BCEAO Commends Senegal’s Transparency and Economic Reform Commitment

The BCEAO praised Senegal’s transparency regarding its economic situation as revealed by the Court of Accounts report, noting public debt at 99.67% of GDP and a budget deficit of 12.3%. Governor Jean-Claude Kassi Brou affirmed the government’s commitment to reforms and the BCEAO’s role in supporting member states. The central bank expressed optimism about Senegal’s ability to address economic challenges while ensuring regional stability through monetary solidarity.

The Central Bank of West African States (BCEAO) has expressed appreciation for Senegal’s transparency, following the recent report from the nation’s Court of Accounts. During a press conference in Dakar after the Monetary Policy Committee meeting, BCEAO Governor Jean-Claude Kassi Brou discussed the economic outlook based on the report’s findings, noting the government’s clarity in communicating the financial situation.

According to the report, Senegal’s public debt has reached 99.67% of its GDP, accompanied by a budget deficit of 12.3%. Although these figures raise concerns, Governor Brou praised the authorities for their transparency. He stated, “The authorities have ensured complete transparency so that everyone is aware of the evaluation that has been conducted,” signifying the importance of clear communication in economic assessments.

Moreover, Governor Brou highlighted the Senegalese government’s dedication to reforming and addressing economic issues. He affirmed, “The authorities have committed to moving forward with reforms to correct what has not worked well.” He reiterated the BCEAO’s crucial role in providing support to its member states, emphasizing the central bank’s assistance to all countries within its purview.

Furthermore, he elaborated on the concept of monetary solidarity in the West African Economic and Monetary Union (UEMOA), which facilitates support among member states in times of difficulty to maintain regional stability. In discussing the imminent presidential election in Côte d’Ivoire, scheduled for October, he assured that it would not significantly jeopardize the economic stability of the Union.

Despite the concerning economic metrics, the BCEAO remains optimistic about Senegal’s capacity to confront its challenges through effective reforms and continuous support from the institution, reinforcing its commitment to regional financial stability.

In conclusion, the BCEAO’s commendation of Senegal for its transparency highlights the critical role that clear communication plays in economic governance. The Central Bank remains steadfast in its support for member states, promoting reform efforts necessary for overcoming fiscal challenges. Additionally, the emphasis on monetary solidarity within UEMOA is vital for maintaining regional stability, particularly in light of upcoming political events. This proactive approach exemplifies BCEAO’s dedication to fostering economic resilience across West Africa.

Original Source: www.senenews.com