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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.

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.

UMOA-Titres is organizing a panel of experts on regional credit rating, on Thursday, June 19, 2025, at 10:00 a.m., online (via Microsoft Teams).

Credit rating is now a key tool to assess a country’s financial credibility, enhance market transparency, and guide investment decisions.

In the WAEMU region, this process takes on full significance through the support provided to Member States by UMOA-Titres, in partnership with rating agencies accredited by AMF-UMOA.

Why attend?

• Understand how a credit rating is assigned by an official rating agency
• Explore the differences between regional and international credit ratings
• Gain insight into the key issues for States, investors, and the Regional Government Securities Market

Our Speakers

Arouna Sow
Macroeconomist – UMOA-Titres

Oulimata Ndiaye Diassé
Managing Director – UMOA-Titres

Yann-Ange Kouassi-Vanié
Manager – Deloitte France

Soraya Diallo
Senior Vice President – Bloomfield Investment

Oumar Ndiaye
Senior Analyst – GCR Ratings

Landry Tiendrebeogo
Director of Analytics – GCR Ratings

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.

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.

As a reminder, this is the only event on the African continent that brings together African sovereigns, corporates, issuers, financiers, and service providers to discuss growth perspectives, financing strategies, and the most important challenges facing the African capital markets. The Bonds, Loans & Sukuk Africa 2022 was the first sectoral meeting of the African capital markets since the beginning of COVID-19.

The principal goal of this activity for UMOA-Titres was to consolidate the international exposure of the Government Securities Market and of the WAEMU zone. In addition of increasing its credibility with its partners and financial market actors, this event enabled UMOA-Titres to consolidate its positioning and to raise the interest of international investors in the WAEMU zone.

In fact, on this last point, interesting discussions were initiated on the UMOA-Titres stand during the Bonds, Loans & Sukuk Africa with structures such as Sanlam Capital Markets, ABSA, Black Stars Investments (BSI), Rand Merchant Bank, Credit Europe Bank and Frontclear.

As in previous years, UMOA-Titres, through this edition, has achieved four (04) major objectives fixed :

• promote the Government Securities Market through its investment opportunities;
• establish the credibility of the Government Securities Market and its issuers
• and finally enlarge and diversify the investor base of the Government Securities Market by establishing contacts with international investors.

For more documentation in English on the WAEMU Government Securities Market, click here.

This year again, the Bonds, Loans & Sukuk Africa 2022 have allowed UMOA-Titres to network, to answer the questions of international investors on the accessibility of the WAEMU Government Securities Market and finally to increase the visibility of the Institution at the international level.

UMOA-Titres thanks GFC Media for its partnership as well as all the international investors who attended the bilateral meetings.