The BCEAO has praised Senegal for its transparency amid concerning economic figures from the Court of Accounts, highlighting support for the government’s reforms and emphasizing regional solidarity among UEMOA states to ensure economic stability.
The Central Bank of West African States (BCEAO) has expressed approval of Senegal’s transparency following the release of a report by the country’s Court of Accounts. During a press conference in Dakar, BCEAO Governor Jean-Claude Kassi Brou discussed the findings and their implications for Senegal’s economy, highlighting the government’s commitment to transparency in financial reporting.
The report indicated that Senegal’s public debt has surged to 99.67% of GDP alongside a budget deficit of 12.3%. Despite these alarming figures, Brou acknowledged the transparency demonstrated by Senegal’s authorities. “The authorities have ensured complete transparency so that everyone is aware of the evaluation that has been conducted,” he noted, emphasizing that these figures are integral to economic assessments used for support by the BCEAO.
Brou underscored the government’s determination to implement necessary reforms to tackle economic issues. He stated, “The authorities have committed to moving forward with reforms to correct what has not worked well.” The BCEAO’s role, according to Brou, is vital in providing assistance to member states facing economic challenges, reinforcing a collaborative approach among UEMOA countries.
He also discussed the principle of monetary solidarity within UEMOA, explaining that member states support one another during economic hardships to maintain regional stability. Additionally, Brou addressed the forthcoming presidential election in Côte d’Ivoire, asserting that it should not significantly disrupt the economic environment and financial stability of the region.
Despite the concerning economic indicators, the BCEAO retains a positive outlook on Senegal’s capacity to navigate these challenges through effective reforms, bolstered by the bank’s ongoing support, as it continues its mission to uphold financial stability across West Africa.
The BCEAO’s commendation of Senegal’s transparency indicates a commitment to cooperation and reform in the face of economic challenges. With public debt and budget deficits at substantial levels, the focus on transparency and reform is crucial. The BCEAO’s support and the principle of monetary solidarity within UEMOA underscore the collaborative effort necessary for regional economic stability.
Original Source: www.senenews.com
