UEMOA: The Council of Ministers meeting opened in Dakar

The third ordinary meeting of the WAEMU Council of Ministers for the year 2026 opened this Friday at the Central Bank of West African States (BCEAO). It is chaired by Aboubakar Nacanabo, Minister of Economy and Finance of Burkina Faso, the current President of the Council.

The meeting is taking place in an international context marked by the disruptions caused by the conflict in the Middle East, which are having a profound impact on global economic and financial balances.

Within the Union, "the fundamentals remain solid," assures Mr. Nacanabo. He indicated that in the second quarter of 2026, economic activity remained dynamic, with estimated year-on-year growth of 6%, after 6.1% in the previous quarter.

The inflation rate, meanwhile, stood at 0.4% in the second quarter, compared to -0.2% in the previous quarter. This increase is explained by "the rise in transport costs, following the increase in petroleum product prices in most Member States, as well as changes in housing prices and the prices of certain food products." For the whole of 2026, inflation is projected to average 1%, after reaching 0% in 2025.

Furthermore, the President of the Council reports that the Union's external position was strengthened during the second quarter of 2026, driven by increased exports of gold, cotton, cocoa and petroleum products.

"These results confirm the dynamism of our extractive and manufacturing industries, our commercial activities and our services, as well as the favorable prospects for the 2026-2027 agricultural campaign," the Burkinabe official said.

He clarifies, however, that nothing is definitively settled. These prospects remain dependent on the international situation, the specific circumstances of each state, and the increasing effects of climate change, he indicates.

"Our responsibility is therefore clear: to consolidate our achievements, reduce our vulnerabilities and transform short-term performance into a sustainable project," urges the current President of the Council of Ministers.

While acknowledging that the Union's economic outlook is encouraging, Mr. Nacanabo emphasizes that ambition must now "go beyond simply preserving these performances." He says it must make growth a genuine engine of structural transformation, job creation, resilience, and shared prosperity.

For today's meeting, the issues to be examined relate to "essential levers" of the Union. These include, among others, "public procurement, social protection, the functioning of our institutions, financial integration and development financing mechanisms," explains Aboubakar Nacanabo.