The meeting between BEAC Governor Yvon Sana Bangui and BCEAO Governor Jean-Claude Kassi Brou follows on from the cooperation agreement signed in Dakar, Senegal, in 2008. This framework aims to harmonize the strategies of the two institutions in the face of the financial and monetary challenges impacting the economies of the Economic and Monetary Community of Central Africa (CEMAC) and the west african economic and monetary union (UEMOA).
Ten years after their last official meeting, the two leaders reaffirmed their commitment to working together on major strategic axes, targeting in particular digital transformation, cybersecurity and improved interconnection of payment systems.
An ambitious action plan for 2025-2026
The two governors adopted a joint action plan structured around four pillars: digital transformation and financial inclusion in an increasingly digitalized world. The development of financial technologies is seen as an essential lever for promoting access to banking services and financial inclusion. The BEAC and the BCEAO intend to pool their efforts to accelerate the digitization of the banking sector and improve citizens’ access to banking services, particularly in rural areas.
There is also innovation and cybersecurity, with the security of financial transactions and data an absolute priority. Faced with the increase in cyber-attacks, the two central banks are committed to modernizing their technological infrastructures and strengthening their cybersecurity capabilities. This cooperation will also help optimize the protection of banking systems and develop innovative solutions for securing monetary exchanges, interconnection and the fluidity of cross-border payments.
Another key issue is the harmonization and interconnection of payment systems between the UEMOA and CEMAC zones. Better coordination will facilitate financial transactions between the two regions. At the same time, it will reduce costs and enhance the fluidity of intra-African trade, external financial relations and monetary integration.
In fine, the governors also agreed to work together to improve the management of financial relations with international partners. This effort is aimed at boosting the credibility of African economies on the world stage, and improving cooperation with international financial institutions such as the International Monetary Fund (IMF) and the African Central Bank Association (ACBA).
A strong commitment to currency stability
One of the key points of the meeting was the shared commitment to ensuring the stability of the currencies of both zones. Despite global economic turbulence, security crises and climatic challenges, BCEAO and BEAC have managed to maintain a certaine balance.
In his speech, Jean-Claude Kassi Brou praised the resilience of the WAEMU economies, which are forecast to grow by 6.3% in 2025, thanks in particular to the booming oil, gas and agricultural sectors. However, he also highlighted the challenges posed by inflation, which, although under control after peaking at 8.8% in 2022, remains a priority issue.
The joint efforts of the two institutions should make it possible to adopt appropriate monetary policies and better coordinate actions between central banks and governments, in order to ensure sustainable economic growth.
The next bilateral meeting is scheduled for 2026 in Dakar, where the two governors will review the progress of the projects initiated. In the meantime, regular monitoring will be put in place to ensure the effectiveness of the measures adopted and adjust strategies to meet future challenges.
