the application of Articles 3 and 4 of the annex to the convention on the composition, organization, and functioning of the Regional Council for Public Savings and Financial Markets, and the pricing applicable to deposit and consignment funds and managers of consigned assets in the regional financial market.
Despite a global context marked by trade, geopolitical, and security tensions, the figures remained encouraging within the WAEMU region.
In the first quarter of 2025, the gross domestic product (GDP) increased by 7.1% in real terms. For the full year, growth is projected at 6.4%, compared to 6.3% in 2024.
The inflation rate was also brought under control, dropping from 2.9% in 2024 to 2.3% in the first quarter of 2025. For the whole of 2025, inflation is expected to be around 2.2%, down from 3.5% the previous year.
Public finances also showed signs of improvement. The budget deficit declined slightly in the first half of the year, reaching 4.2% of GDP compared to 5.1% during the same period in 2024. Additionally, higher export prices and increased hydrocarbon sales contributed to improving the region’s trade balance.
Financing of the economies within the Union has improved in recent years. Loans to the economy rose by 5.0% year-on-year by the end of March 2025, following a 4.5% increase in December 2024. This trend is expected to continue, reaching 8.3% by the end of December 2025 according to forecasts.
Other items not covered during the session were postponed to a later meeting.