BCEAO Praises Senegal’s Transparency in Economic Reporting

The BCEAO has praised Senegal for transparency in reporting economic challenges, including a public debt of 99.67% of GDP and a budget deficit of 12.3%. Governor Jean-Claude Kassi Brou highlighted the authorities’ commitment to reforms and the principle of monetary solidarity within the UEMOA. Despite economic concerns, the BCEAO remains optimistic about Senegal’s ability to overcome these challenges with support and appropriate measures.

The Central Bank of West African States (BCEAO) has praised Senegal for its transparency following a recent report from the Court of Accounts. During a press briefing after the Monetary Policy Committee meeting in Dakar, BCEAO Governor Jean-Claude Kassi Brou discussed Senegal’s economic status in light of the report, which indicated that the nation’s public debt stands at 99.67% of GDP and the budget deficit is 12.3%.

While the debt figures are concerning, the BCEAO Governor commended the Senegalese authorities for their openness in communicating these findings. He remarked, “The authorities have ensured complete transparency so that everyone is aware of the evaluation that has been conducted.” He stressed that these figures are essential for the bank’s economic analysis to provide adequate support to the nation.

Governor Brou highlighted the government’s commitment to enacting reforms to address economic issues. He stated, “The authorities have committed to moving forward with reforms to correct what has not worked well.” Moreover, he reaffirmed the BCEAO’s role in assisting member states, declaring, “As a central bank, our role is to assist states, and we do so for all countries.”

The importance of monetary solidarity within the West African Economic and Monetary Union (UEMOA) was emphasized, illustrating that member states provide support to one another during economic difficulties to maintain regional stability. Brou also addressed potential risks associated with the upcoming presidential election in Côte d’Ivoire, expressing confidence that it would not disrupt the economic stability of the Union.

Despite the alarming economic indicators, the BCEAO remains optimistic regarding Senegal’s potential to respond to these challenges through necessary reforms. The bank’s ongoing commitment to support member states demonstrates its overarching goal of sustaining financial stability across the region.

In summary, the BCEAO commends Senegal for its transparency regarding economic challenges, including high public debt and budget deficits. The Governor emphasized the importance of reform and monetary solidarity among member states, offering reassurance regarding the impact of external political events. With ongoing support from the BCEAO, Senegal is positioned to navigate its economic difficulties effectively.

Original Source: www.senenews.com