M. Tiémoko Meyliet KONE
Chairman of the UMOA-Titres Advisory Board –
Governor of the BCEAO
In 1999, the governing bodies of the West African Monetary Union (WAMU) suspended direct loans to member states by the common issuing institution, the Central Bank of West African States (BCEAO), and replaced that mechanism with the promotion of the regional financial market.
In so doing, the highest authorities of the Union chose to elevate the market to the status of one of the chief sources of funding for the economies of the zone, to promote growth and effectively fight poverty.
Since that time, issues of sovereign securities, treasury bills and bonds by WAMU member states have grown significantly, both in terms of volumes issued and diversification of the products on offer. It therefore appears that the market option has been an unqualified success.
On the heels of this initial development phase, which lasted over a decade, the market needs to be reformed to continue to meet the financing needs of the Union on the best possible terms. UMOA-Titres was founded by the Union in response to that need.
One of the missions of UMOA-Titres is to provide assistance to member states in their financing operations on the financial markets, but also to assist them with the organization of securities issues on the local market under optimal conditions of safety and success for all market stakeholders. It should be noted that all 8 WAMU member states share a common currency, the CFA Franc, which benefits from guaranteed unlimited convertibility into Euros.
The recent global economic crises have demonstrated the strength of our economic zone and its ability to withstand a variety of exogenous shocks.
In addition, the economic policies and performances of the Union’s member states benefit from supervision by the WAEMU Commission, notably promoting sound public finance and controlling the indebtedness of the states.
The Agency has created this web portal to provide a privileged forum for information and interactions between national, regional and international investors and issuers. It includes relevant information on securities issuers for investors and the general public. It is a tool for the regional financial market, whose ambition is to meet the highest international standards.