• WAEMU member states plan to raise CFA3,075.5 billion ($5.53 billion) in Q2 2026, up 18.3% year-on-year.

• Côte d’Ivoire will lead issuance with CFA980 billion, followed by Senegal, Niger and Mali.

• Improved liquidity and a recent rate cut by the BCEAO are supporting stronger market access.

WAEMU member states are increasing their reliance on the regional debt market amid a more accommodative monetary environment and persistent budget financing needs.

According to the issuance calendar published by UMOA-Titres, the eight member states plan to raise a total of CFA3,075.5 billion ($5.53 billion) on the regional government securities market in the second quarter of 2026. This target represents an 18.3% increase compared with the CFA2,600 billion scheduled during the same period in 2025.

Issuance Dominated by Côte d’Ivoire

In detail, issuances will include CFA1,050.2 billion in Treasury bills (BAT) and CFA2,025.3 billion in Treasury bonds (OAT). States expect to raise CFA1,119.09 billion in April, CFA977.41 billion in May and CFA979 billion in June.

During this period, Côte d’Ivoire, the region’s economic engine, will act as the largest issuer on the regional market with a program of CFA980 billion, or nearly one-third of the total volume. Senegal will follow with CFA658 billion, while Niger will target CFA420 billion and Mali will seek CFA380 billion. Burkina Faso plans to raise CFA272.5 billion, while Togo targets CFA188 billion. Guinea-Bissau and Benin will complete the list with CFA95 billion and CFA82 billion, respectively.

These fundraisings should enable member states to finance their budgets and meet short-, medium- and long-term liquidity needs, as the government securities market has become their primary funding source.

This strategy relies on a generally sustainable debt profile, with outstanding public debt estimated at 63% of GDP at end-2025, according to the latest monetary policy report for the WAEMU. At the same time, banking system liquidity increased by 37.9% in the fourth quarter of 2025. Moreover, the Central Bank of West African States (BCEAO) eased monetary policy in March 2026 by cutting its key rates by 25 basis points to support regional growth.

Sandrine Gaingne