Opening speech to the BCEAO Monetary Policy Committee on March 6, 2024, delivered by its President, Mr. Jean-Claude Kassi BROU.
Dear members of the Monetary Policy Committee of the Central Bank of West African States,
Ladies and gentlemen,
I extend a cordial welcome to this first ordinary session of our Committee for the year 2024.
This is an opportunity for me to reiterate to each of you and your loved ones my best wishes for health and happiness. I also wish for peace and stability for our sub-region.
Our first session of the year gives us the opportunity to look back at 2023. The latest available data shows that global economic activity has demonstrated resilience, in a context marked by banks maintaining central banks, key rates at high levels. The global economic growth rate stood at 3.1% in 2023, after 3.5% in 2022. Inflation has fallen slightly. However, it remains higher than the targets set by central banks in most regions of the world, justifying their continuation of the restrictive stance of their monetary policy. This situation has continued to tighten international financial conditions, limiting access to foreign capital.
Within the UEMOA, the economic recovery momentum initiated since 2021 continued with a growth rate of 5.6% recorded in 2023 after 5.7% in 2022, driven by the dynamism of activity in all sectors.
Inflation gradually fell over the course of 2023. It stood on average at 3.7% compared to 7.4% the previous year.
The situation of the external accounts has improved since the end of the year, in line with the improvement in the current account and the mobilizations carried out during this period as well as the issuance of Eurobonds carried out by two countries of the Union, Ivory Coast and Benin.
Dear members of the Monetary Policy Committee,
During this session, we will have to examine, as part of the files under decision, the Report on monetary policy in the WAMU. This Report prepared by the BCEAO Services provides a summary of recent developments in the international and internal environment as well as the outlook. It examines the risks surrounding the short and medium term outlook and formulates proposals for monetary policy measures.
Furthermore, a draft revision of the internal regulations of the Monetary Policy Committee is submitted to you for examination and decision. This revision would allow regular meetings of the CPM to be held whenever necessary.
Other points are included in information and could, depending on the questions they raise, be the subject of presentation.
Dear members of the Monetary Policy Committee,
Based on the point made to me, all members of the Committee are present with the exception of Mr. Tertius ZONGO who is unable to attend and Mr. Jeremias Antonio da Cruz PEREIRA. Indeed, by letter dated February 27, 2024, Mr. PEREIRA, member representing Guinea-Bissau within the CPM, notified me of his resignation for personal reasons. Mr. PEREIRA was appointed in June 2023 by the Council of Ministers. On your behalf and on my own behalf, I would like to thank Mr. PEREIRA for the quality of his contribution to the work of the CPM during the period he served on it.
I welcome the presence of Mr. Ibrahim MAHAMANE DAN SOUNSOU and Mr. Abdoulaye SOUMANA from Niger who have resumed their place among us. Mr. SOUMANA is participating for the first time, having recently been appointed. I particularly welcome you, on behalf of all the members of the Monetary Policy Committee.
On this basis, the quorum is reached and we can validly deliberate.
It is with these few words that I would like to open our session.
I wish our work every success and thank you for your attention.
Central Bank of West African States ( BCEAO)