BCEAO seminar enhances understanding of West African monetary union finance for economic journalists

Sybille Adélaïde Hounsa, Deputy Director of Communication for the BCEAO, presented the central institution's missions and organization, highlighting the pillars supporting UMOA. The BCEAO, an international public institution established on May 12, 1962, with its headquarters in Dakar, serves as the common issuing institution for the eight UMOA member states: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. It manages the common currency, the CFA franc, used by over one hundred million inhabitants.

Its five core missions include defining and implementing UMOA's monetary policy, ensuring banking and financial system stability, supervising payment systems, implementing exchange rate policy, and managing official foreign exchange reserves. These missions are crucial for maintaining confidence in the currency and ensuring financial stability, which are essential for economic growth and investment. The BCEAO's governance structure includes the Governor, the Monetary Policy Committee, the Board of Directors, the Audit Committee, and national credit councils.

The bank also has a new strategic vision to be an innovative and resilient central bank, serving the populations and sustainable development of the union's economies. The presenta