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.

Sustained growth despite challenges

The economy of Burkina Faso has been severely tested in recent years. The popular uprising in 2014, the political instability marked by coups d’etat in 2015 and 2022, the security situation and the COVID-19 health crisis have been obstacles to the development of the national economy.
Despite this unfavorable context, the economy of Burkina Faso has recorded remarkable growth over the past five years thanks to the implementation of the first phase of the National Economic and Social Development Plan (PNDES, 2016-2020). The growth of the Burkina Faso’s economy increased from 6.0% in 2016 to 6.2% in 2017 before reaching 6.6% a year later. It stood at 5.7% in 2019 before slowing to 1.9% in 2020 due to the adverse effects of COVID-19 on activity.
The Burkina Faso’s economy returned to its pre-COVID-19 momentum in 2021 with real GDP growth estimated at 6.9% in 2021, driven mainly by the tertiary (+12.6%) and secondary (+8.2%) sectors.

The tertiary sector, the main source of production

Burkina Faso’s economy remains heavily dominated by the tertiary sector. Although the tertiary share decreased slightly between 2019 and 2021, from 43.5 % to 43.1%, it is still the main source of production for the country. After suffering a decline of 2.7% in 2020 following the measures taken to counter the evolution of COVID-19, the value added of the tertiary sector increased by +12.6% in 2021, driven by the good performance of the market and non-market services sectors
and the trade sector.

As for the secondary sector, it appears to be the second source of production in the country with a contribution to GDP of 29.9% in 2021 against 26.6% in 2020. Its value added increased by +8.2% in 2021 after +5.8% in 2020, mainly due to the dynamics of activity in industries and construction. This performance allowed the secondary sector to contribute for 2.4 percentage points to real GDP growth in 2021 after a negative contribution a year earlier.

The primary sector has represented an average of nearly 21.0% of GDP over the past five years. The value added of this sector fell by 6.4% in 2021 after an increase of +6.5% a year earlier. The sector was strongly impacted by the poor 2021-2022 crop year, particularly that of subsistence agriculture (-7.5%). The good performance of cotton (+6.6%), livestock (+2.8%) and the forestry, hunting and fishing subsector (+5.2%) helped to mitigate the underperformance of subsistence agriculture. Thus, the contribution to growth in the primary sector was -1.3 percentage points in 2021 compared to +2.5 percentage points a year earlier.

A National Plan based on development priorities

Like the other member states of the West African Economic and Monetary Union (WAEMU), Burkina Faso has adopted a National Development Plan for the period 2021-2025 to achieve its development objectives. Called Second Economic and Social Development Plan (PNDES II)”, as an extension of the 2016-2020 plan, the PNDES II is part of a development agenda, focusing on peace, security, justice, human rights and the transformation of the structure of the economy.

PNDES II is divided into four strategic axes which are: (i) Axis 1: Strengthening resilience, security, social cohesion and peace, (ii) Axis 2: Deepening institutional reforms and modernizing public administration, (iii) Axis 3: Strengthening the development of human capital and national solidarity and (iv) Axis 4: Boosting promising sectors for the economy and employment.

However, the national development framework has been reviewed following the political transition that the country is going through. It thus led to the creation of a Transition Action Plan (PAT) adopted for the period 2022-2025 with the following prerogatives:
– The fight against terrorism and the restoration of territorial integrity.
– The response to the humanitarian crisis.
– Improving governance.
– And finally, national reconciliation and social cohesion.

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

Source: Information note from Burkina Faso – November 2022

A relatively diversified economy still driven by the tertiary sector

The various policies implemented by the Senegalese government have enabled the country’seconomy to experience sustained growth over the period 2015-2019, averaging around 6.2 %.  Despite the negative impact of the global health crisis on activity, Senegal was able to regain its pre-COVID-19 performances in 2021 thanks to a relatively diversified economy. Although the tertiary sector remains predominant in the Senegalese economy, its contribution to GDP has declined in recent years. The share of the tertiary sector in GDP decreased from 52.0 % to 50.3 % between 2016 and 2020 and would be 49.6 % and 48.4 % of GDP respectively in 2021 and 2022.

In contrast to the tertiary sector, the primary sector saw an increase in its share of GDP between 2016 and 2020, from 14.4 % in 2016 to 16.2 % in 2020. The share of the primary sector in GDP is expected to decline in 2021 to around 15.3 % before reaching 15.7 % in 2022. As for the secondary sector, its contribution to GDP remained stable at around 23.0 % over the period 2016-2020. According to Directorate of Forecasting and Economic Studies (DPEE) forecasts, it should reach 24.7 % in 2021 and 25.5 % in 2022.

The tertiary sector remains the driver of growth for the Senegalese economy. This sector contributed to 3.7 percentage points to the growth of the Senegalese economy in 2021 against 2.5 and -0.1 points respectively for the secondary and tertiary sectors. The sector grew by 5.7 % in 2021 after contracting by 0.1 % a year earlier in connection with the gradual lifting of measures imposed by the countries in the fight against COVID-19. These measures had a strong negative impact in 2020 on accommodation and food services (-27.0 %), transport (-17.0 %), education (-12.7 %), office support services (-11.4 %), trade (-8.5 %) and collective or personal activities.

As for the secondary sector, it grew by 10.9 % in 2021 after a decline of 0.4 % in 2020. The secondary sector has been severely impacted during the COVID-19 crisis, causing disruption to the supply chain of goods and services. The decline of activity in secondary sector in 2020 is explained by difficulties in the sectors of construction (-21.6 %), the chemical industry (-10.8 %), the agri-food industry (-6.0 %), petroleum refining (-4.4 %) and mining (-3.2 %). However, the contraction in the secondary sector was moderated by the good performance of the building materials (+7.4 %) and water, sanitation, and waste disposal (+8.5 %).

Concerning the primary sector, Activity contracted by 1.0 % in 2021 following a 12.8 % increase a year earlier. The dynamism of the primary sector in 2020 is explained by the good performance of the sectors of agriculture and related activities with a real growth rate of 18.8 % compared to 4.2 % in 2019.

National Development Plan and economic outlook

With the objective of putting the Senegalese economy on a path of sustainable, inclusive, and job-creating growth, while preserving the environment and natural resources, Senegal adopted a development plan, the Emerging Senegal Plan (PSE), in 2014. The PSE, whose ten-year strategy covers the period 2014-2023, is associated with the vision of an emerging Senegal by 2035. It is structured around three main strategic axes:

– Axis 1: Structural transformation of the economy and growth.
– Axis 2: Human capital, social protection, and sustainable development.
– Axis 3: Governance, institutions, peace, and security.

The PSE is supported by a Priority Action Plan (PAP) divided into two phases. The encouraging results in all sectors during the first phase of the PES (PAP I 2014-2018) paved the way for a second phase (PAP II) over the period 2019-2023, with a stronger involvement of the private sector.

However, in view of the context marked by the health crisis, the Senegalese authorities have revised the PAP II to mitigate the negative effects of the crisis.

Thus, the implementation of the adjusted and accelerated Priority Action Plan (PAP 2A) should improve the economic outlook in 2023. A rapid recovery of the economy from 2021, accompanied by reforms and investments in the social sectors, agriculture, fisheries, livestock, housing, digital and industry, would achieve an average growth rate of 6.1 % between 2019 and 2023.

In addition, good performance is expected in 2023 in terms of human development, with an HDI of 0.54, a decrease in infant mortality (27 ‰ in 2023), a rural electrification rate increased to 79.1 % in 2023 or the creation of at least 200,000 jobs per year associated with improved worker productivity to strengthen the inclusive nature of growth dynamic.

For a more complete view of Senegal’s economy and investment outlook, download the country’s information note available here.

Source : Information note from Senegal / November 2022

A resilient and dynamic economy…

Despite the continuation of the COVID-19 pandemic with the appearance of the Omicron variant, economic activity in 2021 was dynamic. The country's economy has benefited from the strong increase in port traffic linked to the opening of the borders with Nigeria as well as the availability of resources through international bond issues and Special Drawing Rights (SDRs) allocations from the International Monetary Fund (IMF). Benin’s economy benefited from the dynamism of tourism-related sectors and the improvement in cotton production during the season 2020-2021. In line with this dynamism, growth stood at +7.2 % in 2021 compared to +3.8 % a year earlier.
However, the effects of the war in Ukraine coupled with the slowdown of world economic activity are expected to reduce the pace of growth in 2022. According to forecasts, the Beninese economy is expected to grow by +5.7 % in 2022. In 2023, the growth of the Beninese economy is expected to reach +6.2 %.

… Still dominated by the tertiary sector

Like the economies of the other WAEMU member States, the Beninese economy is characterized by a predominance of the tertiary sector. With an average contribution of 47.87 % to Gross Domestic Product (GDP) over the period 2016-2021, the tertiary sector is ahead of the primary and secondary sectors with contributions of 15.75 % and 8.57 % respectively. Despite the slight decline in its contribution in 2021, the services sector experienced an increase in its value added of 6.6 % in 2021 compared to 4.9 % in 2020. This increase is attributable to the increase in port traffic in 2021, which was much more favorable than expected, and to the good performance of the trade and transport sectors. The tertiary sector has also benefited from the gradual lifting of restrictions imposed as part of the fight against COVID-19, promoting the growth of the hotel and restaurant subsectors, as well as the improvement of the added value of telecommunications.

The primary sector is expected to experience an increase in its value added of +5.2 % in 2021 against +1.8 % in 2020. The dynamic of this sector is attributable to the significant performance recorded by cotton production and ginning activities, which have enabled Benin to reach a record production and consolidate its position as the leading cotton producer in Africa. In addition, increased food production (cereals and tubers) and industrial and export crops such as pineapples and cashew nuts have contributed significantly to the good performance of the primary sector.
The secondary sector, the third largest contributor to Benin’s GDP, experienced a slight increase in its contribution to GDP between 2020 and 2021, from 16.3 % to 16.5 %. According to forecasts of the National Institute of Statistics and Demography (INSTAD), this share should continue to increase with expected values of 16.6 % and 16.7 % respectively in 2022 and 2023, particularly in connection with the beginning of the pipeline construction project between Niger and Benin.

An ambitious, participatory and inclusive National Development Plan

Aware of the need to strengthen the development planning system to achieve the Benin- 2025 Alafia Vision, the Sustainable Development Goals (SDGs) and the African Union (AU) Agenda, Benin has adopted a National Development Plan (NDP) for the period 2018-2025. The implementation of this plan should contribute to consolidate the achievements of the Government Program of Governance (2016-2021) while ensuring the continuity of development action from one government to another.
Organized around the major themes of human capital development and well-being of the population, productivity and competitiveness of the national economy, environment and climate change, the NDP was designed using a participatory and inclusive approach.
Thus, the strategic option chosen is to make agribusiness, tourism, and services the engine of inclusive and sustainable economic growth within the framework of more effective national and local governance, while focusing on the development of human capital and infrastructure. This should enable Benin to achieve satisfactory results at the end of the
implementation of the NDP, including:

• An economic growth rate of 10.2 % in 2025, compared to 5.7 % in 2017;
• An investment rate that would increase from 26.4 % in 2018 to 33.2 % for the period 2022-2025;
• A precarious employment rate that would be less than 60 % in 2025, compared to 83.7 % in 2015;A reduction in the incidence of poverty to 23.2 % in 2025 compared to 40.1 % in 2015.

For a more complete view of Benin’s economy and investment outlook, download the country’s information note available here.

Source: Benin Information Note / UMOA-Titres – November 2022.