• Through awareness session
• Dedicated to journalists from member countries
• Many topics covered
DFrom September 9 to 13, 2024, the West African Economic and Monetary Union Commission (UEMOA) organized an awareness session for journalists from member states in Ouagadougou. This meeting is part of the Union’s efforts to improve the understanding and distribution of key economic activities to the general public. It is also an opportunity for the Union Commission to brief the media about key reforms and its economic performance in its 30 years of existence.
The opening ceremony of the awareness session was held on the morning of September 9, 2024. Gathered around the president of the UEMOA Platform, bringing together the media and journalists who deal with economic information in the zone UEMOA, Aminata Mbodj welcomed the journalists and her team. The technical adviser who is now the President of the Commission confirmed the importance of the media in terms of the visibility of WAEMU’s activities. “This awareness session, which started after Saly in 2023, aims to share with journalists the progress of the Union, the ongoing reforms and the priorities for the future,” said The tone was set for this week’s discussions with the Commission’s experts.
The topics covered during this training covered both 30 years of the Union’s progress and the economic prospects for 2024. Among the main topics of discussion, we found strengthening the resilience of the populations that ‘ despite the crisis, the cross-border cooperation, the promotion of cultural and creative industries, as well as issues of cyber-security and free movement within the Union.
Difficult regional and international economic context
In the opinion of the Multilateral Research Directorate, high inflation has affected the economies of many countries, including those in WAEMU. Therefore, the Central Bank of West African States (BCEAO) adopted a tight monetary policy to combat rising prices, thus reducing inflation from 7.4% in 2022 to 3.7% in 2023. An important role was played by climatic conditions in the fall in food prices, favoring a good distribution of water, which supported agricultural production in some countries of the Union.
At the same time, the impact of the war in Ukraine continues to affect WAEMU states, in particular, because some countries are dependent on wheat imports. In addition, the ongoing security crisis in the Sahel poses a threat to the economic and social stability of the region.
Macroeconomic performance: mixed but resilient results
Despite these challenges, WAEMU’s recent economic performance demonstrates the resilience of its member states. “In 2023, the Union’s economic growth rate reached 5.3%, a slight decrease compared to 2022 (5.5%), but still higher than initial forecasts. All economic sectors contributed to this growth: the primary sector (agriculture and mining) grew by 17%, the secondary (industry) by 61% and the tertiary (services) by 53%,” said the Director of Multilateral Research, in his presentation to journalists.
This budgetary consolidation effort made it possible to reduce the total budget deficit of the Union, which fell from -6.9% of GDP in 2022 to -5.2% in 2023. This improvement is partly explained by the shift better tax revenue and control of public expenditure. However, there are still differences between Member States, with countries such as Burkina Faso and Guinea-Bissau still posting high budget deficits.
The question of public debt in the countries of the Union was also raised. And the good news, “the total public debt of WAEMU countries remains under control, representing 59% of GDP in 2023, below the community level of 70%”, says Paterne Gnazalé. However, some countries such as Guinea-Bissau and Senegal exceed this average with debt levels reaching 80% and 73% of GDP respectively. Despite this, the risk of debt distress is considered to be moderate, due to stricter public finance management methods applied at the regional level, according to the interpretations of the Multilateral Research expert.
2024: challenges to overcome
Projections for 2024 remain generally optimistic, with a growth forecast of 7%. This progress should be supported by an improvement in the global economic situation and an increase in investments, especially in the oil and gas sectors, such as in Senegal and Niger. The continuation of economic and financial reforms in Member States will help to support this dynamic.
However, several major challenges could slow this growth. “The security crisis remains a major concern, especially in the Sahel, where terrorist attacks disrupt economic activity. In addition, the war in Ukraine and global geopolitical tensions continue to put pressure on the economies of the Union, in particular, in terms of food and energy supplies,” concluded the presenter.
As a reminder, the Communications Directorate of the UEMOA Commission has been organizing since September 9, 2024, an information and awareness session for journalists from UEMOA member states on the Union’s projects.
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Face-to-face with the President of the UEMOA Commission
Ln September 12, the president of the UEMOA Commission, Abdoulaye Diop, and his team received journalists. An opportunity for the current president to return to the role of the media in popularizing the Commission’s activities. From the words of President Diop, let’s remember that despite the multi-regional shocks that affected the lives of institutions and communities in the sub-region, the UEMOA Commission was able to stand up while they keep their attention to priorities of the States. . So the choice of 30e anniversary, placed under the theme: “UEMOA 30 years: experience of resilient integration against exogenous shocks”.
Gathering around their president, Léonard Dossou, on behalf of the members of the UEMOA Media Platform, he expressed his gratitude to the President of the Commission for their constant support to the activities of the Platform. “History records that it was under your command that the community media had the best cooperation with the UEMOA Commission,” he said.
For his part, Mr. Abdoulaye Diop praised the essential role of the media in popularizing the activities of WAEMU to the general public. “We have seen great progress in various areas thanks to the media that helped share the results with the economic and financial community and with our people,” he said.
The opportunity for Mr. Dossou to request support and support from the UEMOA Commission for the organization, in 2025, of a sub-regional conference on the issue of the media’s contribution to the economic and social development of the community, which the Platform planned to start.
Mr. Abdoulaye Diop indicated his agreement regarding technical and financial support for the regional conference project with the support of the UEMOA Media Platform.
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Key achievements of the peace and security project
Lthe issue of safety was also addressed during this awareness-raising session for journalists from Member States on Union construction sites. Koponibè Anselm Somé, working within the framework of the Strategic Program for Peace and Security in the WAEMU area (2PS), looked back on the main achievements of the peace and security project. We can remember:
Activation of MeVap;
financial support to frontline states;
Creation by Additional Act of 2019 of a Regional Security Fund;
Initiate and establish consultations on peace, security and development in border areas;
Organization by States of operations to combat terrorism and organized crime;
Implementation of community or neighborhood policing in the various initiatives to enhance public security;
Launch initiatives to make borders, not barriers, but bridges of cooperation between member states and people;
Actions to strengthen operational capabilities for the benefit of FDS personnel;
Strengthening cooperation and collaboration between the security and intelligence services of the Member States of the Union;
Acceptance of a project for the computerization and interconnection of border police stations in the UEMOA region (2i-PPF project), currently being implemented;
Strengthening ComNat capabilities;
Strengthening existing partnerships, especially with ECOWAS, WANEP, United Nations Regional Center for Peace and Disarmament in Africa (UNREC), the OIF.
