This calendar includes the planned issuances by the states of Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Senegal, Niger, and Togo.

For more information on the distribution of volumes by instrument, please refer to the links below:

Note to Investors

Provisional Auctions by WEAMU Member States in the fourth quater of 2024

Watch the webinar and download the presentation

Meet our expert

Arouna SOW is a Statistical and Economic Engineer (ENSEA Abidjan) and holds an Executive Certificate in market finance (FIRST FINANCE Institute), with 18 years of experience in macroeconomics, forecasting, and debt. Macroeconomist at UMOA-Titres since 2019, he analyzes the WAEMU economic situation, fiscal policies, debt, and the sustainability of States’ debt strategies.

This calendar includes the planned issuances by the states of Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Senegal, Niger, and Togo.

For more information on the distribution of volumes by instrument, please refer to the links below:

Note to Investors

Provisional Auctions by WEAMU Member States in the fourth quater of 2024

This calendar includes the planned issuances by the states of Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Senegal, Niger, and Togo.

For more information on the distribution of volumes by instrument, please refer to the links below:

Note to Investors

Provisional Auctions by WEAMU Member States in the fourth quater of 2024

This calendar includes the planned issuances by the states of Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Senegal, Niger, and Togo.

For more information on the distribution of volumes by instrument, please refer to the links below:

Note to Investors

Provisional Auctions by WEAMU Member States in the fourth quater of 2024

A delegation from UMOA-Titres, led by Mrs.Patricia DJÉ, Deputy Managing Director, will participate in the 2026 edition of Global Banking & Markets – Bonds, Loans & ESG Africa, to be held on March 16–17, 2026 at the Cape Town International Convention Centre in South Africa.

A major pan-African gathering dedicated to debt and capital markets, the event brings together each year more than 1,000 participants from over 40 countries, including institutional investors, banks, sovereign and corporate issuers, law firms, regulators, and specialized service providers.

UMOA-Titres’ participation is part of its mission to promote and develop the WAEMU Government Securities Market (Marché des Titres Publics – MTP) among regional and international investors.

A dynamic regional sovereign market

Against the backdrop of sustained economic growth across the Union, estimated at 6.4% in 2025, mobilizing resources to finance development programs remains a key priority for member states.

The WAEMU Government Securities Market has become a central financing instrument for the Union’s economies. In 2025, issuances on the market mobilized FCFA 11,859 billion, bringing the total outstanding stock of government securities to FCFA 21,629 billion.

UMOA-Titres’ presence at the event aims notably to:

• Enhance the international visibility of the WAEMU Government Securities Market;
• Highlight investment opportunities offered by government securities issued by member states;
• Share macroeconomic outlooks and recent developments in the regional market;
• Strengthen dialogue with international capital market stakeholders.

In an international financial environment increasingly driven by diversification strategies, WAEMU sovereign securities offer attractive yields that can exceed 7% depending on maturities, providing compelling investment opportunities for institutional investors.

A strategic participation to strengthen engagement with investors

UMOA-Titres’ participation in Global Banking & Markets – Bonds, Loans & ESG Africa reflects the institution’s commitment to enhancing the international visibility of the WAEMU sovereign market and strengthening engagement with global investors.

To support this mission, Mrs. Patricia DJÉ, Deputy Managing Director of UMOA-Titres, will be joined by:

• Désiré Sèjro BOSSOU, Head of the Government Securities Operations and Promotion Department.

• • Hyppolite Gildas Mêdéssè DOSSOU-YOVO, Head of Corporat

A delegation from UMOA-Titres, led by Mrs.Patricia DJÉ, Deputy Managing Director, will participate in the 2026 edition of Global Banking & Markets – Bonds, Loans & ESG Africa, to be held on March 16–17, 2026 at the Cape Town International Convention Centre in South Africa.

A major pan-African gathering dedicated to debt and capital markets, the event brings together each year more than 1,000 participants from over 40 countries, including institutional investors, banks, sovereign and corporate issuers, law firms, regulators, and specialized service providers.

UMOA-Titres’ participation is part of its mission to promote and develop the WAEMU Government Securities Market (Marché des Titres Publics – MTP) among regional and international investors.

A dynamic regional sovereign market

Against the backdrop of sustained economic growth across the Union, estimated at 6.4% in 2025, mobilizing resources to finance development programs remains a key priority for member states.

The WAEMU Government Securities Market has become a central financing instrument for the Union’s economies. In 2025, issuances on the market mobilized FCFA 11,859 billion, bringing the total outstanding stock of government securities to FCFA 21,629 billion.

UMOA-Titres’ presence at the event aims notably to:

• Enhance the international visibility of the WAEMU Government Securities Market;
• Highlight investment opportunities offered by government securities issued by member states;
• Share macroeconomic outlooks and recent developments in the regional market;
• Strengthen dialogue with international capital market stakeholders.

In an international financial environment increasingly driven by diversification strategies, WAEMU sovereign securities offer attractive yields that can exceed 7% depending on maturities, providing compelling investment opportunities for institutional investors.

A strategic participation to strengthen engagement with investors

UMOA-Titres’ participation in Global Banking & Markets – Bonds, Loans & ESG Africa reflects the institution’s commitment to enhancing the international visibility of the WAEMU sovereign market and strengthening engagement with global investors.

To support this mission, Mrs. Patricia DJÉ, Deputy Managing Director of UMOA-Titres, will be joined by:

• Désiré Sèjro BOSSOU, Head of the Government Securities Operations and Promotion Department.
• Hyppolite Gildas Mêdéssè DOSSOU-YOVO, Head of Corporate Communication.
• Finagnon HOUNKPEVI, Sales.

The delegation will engage with market participants on financing dynamics within the Union as well as initiatives aimed at strengthening the depth, transparency, and integration of the regional government securities market.

One-to-one meetings and institutional booth

Alongside the official sessions of the event, UMOA-Titres will organize a series of one-to-one meetings with institutional investors and strategic partners.

These targeted discussions will provide an opportunity to explore specific investment opportunities, deepen technical exchanges on the WAEMU Government Securities Market, and strengthen existing partnerships while opening the door to new collaborations.

In addition, the UMOA-Titres institutional booth will serve as a central point for information and engagement throughout the event. Members of the delegation will present the recent performance of the Government Securities Market, the macroeconomic outlook for the WAEMU region, as well as key reforms and innovations aimed at strengthening the attractiveness and depth of the regional market.

Participants interested in attending the event may benefit from a 20% discount on registration fees by using the sponsor code GBMA26-UMOA.

At first glance, the letters “UT” stand out—set within a square structure with clean lines and harmonious shades of blue.

A Rebranding Aligned with Regional Financial Market Dynamics

The WAEMU financial market is constantly evolving, requiring modern approaches and digital tools tailored to the needs of both investors and issuing member states.

“We sought to modernize our identity to better reflect our commitment to innovation, transparency, and accessibility within the regional financial market. This transformation is more than just a visual overhaul—it represents our vision and ambition for the years ahead.” — Oulimata NDIAYE DIASSE, Director of UMOA-Titres

This rebranding forms part of UMOA-Titres’ 2025 roadmap, which is built around three strategic objectives:

• Enhancing visibility: Offering more engaging communication and increasing the institution’s presence among stakeholders.

• Developing the Public Securities Market: Attracting investors and improving access to financing opportunities.

• Fostering engagement: Deploying interactive platforms and educational content to deepen stakeholder interaction.

A New Visual Identity and Reinforced Strategic Positioning

UMOA-Titres’ new logo, designed around a modular structure, conveys stability and clarity—aligning the institution with a forward-looking approach where each visual element tells a story: that of a structured market, forward momentum, and a strong commitment to transforming the regional financial landscape.

The logo’s dominant shades of blue represent reliability, strength, and innovation. Its geometric precision emphasizes transparency and rigor—key values essential to fostering a trusted investment environment.

This rebranding is anchored in four key pillars:

• A modernized identity: A new logo and updated visual charter to reflect an evolving financial ecosystem
• “Let’s Build the Public Securities Market Together”: A new tagline that encapsulates UMOA-Titres’ commitment to shaping a more efficient, innovative, and inclusive financial ecosystem while adapting to market changes.
• A clearer positioning: A more precise message and optimized services to better support investors and member states in their financing strategies.
• Accelerated digitalization: Enhanced platforms and simplified access to information and investment opportunities.

What’s Changing – and What Remains

UMOA-Titres maintains its central role in structuring and developing the WAEMU Public Securities Market. Its commitment to enabling efficient sovereign financing and strengthening market attractiveness remains a top priority.

However, this transformation brings several key enhancements:

• A strengthened digital strategy, improving market data accessibility.
• Expanded financial education services, notably through the CISI-UMOA certification and the Public Securities Market Webacademy.
• Modernized services, with interactive tools to enhance the investor experience.
• More accessible and transparent communication, promoting better understanding of the market.

The rollout of this new identity will take place progressively throughout 2025, through a series of major initiatives.

Bonds, Loans & ESG Capital Markets, which is the only pan-African event dedicated to debt, is therefore the targeted platform identified by UMOA-Titres to showcase the Government Securities Market to international investors and strengthen their interest in the WAEMU zone.

This event will bring together more than 1100 participants, including companies, investors, banks, law firms, regulators, and service providers from over 40 countries in one place and will feature over 95 expert speakers in their respective fields. It also provides an unprecedented opportunity to discuss the latest opportunities, developments, and trends in capital markets across Africa.

For this edition, UMOA-Titres will play a key role in this exchange of information and expertise.

Panel Discussion on Financing the future in WAEMU zone

UMOA-Titres will lead a captivating panel discussion entitled “Financing the future: How are WAEMU sovereigns managing their debt? What innovative financing mechanisms are they turning to?”.

The panel will take place on March 5, 2024, at 2:25 pm South Africa time and will be moderated by Oulimata Ndiaye Diasse, Managing Director of UMOA-Titres. It will bring together a group of experts in their field including:

• Jean-Paul Ndjemba, Chairman and Group CEO of Matha Capital
• Lanciné Diaby, Managing Director of Direction Générale des Financements of Côte d’Ivoire
• Michael Ahonzo Avou, Head of Global Markets for Sub-Saharan Africa at Société Générale
• Bassirou SARR, Senior Advisor to the Ministry of Finance of Senegal

These distinguished panelists will share the financing challenges and perspectives of the eight (8) member states of the WAEMU and discuss innovative financing mechanisms available to them.

One-to-One Meetings and Government Securities Market Promotion 

In addition to its participation in the panel, UMOA-Titres will organize one-to-one meetings with leading international investors. These meetings are an exceptional opportunity for Government Securities Market actors to make contacts and engage in in-depth discussions about investment opportunities in the WAEMU zone.

Furthermore, its dedicated cabin at the event will be a central meeting point for participants eager to learn more about the Government Securities Market. UMOA-Titres’s team will be present to answer any questions and provide detailed information on investment opportunities in the region.

In summary, UMOA-Titres’ participation in the Bonds, Loans & ESG Capital Markets 2024 represents an important lever to invigorate collaboration with international investors.

We therefore invite you to join UMOA-Titres at this premier event and seize this unique opportunity to contribute to the development of the financial market in the WAEMU zone.

For more information, please visit the official Bonds, Loans & ESG Capital Markets website.

Dynamic growth driven by the primary and tertiary sectors.

The nominal Gross domestic product (GDP) increased from 10,052.8 billion in 2020 to 10,614.0 billion in 2021, representing a wealth creation of 561.2 billion CFA francs in one year. According to the forecasts of the National Institute of Statistics (INSTAT), the GDP would be 11,456.1 billion CFA francs in 2022.

Mali’s economic performance is highly dependent on performances of the primary and tertiary sectors. In contrast to the other countries of the WAEMU, the primary sector remains the main contributor to Mali's GDP, thanks to the importance of cotton production. Despite a slowdown in growth from 8.0% in 2016 to 1.5% in 2021, the primary sector contributed an average of 36.9% to GDP over the period 2016-2021. The primary sector is expected to experience a good performance in 2022 and 2023 with an expected growth rate of 3.7% and 5.1% respectively.

For the tertiary sector, it remains the country's second largest source of wealth creation, mainly driven by trade. The breakdown of GDP into structure reveals that its contribution is growing gradually, from 33.5% in 2019 to 34.4% in 2020 before reaching 35.4% in 2021. The contribution of the primary sector to GDP is expected to remain stable at around 35.0% in 2022 and 2023. The tertiary sector experienced strong growth in 2021 (+6.0%). However, growth in this sector is expected to slow down in 2022 to 4.1% before accelerating in 2023 to 5.0%.

As for the secondary sector, it experienced irregular growth over the period 2016-2022. Growth in the secondary sector accelerated over the period 2016-2018 from -0.4% in 2016 to 9.0% in 2017 before slowing down over the period 2019-2021 from 4.9% in 2019 to 0.4% in 2021. However, the outlook for the sector remains good with growth projected at 2.4% and 5.4% respectively in 2022 and 2023 driven by the good performance of the extractive and manufacturing industries.

A national plan geared towards development priorities

Like other countries in the WAEMU zone, Mali has adopted a national development plan for the period 2019-2023 called the Strategic Framework for Economic Recovery and Sustainable Development (CREDD). This new framework is in line with the CREDD 2016-2018 and integrates the Sustainable Development Goals (SDGs) as well as the African
Union’s 2063 Agenda.

The CREDD 2019-2023 is presented as a response to the country’s development priorities. Its vision is to build “well-governed Mali, where the harmonious living together of the different components of society is restored, peace consolidated and collective and individual security ensured in unity, cohesion and diversity, where the process of wealth creation is inclusive and respectful of the environment and where human capital is valued for the benefit of young people and women”.
The objective of the CREDD is to promote inclusive and sustainable development for the reduction of poverty and inequality. It is structured around five main axes:

– Consolidation of democracy and improvement of governance.
– The restoration of peace, security, and the strengthening of living together.
– Inclusive growth and structural transformation of the economy.
– Protecting the environment and building resilience to climate change.
– Human capital development

According to the December 2021 report on the implementation of multilateral surveillance of the WAEMU Commission, the effective implementation of the CREED 2019-2023 and the Action Plan of the Transitional Government (PAG 2021-2022) should enable the country to achieve the macroeconomic objectives over the period 2022-2026. The following are:

– An average growth rate of 5.2 per year.
– A gradual reduction of the budget deficit to achieve fiscal consolidation from 2024.
– An increase in the tax burden rate to reach 17.5% in 2026.

– A maintenance of the debt ratio at around 50%.

For a more complete view of Mali’s economy and investment prospects, download the country’s briefing note available here.

Source: Information note from Mali – April 2023

La 5ème édition des REMTP organisée en présentiel, se tiendra les 24,25 et 26 janvier 2023 à Dakar, au Sénégal et sera centrée autour de la thématique générale : « Diversité des investisseurs étrangers et efficience du Marché des Titres Publics ».

A l’instar des éditions précédentes, les REMTP 2023, vous permettront d’assister à des panels de grande qualité très prisés des participants.

Les trois panels au programme auront tous une durée de 1h30 mn et seront composés de présentations introductives, suivies des interventions des panélistes et enfin de la session des questions/ réponses.

Les panels des REMTP 2023 porteront sur les thématiques suivantes :

Panel 1 – Démocratisation de l’accès aux titres publics : Quelle stratégie pour en faire des produits d’épargne grand public ?

Ce panel sera introduit par deux présentations. La première portera sur un partage d’expériences de pays ayant utilisé avec succès la gestion collective ainsi que les canaux numériques et digitaux, comme levier pour drainer l’épargne vers les produits financiers. La seconde présentation quant à elle, fera un focus sur les expériences de la Côte d’Ivoire en matière de vulgarisation des bons du Trésor en compte courant.

L’objectif recherché à travers le choix de cette thématique, est de susciter des échanges sur les faiblesses à l’élargissement de la base des investisseurs du marché financier au grand public, d’identifier des pistes de solutions innovantes et adaptées au contexte des pays en développement ainsi que les synergies possibles, pour faciliter et dynamiser l’accès aux titres publics à cette catégorie d’acteurs.

Pourquoi ? Le constat est actuellement fait qu’au sein de la zone UEMOA, les titres publics émis sur le Marché des Titres Publics sont détenus à plus de 90% par les établissements de crédit et le marché semble encore réservé, dans les faits, à un groupe restreint d’acteurs à savoir les banques, les investisseurs institutionnels notamment les SGI/SGO et quelques compagnies d’assurance.

Bien que le processus d’émission de titres publics soit totalement dématérialisé et ouvert à tous, la participation au Marché des Titres publics (primaire, secondaire ou via la gestion collective) du grand public demeure très faible et constitue un véritable enjeu pour le développement et la vulgarisation de ce marché.

L’apport de l’ensemble des parties prenantes étant essentiel à l’atteinte de solutions adaptées et pérennes, ce panel permettra à travers les échanges, d’élargir le champ des possibles pour le secteur financier en zone UEMOA.

Panel 2 – Dynamisation du marché secondaire : Comment réussir la transition vers une gestion active des titres publics ?

Bien que le Marché primaire des Titres Publics de l’UMOA ait connu un essor fulgurant au cours de ces dernières années, tant en termes d’encours que de volume mobilisé, le Marché secondaire est resté relativement peu profond et peu liquide.

Constitué essentiellement de banques, ce dernier est aujourd’hui en mal de diversité structurelle et stratégique. A cela s’ajoutent des contraintes liées à sa régulation, telles que l’absence d’obligations de référence ou le manque de transparence dans les transactions.
Pour lever ces contraintes et faiblesses du marché, des réformes pourraient être envisagées tant pour faciliter les échanges sur le marché secondaire, que pour fluidifier les opérations grâce à l’application d’un cadre réglementaire adapté.

Ce panel a donc pour principal objectif de débattre sur des solutions innovantes et ingénieuses permettant de faire de la gestion active des titres publics, un véritable levier pour la dynamisation du marché secondaire.

Panel 3 – Dynamisation du segment des titres à court terme sur le Marché des Titres Publics (MTP)

A travers ce panel, les données d’un constat seront tout d’abord passées en revue : entre 2016 et 2021, une baisse de la moitié de la proportion des titres à court terme dans l’encours des titres publics a été observée. Cela traduit une préférence croissante des émissions des Etats pour les titres de maturités moyennes et longues, qui s’inscrit dans une stratégie globale d’endettement fondée sur la gestion de risque de taux et de refinancement.

Cette tendance généralisée, bien que fondée, tend à freiner la dynamisation du segment court du Marché des Titres Publics et crée également des ruptures dans l’alimentation correcte de la courbe des taux. D’autre part, elle entrave le développement harmonieux du marché monétaire et la transmission de la politique monétaire de la Banque Centrale.

Ce panel aura donc pour objectif d’échanger sur les voies et moyens pour dynamiser le segment court du Marché des Titres Publics et créer une externalité positive entre celui-ci et le marché monétaire dans son ensemble, afin de contribuer au développement du Marché des Titres Publics.

Nous vous donnons rendez-vous à Dakar (Sénégal) du 24 au 26 janvier 2023 pour prendre part à ces panels d’exception et être au cœur des enjeux et défis de la dette souveraine.

Alors ne perdez plus une minute et inscrivez-vous dès maintenant en accédant au formulaire de participation en cliquant ICI ou sur le site www.remtp.com.