The eight UEMOA member countries are experiencing a fast rate of urban growth. In 2015, some 42 million UEMOA citizens or 38% of the Union’s population lived in one of the region’s 738 urban agglomerations compared to less than 5% in 1950. With the exception of Guinea-Bissau, the majority of people in UEMOA’s coastal countries are already urban dwellers (Benin, Côte d’Ivoire, Senegal and Togo). Read on

The food sector, which comprises agriculture, food processing, food marketing and food-away-from-home, is a key pillar of all eight UEMOA economies. In 2020, the sector’s value is estimated at USD 43 billion or 30% of the Union’s GDP. By 2030, the UEMOA food economy is expected to more than double to reach USD 92 billion or 34% of the Union’s GDP. This unprecedented expansion occurs in a context of rapid urban development. Read on

The 2020 economic outlook for the eight UEMOA member countries is positive. Despite the many security challenges, the UEMOA area will continue to grow by 6.6% in 2020, at the same rate as in 2019, more than twice the sub-Saharan African average of 3.2%. The security crisis in the Sahel, Nigeria’s border closure and election-related instability are the main risks which might undermine the Union’s economic prospects. Côte d’Ivoire remains a driving force, with a projected growth rate of 7.3%, mostly because of high cocoa prices. Read on

One important step forwards towards a single currency was made on 21 December 2019 when Ivorian President Alassane Ouattara – who is also the current president of the UEMOA – and French President Emmanuel Macron announced plans to reform the CFA franc, the common currency of the eight UEMOA member countries. Some 134 million people in Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo use the CFA franc. Under the reform plan: the CFA franc will be renamed the “Eco”; France will withdraw from all governance bodies; and the Bank of France will no longer hold half of the foreign reserves. However, the Eco will continue to be pegged to the Euro and France will retain, for the time being, its role as its financial guarantor. Read on