UEMOA Council Closes the 2nd Session: Key Measures for Economic Integration

The 2nd ordinary session of the UEMOA Council of Ministers for the year 2024 was held in an atmosphere of cooperation and commitment. Consequently, the President of the UEMOA Council of Ministers, Adama Coulibaly, praised the quality of the discussions, stressing the importance of these meetings for the consolidation of the integration process within the Union.

UEMOA: Adoption of key measures

Among the main achievements of this session was the adoption of the draft multilateral surveillance report for the first half of 2024. This report constitutes a real dashboard of the economic and financial perspectives of the Member States. The UEMOA Council also adopted a draft decision on a revised action plan for optimal mobilization of tax revenues.

The discussions also focused on the situation of the Community solidarity levy and the finances of the UEMOA Commission. Mr. Coulibaly expressed his satisfaction with the approval of the final audit report of the accounts of the UEMOA bodies for the 2022 financial year. He also welcomed the adoption of guides for the use of the financial jurisdictions of the Union, thus strengthening the effectiveness of the control bodies of the Member States.

“The approval of the annual accounts of the AMF-UMOA for the 2023 financial year also allowed us to implement the prerogatives conferred on us by the texts governing our Union,” said the President of the Council of Ministers.

Another highlight of the session was the replacement of the representative of Guinea-Bissau on the UEMOA Financial Stability Committee. This decision, in accordance with the Memorandum of Understanding establishing this committee, ensures the continued representation of this State within this body which is essential for regional financial stability.

The Council also approved the results of the work of the Special Commission for the selection of the national controller of the BCEAO for Niger for the financial years 2024 to 2029.

Acceleration of legislative reforms

Regarding the adoption of Community texts, in particular the uniform laws adopted in 2023, the Council stressed the need to accelerate the procedures for their insertion into national legal systems. These reforms are essential to achieve the objectives of modernizing the banking and financial sector in the region.

Finally, the lifting of BOAD’s immunities and privileges in the context of the establishment of a competition guaranteed by the Multilateral Investment Guarantee Agency (MIGA) was approved. This decision should facilitate the mobilization of resources from the Development Bank’s partners.

In closing the session, Adama Coulibaly reiterated his thanks to the participants for the quality of the discussions and to the Burkinabe authorities for their hospitality. He expressed his hope that the decisions taken would contribute significantly to strengthening the economic and monetary integration of the Union.

This session, rich in strategic decisions, marks an important step in the UEMOA’s journey towards greater regional integration and sustainable economic development. Member States are leaving with a clear roadmap for the months to come, determined to work together for a prosperous and stable future.

__

(Featured image by James Wiseman via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in le faso.net. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us