The WAEMU Council of Ministers met on March 18, 2022 at the premises of the Main Agency of the Central Bank of West African States (BCEAO) in Lomé. And welcomed the support measures taken by the regional issuing institution and the current direction of monetary policy. These measures should make it possible to consolidate the economic recovery within the member countries during the year 2022.

This meeting of Ministers of the Union was extended to the first heads of regional organizations, in particular Abdoulaye DIOP, President of the WAEMU Commission, Tiémoko Meyliet KONE, Governor of the BCEAO, Serge EKUE, President of the West African Bank of Development (BOAD) and Badanam PATOKI, President of the Regional Council for Public Savings and Financial Markets (CREPMF).

Ministers welcomed the strengthening of economic activity in 2021, after the sharp slowdown in 2020 due to the Covid-19 pandemic. The growth rate of the Gross Domestic Product (GDP), in real terms, is estimated at 5.5% for the year 2021 after an achievement of 1.8% in 2020, under the effect of the implementation of measures of economic recovery by the Member States as well as the maintenance of an accommodating monetary policy by the BCEAO.

The accentuation of inflationary pressures was noted in the Union in the fourth quarter of 2021 and during the first months of 2022, like in other regions of the world. The general price level increased by 5.0% in the fourth quarter of 2021, compared to the same period of the previous year, after rising by 3.8% a quarter earlier. An increase mainly attributable to the decline in local agricultural production, the increase in the cost of imported food products and the difficulties in supplying the markets, induced by the health and security crises in certain countries. For the whole of 2021, the inflation rate stood at 3.6%, after 2.1% in 2020.

The Council of Ministers also noted that the overall public deficit, on a commitment basis, including grants, stood at 5.9% of GDP in 2021 against 5.6% in 2020. This situation reflects the acceleration of public investments in the framework of the recovery plans implemented by the Member States in order to bring the Union's economic growth to its level before the health crisis linked to Covid-19.

The Council underlined that the Union's economic outlook remains generally favorable with an expected growth rate of 6.1% in 2022 and 7.9% in 2023. And noted that the Union nevertheless faces risks linked to the security environment, the increase in the prices of oil and food products imported by the Member States of the Union, as well as the impact of geopolitical tensions in the world.

The Board approved BOAD's financial statements for the year ended December 31, 2021 and the 2021 Annual Report. The Board also updated BOAD's General Policy Statement and took note of the conditions applicable to assistance intended for States, included in BOAD's 2022-2026 updated financial outlook.