rapport annuel 2005 (en langue anglaise).qxd

Transcription

2005 ANNUAL REPORT
IMPRIMERIE BCEAO
SUMMARISED VERSION
Avenue Abdoulaye Fadiga
BP 3108 - Dakar - Sénégal
www.bceao.int
ORIGINAL : FRENCH
2005 ANNUAL REPORT
SUMMARISED VERSION
ORIGINAL : FRENCH
© Central Bank of West African States
Avenue Abdoulaye Fadiga - BP 3108 - Dakar - Sénégal
ISSN 0850-8674
CONTENTS
PAGES
HIGHLIGHTS OF BCEAO IN 2005
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MEMBERSHIP OF THE STATUTORY ORGANS AND ORGANISATION CHART OF BCEAO
GOVERNOR'S MESSAGE
OVERVIEW
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I - ECONOMIC AND FINANCIAL ENVIRONMENT
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1 - INTERNATIONAL ECONOMIC AND FINANCIAL ENVIRONMENT
2 - WAMU ECONOMIC AND FINANCIAL ENVIRONMENT
2.1 - Gross Domestic Product
2.2 - Agricultural Production
2.3 - Mining
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2.4 - Industrial Production and Turn-Over of Retail Trade
2.5 - Price Developments
2.6 - Public Finance
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2.7 - Balance of Payments
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2.8 - Resource Mobilisation and External Debt Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
II - IMPLEMENTATION OF MONETARY POLICY
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1 - OBJECTIVE OF MONETARY POLICY
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2 - MONETARY ACTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
2.1 - Interest Rate Policy
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2.2 - Open Market Operations
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2.3 - Actions through Permanent and Exceptional Financing Windows
. . . . . . . . . . . . . . . . . . . . . . . . .13
2.4 - Reserve Requirement Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
3 - RESULTS OF MONETARY ACTION AND TRENDS IN MONETARY AGGREGATES
3.1 - Net Foreign Assets
3.2 - Domestic Credit
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
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3.2.1 - Net Position of Governments
3.2.2 - Credit to the Economy
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3.2.3 - Trends in Credit Registered with the Financial Risk Control Unit
. . . . . . . . . . . . . . . . . . . . . . .20
3.3 - Money Supply and Monetary Base . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
3.4 - Private Savings collected by Banks and Savings Banks
3.5 - Central Bank Financial Assistance
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3.6 - Trends in Reserve Requirement Formation
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3.7 - Interbank Market Operations and Trends in Bank Prime Rate
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3.8 - Public and Private Security Market Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29
III - CURRENCY ISSUE AND PAYMENT SYSTEMS
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1 - MANAGEMENT OF CURRENCY OUTSIDE BANKS
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1.1 - Outflows and inflows through BCEAO windows
1.1.1 - Outflows
1.1.2 - Inflows
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1.2 - Structure of Currency Outside Banks
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Annual Report - 2005
iii
2 - IMPLEMENTATION OF SETTLEMENTS WITHIN THE WAMU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
2.1 - Cross - border flows of banknotes through BCEAO Branch windows
2.2 - Flows among WAMU Member States
3 - IMPLEMENTATION OF EXTERNAL PAYMENTS
3.1 - External Banknote Operations
3.2 - Bank Money Transfers
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4 - OPERATION OF PAYMENT SYSTEMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35
4.1 - Automated Transfer and Settlement System within the WAEMU (STAR-UEMOA)
4.2 - Automated Interbank Clearing System within the WAEMU (SICA-UEMOA)
4.3 - Regional Interbank Electronic Banking System
4.4 - Regulatory Texts
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4.5 - Telecommunications System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
4.6 - Payment Incident Centre
IV - BANKING AND FINANCIAL SYSTEM
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1 - REVIEW OF DEVELOPMENTS IN THE BANKING SYSTEM
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1.2 - Development of Banking Network
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1.3 - Activities of Banks and Financial Institutions
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1.4 - Status in relation to Prudential Mechanism
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1.5 - Rating Agreements Mechanism
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2 - REVIEW OF DEVELOPMENTS IN REGIONAL FINANCIAL MARKET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
3 - REVIEW OF DEVELOPMENTS IN DECENTRALISED FINANCIAL SYSTEMS
3.1 - Sector Growth Indicators
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3.2 - PRAFIDE Funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47
3.3 - Legal Framework and Prudential Mechanism
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3.4 - Capacity Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48
3.5 - Studies and Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48
3.6 - Sector Supervision
V - OTHER ACTIVITES OF THE BCEAO
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1 - MANAGEMENT OF FOREIGN EXCHANGE RESERVES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
2 - ECONOMIC INTEGRATION OF WAEMU MEMBER STATES
3 - MONETARY AND FINANCIAL COOPERATION
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3.1 - Relations with the Bretton Woods Institutions
3.2 - Relations with Other Institutions
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4 - OTHER ACTIVITES AND PROJECTS OF BCEAO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52
4.1 - Collection, Management and Diffusion of Statistical Information
4.2 - Balance Sheet Centre
. . . . . . . . . . . . . . . . . . . . . . . . . .52
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VI - BCEAO’s INSTITUTIONAL AND ADMINISTRATIVE FRAMEWORK
1 - ACTIVITIES AND OPERATION OF STATUTORY BODIES
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1.1 - Conference of the Union Heads of State and Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
1.2 - The WAMU Council of Ministers
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1.3 - Board of Directors of the BCEAO
2 - ADMINISTRATION OF BCEAO
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56
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2.1 - Management of Human Resources
iv
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2.1.1 - Staffing
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2.1.2 - Training
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57
2.2 - Expansion of BCEAO’s Network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58
2.3 - Information and Communication System
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59
2.4 - Modernisation of Documentation and Archives
2.5 - Activity and Operation Control Mechanism
2.6 - Management Control Mechanism
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60
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VII - BCEAO’s FINANCIAL ACCOUNTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65
1 - BALANCE SHEET ANALYSIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65
1.1 - Analysis of Asset Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66
1.2 - Analysis of Liability Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67
2 - STATEMENT OF PROFIT AND LOSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68
2.1 - Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69
2.2 - Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69
3 - ACCOUNTS AUDITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70
4 - AUDIT REPORT ON FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71
5 - FINANCIAL STATEMENTS OF THE BCEAO AS AT DECEMBER 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . .73
LIST OF GRAPHS
WAEMU Real GDP Growth Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Agricultural Export Productions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
Production of Food Crops . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Country Distribution of Domestic Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Country Distribution of Money Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
Country Distribution of Monetary Base
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
Integrated Monetary Position of WAMU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
Country Distribution of Domestic Savings by Individuals and Companies within the WAMU . . . . . . . . . . . . . . . . . .23
Breakdown of Earnings per type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70
Breakdown of Charges per type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70
LIST OF TABLES
Changes in Annual Average Exchange Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Changes in Quarterly Average Exchange Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Changes in Consumer Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
Reserve Requirement Ratios Applicable to Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
Integrated Monetary Situation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Country Changes in Net Foreign Assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Review of Country Changes in Net Position of Governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Country Trends in Credit to the Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
Country Changes in Money Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
Trends in Country Private Savings collected by Banks and Savings Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
Central Bank Financial Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Interventions by the BCEAO by end of December 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Credit to the Economy and Refinancing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Trends in Reserve Requirements built up by banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Trends in Reserve Requirements built up by Financial Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Changes in Interbank Rates (Weighted Average) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..28
Changes in Interbank Lending within the WAMU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29
Breakdown of outflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31
Breakdown of inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32
v
Breakdown of Banknotes and Coins in Circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
Cross - border Flows of Banknotes through BCEAO Branch Windows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
Flows among WAMU Member Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34
Trends in Transactions carried out through STAR-UEMOA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36
Country Distribution of Credit Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Trends in Uses and Resources of the WAMU Banks and Financial Institutions . . . . . . . . . . . . . . . . . . . . . . . . . .44
Rating Agreements examined in 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
Trends in Main Indicators of Decentralised Financial Systems (SFD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47
Comparative Trend in Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65
vi
The West African Monetary Union (WAMU) established by the November 14, 1973 Treaty, which
replaced that of May 12, 1962, is made up of the following eight member countries located in West
Africa :
BENIN
MALI
BURKINA
NIGER
COTE D’IVOIRE
SENEGAL
GUINEA-BISSAU
TOGO
The Central Bank of West African States (BCEAO), the forty-third year of activity of which is described
herein, is the common central bank of the WAMU ; it is in charge notably of managing the common
currency of member countries, the African Financial Community Franc (CFA Franc), their foreign
exchange reserves as well as implementing their common monetary policy.
N.B. Unless otherwise specified, the values indicated hereinafter are expressed in CFA francs.
vii
HIGHLIGHTS OF BCEAO IN 2005
The following are the highlights that characterised past financial year for the BCEAO :
AT THE INSTITUTIONAL LEVEL
Visit by the Grand Chancellors of the National Order of the sub-rregional countries to the
Headquarters of BCEAO.
On April 1, 2005, the Grand Chancellors of the National Order from the West African sub-region visited the Headquarters of the BCEAO. They were about ten Grand Chancellors from Benin, Burkina,
Côte d'Ivoire, Senegal, Cape Verde and Guinea-Conakry. The Group was welcomed by the
Secretary General of the BCEAO, Mr. Amadou Sadickh DIOP. It attended the screening of a documentary film on the BCEAO and then visited the Currency Museum. At the end of the visit, the
Group was received in audience by Mr. Damo Justin BARO, Vice-Governor and Interim Governor
of the BCEAO.
In his address to the guests, Mr. BARO, on behalf of the Governor, extended a welcome to the
Grand Chancellors and reiterated thanks of the Authorities and staff of the Central Bank for this initiative. In response to the Vice-Governor's address, General Amadou Tidiane DIA, Grand Chancellor
of the National Order of Senegal, spokesman for the group expressed warm thanks to the BCEAO
Authorities for their spontaneous and quality welcome. He stated that this Dakar meeting, which
falls within the scope of the Conference of the Grand Chancelleries of the WAEMU, extended to
France and counterparts from Cape Verde and Guinea Conakry, was focused on regional integration. This is the reason why they deemed essential to visit the BCEAO, the most successful symbol of
integration in West Africa.
Opening ceremony of the meeting of the Association of African Central Banks (AACB).
Chaired by Mr. Jean-Félix MAMALEPOT, Governor of the Central Bank of Central African States
(BEAC) and Chairperson of the AACB, the opening ceremony of the ordinary meeting of the AACB
Bureau was held on April 29, 2005, in the presence of the Governor of the BCEAO, Mr. Charles
Konan BANNY, the Executive Secretary of the AACB Bureau, Mr. Bernard KONAN and the
Representative of the African Union, President of the Commission, Mr. Mamadou Lamine DIALLO.
The agenda of this meeting included, among other items, considering the progress made in implementing the African Monetary Cooperation Programme (AMCP).
Visit by a delegation of the Central Bank of the Union of the Comoros to the
Headquarters of the BCEAO .
On September 8, 2005, the Governor of the BCEAO received in audience, at the Headquarters of
the BCEAO, a delegation from the Central Bank of the Union of the Comoros which was led by Mr.
Salim Ahmed ABDALLAH, Chairperson of the Board of Directors. The delegation also comprised
Messrs. Ali NASSOR, Director and Mzé Abdou Mohamed CHANFIOU, Director of the Research
Department. This visit was part of the effort to strengthen cooperation among African central banks
and experience sharing in the area of institutional organisation and conduct of monetary policy.

viii
AT THE MONETARY AND FINANCIAL LEVELS
Outcome of the operation to withdraw the 1992 range of banknotes
At a videoconference held on Wednesday, January 12, 2005, the Governor of the BCEAO, Mr.
Charles Konan BANNY, gave an assessment of the operation to withdraw the 1992 range of banknotes which took place from September 15 to December 31, 2004, in pursuance of the decision
taken by the WAMU Council of Ministers at its December 22, 2003 meeting, in Lomé. The Governor
seized this opportunity to announce the launching, as from January 17, 2005, of the « exceptional »
operation to retrieve the 1992 range of banknotes which were not withdrawn at the end of the first
operation. This measure of a social nature aimed at providing a supplementary period to those who
did not exchange their old banknotes.
The operation was definitely closed on February 18, 2005.
BCEAO - Universities - Research Centres Third Symposium
The BCEAO- Universities - Research Centres third symposium was held at the Headquarters of the
BCEAO on August 22-23, 2005 in Dakar, Republic of Senegal. This symposium on the theme "Financial
Stability and Macroeconomic Management in the West African Monetary Union (WAMU)", brought
together 64 participants including 30 representatives of the BCEAO and 34 guests from central
banks, universities and research centres from the WAEMU member States, Africa and Europe.
The discussions focused on the two sub-themes : "Financial stability, a mission for the Central Bank ?"
and "Financial stability and WAMU member States Economic performances". The closing panel dealt
with the theme : "What macroeconomic environment for the solidity of the financial system ?".
During the discussions, participants noted the positive relationship between economic growth and
financial solidity. On the whole, they agreed that implementing appropriate macroeconomic policies, which are growth factors, contributes to financial stability. Besides, the key role of the central
Bank financial stability supervision was reaffirmed. In this respect, participants underlined the importance of prudent and rigorous regulation and supervision of the financial system notably in periods
of stability, in order to prevent and avoid crises.
New Mechanism for the Management of Foreign Exchange Reserves
As per Decision n° 127-08-05, of August 25, 2005 designing the framework for the management of
foreign exchange reserves of the BCEAO, a steering and supervisory committee for the management of foreign exchange reserves and a foreign exchange reserves investment committee were
created at the Headquarters of the BCEAO.
The Direction of Financial Operations of the BCEAO is responsible for the operational implementation of the foreign exchange reserves investment policy.
This new framework defines the policy in respect of the strategic investment policy regarding foreign
exchange reserves held outside the operations account and formalises the relevant decisionmaking process.
An Additional clause to the December 4, 1973 Agreement on the operations account, coming into
force on September 1, 2005, was signed between BCEAO and the French Treasury.
ix
Launching of SICA-U
UEMOA
The reform of payment systems launched in 1999 by the BCEAO was materialised by the establishment of an Automated Transfer and Settlement System (STAR-UEMOA) and an Automated Interbank
Clearing System within the WAEMU (SICA-UEMOA).
STAR-UEMOA ensures the real-time gross settlement of large-value transactions. The operationalisation of this system took place in June 2004.
SICA-UEMOA is an automated payment exchange system ensuring the multilateral clearing of transactions among participants which notably permits to reduce the processing time of payment transactions. The launching of this system marks significant progress towards the modernisation of the
financial sector infrastructures. The country-based progressive launching of SICA-UEMOA started on
November 17, 2005, in Mali.
Project for the creation of a corporate data marketing firm within WAEMU
With a view to further secure business relations and financial stability in WAEMU member States, the
BCEAO decided to create, in partnership with the West African Development Bank (BOAD), the
Fonds de Garantie des Investissements Privés en Afrique -GARI (guarantee-fund for private investments in West Africa), the Fonds Africain de Garantie et de Coopération Economique -FAGACE
(African guarantee and economic cooperation fund), the ECOWAS Bank for Investment and
Development (EBID) and the WAEMU-based banks, a private-law firm whose purpose will be to produce, promote and diffuse raw or processed data on the sub-regional non financial companies.
In this regard, the BCEAO organised on October 3-4, 2005, a meeting which brought together representatives of the above-mentioned institutions. The purpose of this meeting was to adopt the economic and financial case for the project and to agree on the next steps for its implementation.
Considering the stakes involved, the institutional promoters welcomed the BCEAO Authorities decision to transfer the database of the Centrale des Bilans des Entreprises - CBE/ UMOA (Corporate
Balance Sheet Centre) to a private-law firm for the production and diffusion of corporate data. They
expressed their conviction that with relevant sensitisation actions, the conditions for a profitable operation of this firm could be rapidly be met.
A meeting was held on November 10, 2005, at the Headquarters of the BCEAO, in Dakar in order to
present to the WAEMU-based credit institutions, to consider how they could contribute to its success,
determine the shareholding structure and agree on the next steps towards the establishment of this
company. This meeting was attended by the Directors-General of the WAEMU-based banks and
financial institutions which are likely to be shareholders and by the promoters (BCEAO, BOAD, GARI,
FAGACE, EBID).
The banks and financial institutions which attended this meeting welcomed the initiative taken by
the institutional promoters to create such a firm and to associate them in the project. They acknowledged the impact such a project will have on the security of their operations and on their internal
management capacity. Indeed, the services are likely to facilitate the access of credit institutions to
reliable and up-dated data on the companies operating in the Union, thus allowing better assessment of their financial performances. In view of the forthcoming entry into force of the new Basel II
capital Accord, the corporate ratings of the enterprises by the future company will contribute to
modernise credit risk management.

x
ON THE MANAGEMENT OF BCEAO
The Governor of BCEAO appointed Prime Minister of
Côte d’Ivoire
On December 4, 2005, Mr. Charles Konan BANNY, Governor
of the Central Bank of West African States was appointed
Prime Minister of the Republic of Côte d’Ivoire to conduct
the political transitional period ending in October 2006, as
per Resolution n°1633 of the United Nations Organisation
Security Council. This appointment brings credit to the institution he is leading. It should be recalled that it is the seventh time a high personality of the BCEAO is appointed Prime
Minister in a Union State .
At its December 23, 2005, extraordinary meeting, the
Conference of Heads of State and Government of the
Union noted with satisfaction the progress achieved in
peace consolidation in Côte d’Ivoire, with the appointment
of Mr. Charles Konan Banny as Prime Minister; the
Conference extended its warm congratulations to him for
the quality of the services he rendered to the Union and
wished him success.
Governor Charles Konan BANNY greeting the
staff of the BCEAO.
Extension of Governor BANNY's mandate and designation of Vice-G
Governor BARO as
Interim Governor by the WAEMU Conference of Heads of State and Government, at its
December 23, 2005 extraordinary meeting.
The WAEMU Conference of State and Government held an extraordinary session on December 23,
2005 in Niamey, Republic of Niger. Noting that the term of the Governor of BCEAO, Mr. Charles
Konan BANNY, expires on December, 31 2005, the Conference extended his mandate until its next
ordinary meeting scheduled in March 2006. Noting that Governor BANNY is unavailable due to his
appointment as Prime Minister of the Republic of Côte d’Ivoire, the Conference designated Mr.
Damo Justin BARO, Vice-Governor, as Interim Governor, as from January 1, 2006.
Decoration of the Vice-G
Governor of BCEAO
Mr. Ali Badjo GAMATIE, Vice-Governor of BCEAO was made Commandeur dans l’ordre du mérite
de l’enseignement supérieur de Côte d’Ivoire (Commander of the Order of Merit of Higher
Education of Côte d'Ivoire). He received this distinction from the hands of the Ivorian Minister of
Higher Education, Mr. Zemogo FOFANA, on June 24, 2005 in the premises of the Ecole Nationale
Supérieure de Statistiques et d’Economie Appliquée - ENSEA - (National high school of statistics and
applied Economics), in Abidjan. The ceremony organised for this purpose, was attended by the
State Ministers Mr. Léon Monnet, Minister of Mining and Energy and Théodore MEL EG, Minister for
Integration.
Extension of the Visual Identity System to all the sites of the BCEAO
On December 12, 2005, the office automation component of the BCEAO Visual Identity System (SIV)
became effective on all the sites of the Central Bank. Prior to this extension, a pilot phase was
conducted from July to October 2005, at the BCEAO Headquarters and at the Main Branch of
xi
BCEAO in Dakar. The SIV allows harmonising the presentation of the Bank's documents and improving the image of the various supports produced by the Institution. It enhances the corporate image
of the Central Bank with its partners and the public.
Launching of the online training platform
On May 18, 2005, online training activities were launched. The establishment of this e-learning platform contributes to the strengthening of staff-directed actions. It is based on an increased use of
new technologies which enable henceforth, to provide remote knowledge to all BCEAO sites. It provides further training concurrently with classical training, videoconference sessions and laboratory
courses, as well as self-learning courses in English and Portuguese.
Adoption and circulation of the 2006-2
2008 business plan
On December 15, 2005, the 2006-2008 business plan was circulated to the staff. This plan, adopted
by the Executive Committee of the Central Bank at its August 25, 2005 meeting, aims mainly at :
– highlighting the strategic orientations, clarifying the objectives underlying the fulfilment of the
missions assigned to the Bank and pooling energies around its ambitions in a constantly changing environment ;
– providing to responsibility centres a tool for their annual budget programming and assessment
of their contribution to the implementation of the Bank's priority actions.
.

xii
MEMBERSHIP OF THE STATUTORY ORGANS AND
ORGANISATION CHART OF THE BCEAO
xiii
MEMBERSHIP OF THE CONFERENCE
OF HEADS OF STATE OF THE WAMU
As at December 31, 2005
CHAIRPERSON : His Excellency Mamadou TANDJA,
President of the Republic of Niger.
His Excellency Mathieu KEREKOU,
President of the Republic of Benin.
His Excellency Blaise COMPAORE,
President of Burkina Faso.
His Excellency Laurent GBAGBO,
President of the Republic of Côte d’Ivoire.
His Excellency João Bernado VIEIRA,
President of the Republic of Guinea-Bissau.
His Excellency Amadou Toumani TOURE,
President of the Republic of Mali.
His Excellency Mamadou TANDJA,
President of the Republic of Niger.
His Excellency Abdoulaye WADE,
President of the Republic of Senegal.
His Excellency Faure GNASSINGBE ,
President of the Republic of Togo.
xiv
MEMBERSHIP OF THE WAMU COUNCIL OF MINISTERS
CHAIRPERSON : Mr. Cosme SEHLIN,
Minister of Finance and Economy of the Republic of Benin
Republic of Benin
MESSRS. Cosme SEHLIN, Minister of Finance and Economy ;
Zul Kifl SALAMI, State Minister, in charge of Planning and Development.
Burkina Faso
MESSRS. Jean-Baptiste COMPAORE, Minister of Finance and Budget ;
Jean de DIEU SOMDA, Minister for Regional Cooperation
Attached to the Minister of Foreign Affairs and Regional Cooperation.
Republic of Côte d'Ivoire *
MR.
Koffi Charles DIBY, Minister attached to the Prime Minister in charge
of Economy and Finance.
Republic of Guinea-Bissau
MESSRS. Victor MANDINGA, Minister of Finance ;
Issufo SANHA, Minister of Economy.
Republic of Mali
MESSRS. Abou-Bakar TRAORE, Minister of Economy and Finance ;
Oumar Hammadoun DICKO, Minister of Malians living abroad and
African Integration.
Republic of Niger
MESSRS. Ali Mahamane Lamine ZEINE, Minister of Economy and Finance ;
Seyni OUMAROU, State Minister, Minister of Equipment.
Republic of Senegal
MESSRS. Abdoulaye DIOP, Minister of Economy and Finance ;
Cheikh Hadjibou SOUMARE, Minister of Budget, Attached to the
Minister of Economy and Finance.
Republic of Togo
MESSRS. Payadowa BOUKPESSI, Minister of Economy, Finance and Privatisations ;
Yandja YENTCHABRE, Minister of Development and Spatial
Planning.
(*) The Government was formed on December 28, 2005.
xv
MEMBERSHIP OF THE BCEAO BOARD OF DIRECTORS
CHAIRPERSON : Mr. Charles Konan BANNY
Governor of BCEAO
Republic of Benin
MESSRS.
Georges Denis Marc QUENUM, Director General, Treasury and
Public Accounting ;
Mathias N. HOUNDONOUGBO, Technical Secretary, National
Commission on Development and the Fight against Poverty.
Burkina Faso
MESSRS.
Lucien Marie Noël BEMBAMBA, Director General, Treasury and
Public Accounting ;
Léné SEBGO, Director General of Cooperation, Ministry of Finance
and Budget.
Republic of Côte d'Ivoire
MESSRS.
Charles Koffi DIBY, Director General, Public Accounting and Treasury ;
Kouamé KOUASSI, Director General, Budget and Finance.
Republic of Guinea-Bissau
MESSRS.
Amizade Fará MENDES, Director General, Treasury ;
Gabriel Lopes SO, Technical Advisor to the Prime Minister.
Republic of Mali
MESSRS.
Aboubacar Alhousseyni TOURE, Director General, Treasury and
Public Accounting ;
Sambou WAGUE, Secretary General, Ministry of Economy and
Finance.
Republic of Niger
MESSRS.
Boubacar Moumouni SAIDOU, Economy Commissioner, Ministry of
Economy and Finance ;
Abdou SOUMANA, Secretary General, Ministry of Economy and
Finance.
Republic of Senegal
MESSRS.
Falilou Mbacké DIAGNE, General Treasurer, Central Payer of the
Treasury ;
Adama DIEYE, Technical Advisor, Ministry of Economy and Finance.
Republic of Togo
MESSRS.
Essowédéou AGBA, Secretary General, Ministry of Economy,
Finance and Privatisations ;
Hèmou Badibawu BAKALI, Director General, Customs Service.
French Republic
MESSRS.
Xavier MUSCA, Director General, Treasury and Economic Policy,
Ministry of Economy, Finance and Industry ;
Serge TOMASI, Deputy Director, Development and Technical
Cooperation, Ministry of Foreign Affairs.
xvi
xvii
CENTRAL BANK OF WEST AFRICAN STATES
MANAGEMENT
Governor
Vice-Governor
Vice-Governor
Secretary General
Special Advisors to the Governor
:
:
:
:
:
:
Charles Konan BANNY
Damo Justin BARO
Ali Badjo GAMATIE
Amadou Sadickh DIOP
Tiémoko Meyliet KONE
Pascal Irénée KOUPAKI
ADVISOR TO THE GOVERNOR
: Mr. Sosthène Boureima BAMBARA
GENERAL CONTROL
Comptroller General
: Mr. Tiémoko Meyliet KONE
ASSISTANT TO THE GOVERNOR
: Mr. Alain KOUTANGNI
DEPARTMENTS
Director, Department of General Administration
and Training
:
Director, Department of Issuance,
Accounting and Finance
:
Director, Department of Economic Research
and Money
:
Director, Department of Projects
and Missions
:
Director, Department of Security
and Legal Matters
:
ADVISORS TO THE COMPTROLLER GENERAL
AND TO THE DIRECTORS OF DEPARTMENTS
Advisor to the Comptroller General
Advisor to the Director of the Department of
Issuance, Accounting and Finance
Advisors to the Director of the Department of
Economic Research and Money
DEPARTMENTS OF CENTRAL SERVICES
Director, Administrative Matters
Director, Legal Matters
Director, Communication
Director, Accounting and Budget
xviii
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr. Sosthène Boureima BAMBARA
Mr. Ambroise KONE
Mr. Pascal Irénée KOUPAKI
Mr. Ousmane OUEDRAOGO
Mrs. Sockna Bèye SAKHO
: Mr. Thiémoko DIARA
: Mr. Christian KOFFI
: Mr. Mawuena Kodzo DOSSA
: Mr. François de Salles NARE
: Mr. Mahamadou GADO
:
:
:
:
Mr.
Mr.
Mr.
Mr.
Marcel de SOUZA
Elpidio FREITAS
Venance Adamah KANGNI
Soulé Mana LAWANI
Director, Management Control
Director, Control and Risk Prevention
Director, Credit
Director, Issuance
Director, Research
Director, Training
Director, Information Technology
Director, Inspection and Internal Audit
Director, Financial Operations
Director, Property
Director, International Relations
Director, Research Studies and Statistics
Director, Human Resources
Director, Security
Director, General Services
Director, Payment Systems
Director, Decentralised Financial Systems
Director to the Secretary General
MISSIONS
Director responsible for the Mission on the
Realisation of the Balance Sheet Centre
Principal Coordinator, Technical Assistance,
Mission to the National Branch of BCEAO
for Guinea-Bissau
REPRESENTATIONS
Acting Resident Representative of the
Governor with the West African Economic
and Monetary Union (WAEMU) Commission
Acting Representative of BCEAO with
European Cooperation Institutions
NATIONAL BRANCHES
National Director for Benin
National Director for Burkina
National Director for Côte d’Ivoire
National Director for Guinea-Bissau
National Director for Mali
National Director for Niger
National Director for Senegal
National Director for Togo
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
Mr. Alain KOUTANGNI
Mr. Soumaïla OUEDRAOGO
Mr. Charles KI-ZERBO
Mr. Amadou BACHIR
Mr. Jean-Claude BROU
Mr. Modienne GUISSE
Mr. Abdoulaye SECK
Mr. Denis N'GBE
Mr. Oumar Tatam LY
Mr. Siriki KONE
Mr. Samuel MEANGO
Mr. Antonin DOSSOU
Mr. Jean-Baptiste Ayayé AMAN
Mr. Paul Marie KYELEM
Mr. Félix DJAN DJE
Mrs. Fatimatou Zahra DIOP
Mr. Eric Amah EKUE
Mr. Mamadou Lamine DIOUF
: Mr. Joseph Pindana SAMA
: Mr. Blaise Djomand DIPLO
: Mr. Théophile Ahoua N’DOLI
: Vacant
:
:
:
:
:
:
:
:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Lyassou Idriss DAOUDA
Bolo SANOU
Kablan YAO SAHI
Aguinaldo EMBALO
Idrissa TRAORE
Abdoulaye SOUMANA
Seyni NDIAYE
Ayéwanou GBEASOR
xix
ADDRESSES OF BCEAO NETWORK
HEADQUARTERS
Avenue Abdoulaye FADIGA - Boîte Postale : n° 3108 - Dakar
Telephone : (221) 839 05 00 - Fax : (221) 823 93 35 or 822 61 09
Telex : BCEAO 21 833 SG, 21 815 SG, 21 530 SG, 21 597 SG
Website : http ://www.bceao.int
BENIN
Bouaké
Cotonou
Boîte Postale : n° 773
Avenue Jean-Paul II
Telephone : (225) 31 63 33 13 and 31 63 33 14
01 Boîte Postale : n° 325 RP
Telex : BCEAO BOUAKE 69 109
Telephone : (229) 21 31 24 66 and 21 31 37 82
Fax : (225) 31 63 38 31
Telex : 5211 BCEAO COTONOU
Sub Branch Manager : Vacant
Fax : (229) 21 31 24 65
Daloa
Director of the Main Branch : Mr. Roger AGBOZOGNIGBE
Parakou
Telephone : (225) 32 78 38 85
Telephone : (229) 23 61 03 25
Telex : 5099 BCEAO PARAKOU
Fax : (229) 23 61 10 91
Telex : BCEAO DALOA
Fax : (225) 32 78 13 10
Sub Branch Manager : Mr. Célestin Angoua NANGOH
Korhogo
Sub Branch Manager : Mr. Evariste BONOU
BURKINA
Telex : 63 106 KORHOGO CI
Ouagadougou
Fax : (225) 36 86 15 30
Avenue Gamal Abdel NASSER
Telephone : (226) 50 30 60 15/16/17
Telex : 0978 5205 BCEAO BF and 0978 5235 BCEAO BF
Fax : (226) 50 31 01 22
Director of the Main Branch : Mr. Lallé COULIBALY
Bobo-D
Dioulasso
Telephone : (226) 20 97 04 44/45/46
Telex : 0978 8228 BCEAO BF
Fax : (226) 20 97 04 58
COTE D’IVOIRE
Abidjan
Avenue Terrasson de Fougères
Boîte Postale : n° 01 1769 ABIDJAN 01
Telephone : (225) 20 20 84 00 et 20 20 85 00
Telex : BC ABJ CI 23 474 – 23 761 et 23 607
Fax : (225) 20 22 28 52 and 20 22 00 40
Director of the Main Branch : Mr. Ernest ADOHI ASSEU
Telephone : (225) 36 86 01 10 and 36 86 01 11
Man
Telephone : (225) 33 79 02 67
Telex : BCEAO MAN 89 106
Fax : (225) 33 79 02 28
San Pedro
Telephone : (225) 34 71 21 74
Telex : BCEAO 91 130 SAN PEDRO
Fax : (225) 34 71 24 48
Sub Branch Manager : Mr. Niangoran ALLE
GUINEA-B
BISSAU
Bissau
Telephone : (245) 21 55 48 - 21 41 73 et 21 14 82
Telex : 289 BCGB 1
Fax : (245) 20 13 05 and 20 13 21
Director of the Main Branch : Mrs Felicidade Soares
Correia de Brito ABELHA.
Abengourou
Telephone : (225) 35 91 37 15 and 35 91 39 15
Telex : 59 103 ABENGOUROU CI
Fax : (225) 35 91 31 76
Sub Branch Manager : Mrs. Odile COULIBALY AGNERO
MALI
Bamako
Boulevard du 22 octobre 1946
Telephone : (223) 22 25 41 and 22 54 06
Telex : 2574 BCEAO BAMAKO
Fax : (223) 22 47 86
Director of the Main Branch : Mr. Soumaïla KIDA
xx
Mopti
Kaolack
Telephone : (223) 43 01 02 and 43 05 65
Telephone : (221) 941 13 86 and 941 13 87
Telex : BCEAOMPT 8001 MJ
Telex : BCEAO SG 74071
Fax : (223) 43 05 07
Fax : (221) 941 33 23
Sub Branch Manager : M. Idrissa Matoti TOURE
Sub Branch Manager : Mr. Alain Serge NICOD
Sikasso
Ziguinchor
Telephone : (223) 62 06 57
Téléphone : (221) 991 10 39
Fax : (223) 62 08 79
Télex : BCEAO SG 73027
Sub Branch Manager : M. Ibrahima TOURE
Téléfax : (221) 991 16 59
Sub Branch Manager : Mr. Abdoulaye BA
NIGER
Niamey
Rue de l'uranium
Telephone : (227) 72 33 30 and 72 33 40
Telex : BCEAO 5218 NI
Fax : (227) 73 47 43
Director of the Main Branch : Mr. Oumarou GAGERE
Maradi
Telephone : (227) 41 00 96
Fax : (227) 41 00 45
Sub Branch Manager : Mr. Sahaka MAHAMAN SALAH
Zinder
Telephone : (227) 51 00 94
Fax : (227) 51 07 24
Sub Branch Manager : Mr. Salifou SAÏDOU
TOGO
Lomé
Rue Abdoulaye FADIGA
Telephone : (228) 221 53 84
Telex : 5216 BCEAO TO
Fax : (228) 221 76 02
Director of the Main Branch : Mr. Kokou Seretti GOZAN
Kara
Telephone : (228) 660 60 79 and 660 61 37
Telex : 7202
Fax : (228) 660 62 69
Sub Branch Manager : Mr. Novignon GABOUTOU
GOVERNOR REPRESENTATION WITH THE WAEMU
COMMISSION
Avenue Gamal Abdel NASSER, Ouagadougou, Burkina
Boîte Postale : 64 OUAGADOUGOU 01
Telephone : (226) 30 60 15
Telex : BCEAO 5205 BF
SENEGAL
Fax : (226) 30 63 76
Dakar
Boulevard Général De Gaulle x Triangle sud
Telephone : (221) 889 45 45
Telex : BCEAO SG 21 839
Fax : (221) 823 57 57
Director of the Main Branch : Mr. Birame SENE
BCEAO REPRESENTATION WITH EUROPEAN
COOPERATION INSTITUTIONS
29 rue du Colisée, 75008 Paris, France
Tel. : (33) 01 42 25 71 60
Telex : BCEAO PARIS 650087
Fax : (33) 01 42 56 00 37
xxi
Governor's Message
I
n an increasingly globalised world, the existence of reliable and secure payment systems is one
of the key conditions for financial stability and economic growth. Aware of this stake, the Central
Bank of West African States (BCEAO) undertook in March 1999, a far-reaching reform of the payment systems in the member States of the West African Economic and Monetary Union (WAEMU).
The implementation of the WAEMU's new payment systems, equipped with advanced technologies,
aims at promoting bank money transactions, and at facilitating and promoting exchanges within
the member States and at the Community level, and more generally, at contributing to the expansion of the financial sector and to a deeper regional economic integration.
Their design and implementation are the result from a wide consultation with the credit institutions,
Public Treasuries, Post Office Financial Services, Employers Organisations, large corporates and
Consumers' Associations of all the Union member States.
The reformed framework thus set up is organised around three payment systems, of which two are
managed by the BCEAO. The first, known as Automated Transfer and Settlement System within
WAEMU (STAR-UEMOA) was operationalised on June 25, 2004 and ensures the real-time gross settlement of large-value transactions .
The second system, which started its activities on November 17, 2005, is an automated multilateral
clearing system for transactions among participants, known as Automated Interbank Clearing
System within the WAEMU (SICA-UEMOA). This system is based on the automated exchange of smallvalue payments media, backed up by the exchange of scanned images of paper-based money.
In addition, the Central Bank plays a unifying and active role, as part of the implementation of the
sub-regional bank card system. This third system, managed by the banking professionals, seeks to
provide the economic units with a legal payment instrument, accepted by all the affiliated traders
and all the distributors of the sub-region.
The three systems are governed by a legal and regulatory framework and an arsenal of operating
principles in conformity with the relevant international standards. Their implementation was, in addition, supported by the establishment of a mechanism for the collection and diffusion of payment
incidents on cheques, bills of exchange, promissory notes and banking cards, with a view to restoring the public confidence in bank money.
The WAEMU has thus been endowed with efficient payment, clearing and settlement systems which
are the essential mechanisms of an efficient financial sector and play a decisive role in reducing systemically important risks, notably credit and liquidity risks.
The importance and the quality of the contribution of the new payment systems to the economic
and social development of the Union will depend on the extent of the participation of actors, corporates and individuals. In particular, the member States are expected to complete the legal foundation of the new payment systems by adopting the implementing decree, in other words, the legislation on the adaptation of the Directive on the measures to promote the number of bank account
holders and the use of bank money for payment.
1
For its part, the Central Bank, guarantor of the smooth functioning of the payment systems of the
Union will continue the process of modernisation and constant adaptation of these systems to the
technological development and to the financial globalisation requirements, while ensuring the prevention and management of inherent risks.
All these measures are expected to contribute to the harmonious and integrated development of
the Union.
On behalf of the Governor of the Central Bank of West African States
and Chairperson of the Board of Directors
Damo Justin BARO
Vice-Governor
2
OVERVIEW
T
he world economic growth remained well oriented in 2005, as a result of buoyant economic
activity in industrialised and emerging countries, despite increased pressures on oil markets. In
this context of fears about a high inflation, caused by soaring oil prices, many central banks
have tightened their monetary policy.
Developing countries have experienced an increase in Gross Domestic Product (GDP). Thus, economic activity in Latin America continued to be driven by the good performance of productive investments due to the improved macroeconomic environment induced by the structural reforms implemented with a view to address the 1990's crisis. In Africa, the economic growth rate stood at 5.2%,
compared to the 5.5% level recorded a year earlier, as the economic situation improved in oil-producing countries.
The signs of a buoyant economic activity, particularly in the USA, partially dissipated fears of foreign
exchange market dealers about the magnitude of the deficits of the American budget and current
payments. Accordingly, on average, the American currency depreciated only by 0.016% in relation
to the Euro.
The role of gold as a hedge became reinforced with growing demand for gold especially from
China and India in Asia, as well as of the central banks willing to diversify their assets portfolio.
On the commodity markets, the prices of the main agricultural export products of the WAMU member States remained on a declining trend, as a result notably of a surplus in the world production.
The gross domestic product of WAMU increased in real terms by 4.1% in 2005, compared to 2.8% a
year earlier. Speeding up economic growth was due to the increase in the agricultural production
and to the favourable trend in industrial activities. However, annual inflation rate slightly rose to 4.4%
compared to 0.5% in 2004, due to both lower cereals supply on markets, resulting from the adverse
climatic conditions of the previous crop season and soaring crude oil prices.
The overall deficit in public finance excluding grants stood at CFAF 1,080.6 billion. Weighted by GDP,
it improved slightly to 4.5% compared to 4.8% in 2004. Outstanding external debt amounted to CFAF
14,325.1 billion. By end 2005, debt balance represented 59.9% of GDP compared to 60.9% in 2004.
The balance of external payments showed a surplus of 58.1 billion compared to 210.6 billion in 2004.
The deficit in current transactions, excluding official transfers, deteriorated to 7.0% of GDP compared to 5.7% in 2004.
The cautious orientation given to monetary action by the BCEAO over the past few years was maintained so as to bring inflationary pressures under control and consolidate savings and growth.
Thus, in a context mainly characterised by the fragile economic activity in most of the Union member States and an increase in prices, the Central Bank maintained its intervention rates at 4.50% for
the discount rate and 4.00% for the repurchase rate, in force since March 22, 2004. Taking into consideration the expansion of credit to the economy in some States, the Central bank raised, as from
June 16, 2005, the reserve requirement ratio from 13.0% to 15.0% for the banks in Benin, from 3.0% to
7.0% for the banks in Burkina and from 5.0% to 9.0% for the banks in Niger. The reserve requirement
3
ratios remained unchanged in Côte d'Ivoire at 5.0%, in Guinea-Bissau and in Togo at 3.0%, in Mali
and Senegal at 9.0%. In view of banks' cash position, the BCEAO did not organise any auction to
inject or withdraw liquidity from the economy in 2005.
Monetary action helped to raise by 141.8 billion the net external position of monetary institutions to
3,327.0 billion. Foreign exchange reserves amounted to 3,768.9 billion inducing a money issuance
coverage ratio of 120.3% by end of December 2005, reflecting an increase of 3.0 percentage points
compared to its level reached in 2004.
Domestic credit was up by 10.3% to stand at 4,660.4 billion, due to an increase in credit to the economy and to the decline in the net position of Governments. Interventions by the Central Bank stood
at 366.4 billion in December 2005, reflecting a decline of 8.5 billion compared to the level recorded
a year earlier. This development followed the 17.7 billion decline in central bank financial assistance
to the States, moderated by the 9.2 billion increase in refinancing in favour of banks and financial
institutions. Reflecting trends in its counterparts, money supply increased by 7.3% to 6,413.9 billion.
The payment systems modernisation project was pursued. Particularly, the BCEAO gradually launched the Automated Interbank Clearing System within the WAEMU (SICA-UEMOA). In addition, the
Automated Transfer and Settlement System within the WAEMU (STAR-UEMOA), operationalised in
2004, functioned regularly.
The Central Bank initiated some actions in terms of centralising the balance sheets of non financial
enterprises, promoting Decentralised Financial Systems (SFD) and regional monetary cooperation.
Besides, the Central bank continued to participate in the consolidation of the integration process by
contributing to the implementation of the integration chart of the West African Economic and
Monetary Union (WAEMU) and the Regional Economic Programme (PER), designed to stimulate
strong growth as a way of efficiently fighting poverty.
At the end of 2005, and in accordance with Article 64 of its Statutes, the accounts of the BCEAO
were submitted to the National Controllers and the external auditor appointed by the Council of
Ministers for consideration. The latter then examined jointly with the controller designated by France,
the implementation of the Agreement on an Operations Account.
4
I - ECONOMIC AND FINANCIAL ENVIRONMENT
1 - INTERNATIONAL ECONOMIC AND
FINANCIAL ENVIRONMENT
another, due to the impact of soaring oil
prices.
he international economic activity remained well oriented in 2005, despite a slowdown compared to its 2004 level, due to
natural disasters and to the persistent increase
in world oil prices. Thus, the economic growth
rate stood at 4.8% compared to 5.3% a year
earlier.
In Africa, economic growth rate stood at 5.2%
down from 5.5% in 2004. The relatively low
prices of agricultural commodities, notably
cotton, elimination of quotas textile, persistent
socio-political unrest and poor food crops in
many West, East and South African countries
limited the economic performance of the
African continent, even if some net oil exporters countries benefited from rising crude oil
prices.
T
Almost all the industrialised countries recorded
a slowdown in the pace of economic growth.
In the USA, the Gross Domestic Product (GDP)
increased by 3.5% in 2005 compared to 4.2% in
2004. Domestic demand made stronger with
tax relieves was the main driver of economic
growth.
In Japan, economic activity grew by 2.7%
compared to 2.3% in 2004 and was underpinned by investments and exports which benefited from an increase in trade flows in Asia. This
Japanese economic growth recovery, after
the 90's long deflation, reflects an improved
macroeconomic framework following the
restructuring of companies and the banking
system.
British GDP growth rate stood at 1.8%, down
from 3.1% in 2004. This sluggishness was induced by a faltering service sector.
In the euroland, the tentative recovery initiated
in the second-half of 2004 lost momentum in
2005. GDP growth rate stood at 1.3% from 2.1%
in 2004 due to the decline in household
consumption, notably in France and Germany.
In these countries, gross domestic product
grew by 1.4% and 0.9% compared to 2.1% and
1.6% in 2004.
Economic activity remained firm in emerging
countries despite a slowdown compared to
2004. GDP grew by 6.4% compared to 7.3% in
2004. This development however masked
contrasted trends from a group of countries to
Despite rising world oil prices and the relative
improvement of the employment situation in
industrialised countries, inflationary pressures
weighted by the changes in consumer price
index, remained relatively contained. In the
USA, average inflation rate stood at 3.4% from
2.7% in 2004, following an increase in import
prices induced by US$ slight depreciation and
skyrocketing prices of oil products. In the
United Kingdom, it stood at 2.3% from 2.8% a
year earlier. In euroland, it levelled off at 2.2%.
In Japan, despite the good performance of
domestic demand, the overall consumer price
level declined by 0.3%, following a level-off in
2004.
In light of the context of uncertainty in which
the world economy evolved, central banks in
industrialised countries adopted different reactions. Thus, in USA, fears about an accelerated
inflation revived by the increase in the oil barrel
price, led the Federal Open Market
Commission (FOMC) of the Federal Reserve to
tighten its monetary policy. The federal funds
target rate and the discount rate were thus
increased to 4.25% and 5.25% respectively,
after raising on eight consecutive occasions by
one quarter percentage point in 2005. In the
euroland, smaller scale increase was applied
to intervention rates by the Board of Governors
of the European Central Bank (ECB). The mini-
5
ECONOMIC AND FINANCIAL ENVIRONMENT
mum bid rate applicable to major refinancing
operations, the marginal lending facility rate
and the deposit facility rate were increased by
2.25%, 3.25% and 1.25%, respectively.
In United Kingdom, the Monetary Policy
Committee of the Bank of England, taking into
account the lower domestic demand, implemented a more accommodating monetary
policy, reducing by 25 basis points to 4.50% its
main intervention rate. In Japan, the discount
rate remained unchanged to 0.1%. However,
the Bank of Japan continued its policy of injecting liquidity on markets, with a view to stabilise
the yen exchange rate.
The foreign exchange market was marked by
the revaluation of the Chinese yuan and by
the expectations of market dealers on the
orientations of the economic situation and the
monetary policy in the main industrialised
countries. Thus, the fears caused by the new
all-time high reached by the US trade deficit,
were moderated by the relative buoyancy of
the American economy and as it continues to
attract capital due to the favourable interest
rate spread generated by the tightening of
monetary policy by the Federal Reserve. Thus,
6
the US$ depreciated on average only by
0.016% in relation to the euro. The single
European currency rose by 0.8% and 1.8%
against the Pound sterling and yen, respectively. It was on annual average at £ 0.68 and
136.85 yen. The Chinese yuan was revaluated
by 2.1% compared to US$ and pegged to basket of currencies since July 21, 2005. Besides, its
fluctuation margin around its central parity (8.1
units per dollar) was set at 0.3%.
Due to its nominal pegging to the euro, the
CFA Franc followed the same pattern as the
European single currency against major currencies. At the sub-regional level, changes in
the average exchange rates of major currencies of the Economic Community of West
African States (ECOWAS) against the CFA
Franc were contrasted in 2005. Indeed, over
the period, the Ghanaian cedi depreciated by
1.0% and the Guinean Franc by 30.2 %. It is to
be noted that Guinean Authorities devalued
by 35.5% their currency on April 29, 2005.
However, the Nigerian naira and the Gambian
dalasi appreciated by 1.4% and 0.4%, respectively.
The relative depreciation of the dollar was a
support factor to the world gold price which
role as a hedge became reinforced. Indeed,
the gold ounce peaked at US$ 537.5 by the
end of 2005 compared to US$ 430, a year earlier. This development was due to demand
from India, China and Russia where central
banks undertook to balance their foreign
exchange reserves with gold. The average
price of a gold ounce thus grew by 8.8% to US$
445.3. The prices of other commodity such as
oil, natural rubber, coffee also peaked up, as a
result of strong demand. On the other hand,
the price trend of cocoa, cotton and vegetable oils was unfavorable.
2 - WAMU ECONOMIC AND FINANCIAL
ENVIRONMENT
The West African Monetary Union (WAMU) economic dynamics was favoured by abundant
crops due to satisfactory and well-distributed
rainfall and a relative good performance of
industrial output.
2.1 - Gross Domestic Product
The Union gross domestic product increased in
real terms by 4.1% in 2005 compared to 2.8% a
year earlier. This accelerated economic growth was partly due to the rise in gold and agricultural production as well as to the dynamism of
investments. Indeed, savings rate stood at
11.0% and investment rate at 16.9% compared
to 11.9% and 16.1%, respectively in 2004. As
regards agricultural production, it was boosted
by a normal rainy season and good performance of shea and cashew nuts production.
Thus, all the Union member States recorded
positive real GDP growth rates compared to
the previous year.
In Burkina, economic activity grew by 7.1%
compared to 4.6% a year earlier. In Niger, GDP
also increased by 7.1% compared to -0.6% a
year earlier. In Mali, GDP growth rate stood at
6.8%, up from 2.3% in 2004. In Senegal, it stood
at 5.5% compared to 5.6% in 2004. In Benin,
GDP rose from 3.1% in 2004 to 3.5%. In GuineaBissau, the wealth growth rate stood at 3.5%
compared to 2.2% in 2004, due to a period of
calm on the socio-political front. In Côte
d'Ivoire, political tensions continued to weigh
on the economic situation. Economic growth
rate stood at 1.8% compared to 1.5% a year
earlier. In Togo, GDP growth rate was of 1.5%.
Source : BCEAO.
7
2.2 - Agricultural Production
The 2005/2006 crop season was better than the
previous year. Indeed, it resulted in an increased main crop production , with the exception
of cocoa and cotton.
Groundnut production was estimated at
1,440,954 tons, up by 1.4% compared to the
previous season. The quantity of coffee collected increased by 68.5% to 175,500 tons compared to 104,200 tons a year earlier. As regards
cashew nut production in Guinea-Bissau, it
increased by 10.0% to 126,500 tons.
On the other hand, the downward trend of
cocoa production continued. Indeed, it declined by 2.4% to 1,258,110 tons due to an equivalent fall in Côte d'Ivoire and a 2.7% drop in
Togo. In Côte d'Ivoire and Togo, cocoa production stood at 1,254,510 tons and 3,600 tons
respectively. Purchases of seed cotton by the
Union dropped by 10.2% to 1,970,872 tons.
Sources : National Marketing Boards.
Food production in the Union rose by 9.1% after
a 3.6% decline in 2004. All Union member States
contributed to this output, with the exception
of Benin, where food production dropped by
2.6% to 6,623,000 tons. In Burkina, it increased
by 24.7% to 3,649,530 tons. In Côte d'Ivoire,
food crops increased by 2.8% to 9,451,329 tons.
In Guinea Bissau, they increased by 29.5% to
8
223,300 tons compared to the previous year. In
Mali, food production improved by 18.4% to
3,367,200 tons. In Niger, it increased by 3.2% to
3,741,200 tons. In Senegal, estimates showed a
4.5% increase in food production which reached 1,864,000 tons. In Togo, it amounted to
2,345,200 tons, up by 5.5%.
Sources : National Marketing Boards.
2.3 - Mining
In the mining sector, with the exception of gold
mining and crude oil production, the main
mining activities were on a downward trend.
Gold production increased by 18.9% to
57,482.6 kilogrammes, due to the reorganisation of the sector in Burkina, the opening of
new mines in Niger and the increase by 10.2%
of the Malian supply which stood at 49,121.6
kilogrammes. In Côte d'Ivoire, crude oil production rose by 80.0% to 14,573,600 barrels,
with the exploitation of new wells.
However, uranium production, declined by
8.6% in Niger to 2,999.7 tons. Phosphate production fell by 3.7% in Senegal and 8.5% in
Togo to 1,689,040 tons and 1,020,870 tons, respectively.
2.4 - Industrial Production and Retail Trade
Turn-O
Over
The overall index of industrial production at the
Union level rose by 3.3% in 2005, compared to
1.7% in 2004. This increase was due to the
improved production in Burkina (7.7%), Côte
d'Ivoire (2.6%), Mali (18.6%) and Togo (0.6%). In
the other Union member States, industrial activity declined. Indeed, it dropped by 3.2% in
Benin, 0.3% in Niger and 2.4% in Senegal.
On the whole, industrial activity relied on household consumption as reflected by the upsover index.
wing in retail trade turn-o
Indeed, this index rose by 5.9% compared to
2.6% a year earlier. This development was attributable to the dynamism of trading in oil products, cars and motorcycles, spare parts and
housing equipment. These sales increased in
almost all Union member States. Thus, the retail
trade turn-over index rose by 0.6% in Côte
d'ivoire, 18.7% in Mali, 4.6% in Niger, 16.9% in
Senegal and 9.0% in Togo. The positive trend in
retail trade turn-over which is indicative of household confidence, was favoured by growing
demand. However, trade activity declined by
16.1% in Benin and by 0.3% in Burkina due to
competition from the informal sector.
9
2.5 - Price Developments
Inflation measured by changes in Harmonised
Consumer Price Index (HCPI) increased in 2005.
Indeed, the general level of consumer price
within WAEMU increased by 4.4% on annual
average, compared to 0.5% in 2004. In all the
Union countries, with the exception of Senegal,
it was higher than the 2.0% target set under the
monetary programme.
This situation was mainly due to the conjunction of two factors viz. lower supply of food products on the market and soaring world oil
prices.
The decline in food supply induced by deficits
in the cereal production recorded at the end
of the previous harvesting period, particularly in
the Sahelian countries of the Union, following
the early ending of the rainy season and the
locust invasion in 2004 was a major source of
inflationary pressures within WAEMU. Rising
prices of foodstuffs in 2005 contributed to the
Sources : National Statistics Institutes (NSI).
* Guinea-Bissau not included.
10
tune of 2.4 percentage points to the total inflation which rate stood at 4.4%. Thus, rising prices
of foodstuffs justified the average 55.0% of
inflation in the WAEMU area in 2005.
The non-food component contributed to 2.0
percentage points to the inflation rate, which is
indicative of rising prices of oil at the pumps following the rise in world oil prices. Indeed, the
increase by 16.8% of prices at the pumps of oil
products extended to other goods and services, notably transport prices which grew by
12.0% throughout the year.
Besides, broadening of the tax base and
increase in the valued-added tax, as well as
lack of sugar and domestic kerosene in Niger,
disturbances in the distribution of oil products in
Benin, the impact of the socio-political context
on the prices in Côte d'Ivoire, Guinea-Bissau
and Togo had the effect of maintaining inflation in the area.
ECONOMIC
ECONOMIC
AND
AND
FINANCIAL
FINANCIAL
ENVIRONMENT
ENVIRONMENT
Underlying inflation, which expresses long term
price trend that may be influenced by monetary policy, stood at a 2.9% annual average
compared to 1.7% in 2004. Thus, transitory
shocks mainly those due to the poor 2004-2005
crop season and to the oil prices recovery globally contributed to the increase in inflationary
pressures.
On a country basis, the analysis allows to distinguish three groups of countries. The first group is
distinguished by an inflation rate higher than
5.0%. It includes Niger (7.8%), Togo (6.8%),
Burkina (6.4%) Mali (6.4%) and Benin (5.4%). In
the second group consisting of Côte d'Ivoire
(3.9%) and Guinea-Bissau (3.4%), the increase
of price general level ranged between 3.0%
and 4.0%. Lastly, the third group comprising
only Senegal (1.7%) was characterised by an
inflation rate below 2.0%.
On the whole, inflation differential between
the Union and its main partners remained globally favourable. Vis-a-vis neighbouring partners, it stood at 12.2 points. However, rising
prices in the Union was higher by 2.4 points
compared to the performances in the peg
area of the CFAF.
Thus, despite accelerated inflation within
WAEMU, the competitiveness of the economies was preserved. However, this favourable
result was not fully taken advantage of to support sound economic growth due notably to
the difficulties experienced by the States in the
process of streamlining their public finance.
2.6 - Public Finance
In all the Union member States, budgets were
implemented in 2005 under economic and
financial programmes concluded with the
Bretton Woods Institutions.
On this basis, the States’ financial operations
carried out at the Union level showed in 2005,
a slight fall in overall deficit excluding grants
and commitments basis, to 1,080.6 billion,
representing 4.5% of GDP.
On a country basis, this deficit weighted by
GDP stood at 20.1% in Guinea-Bissau, 9.5% in
Burkina, 7.7% in Niger, 7.1% in Mali, 3.1% in
Benin, 2.8% in Senegal, 2.7% in Côte d'Ivoire
and 0.3% in Togo.
The position of public finance remained characterised by cash pressures notably in Côte
d'Ivoire, in Guinea-Bissau and in Togo, translating into accumulations of payment arrears.
The great majority of the Union member States
did not comply with the convergence criteria
retained in the convergence, stability, growth
and solidarity pact. In addition to Treasury
bonds issue, the deficits recorded were also
partly financed with drawings on borrowings
worth 563.0 billion and debt service relieves
amounting to 108.5 billion.
2.7 - Balance of Payments
The external accounts of WAEMU member
States recorded in 2005 a surplus of 58.1 billion
compared to 210.6 billion in 2004, due mainly
to the degradation of the current transactions
account. The deficit stood at 1,337.7 billion
compared to 1,014.4 billion in 2004.
The trend in current account stemmed mainly
from the different orientation of its components. Indeed, the trade balance showed a
deficit of 286.4 billion. The income balance
deficit exacerbated. The positive balance of
current transfers consolidated and the net outflows under services were reduced.
The surplus in the capital and financial operations account increased by 161.3 billion to
1,381.9 billion in 2005. This improvement reflected the increase in the portfolio investment
balance which showed a surplus of 19.5 billion
compared to 10.5 billion in 2004.
On a country basis, balance of payments analysis in 2005 showed under current account
excluding official transfers, deficits higher than
the community standard set at 5% of GDP in all
member States, with the exception of Côte
d'Ivoire, which exhibited a surplus representing
0.1% of its GDP. The ratio of the current deficit
excluding grants weighted by GDP deteriorated between 2004 and 2005 from 13.4% to
14.7% in Burkina, from 10.9% to 16.0% in GuineaBissau, from 8.0% to 9.7% in Senegal and from
11
11.4% to 16.2% in Togo. It stabilised at 10.9% in
Niger. It dropped from 7.7% to 7.1% in Benin
and 10.2% to 9.1% in Mali.
External resources mobilised under capital and
financial operations account allowed to
achieve in 2005 overall positive balances in all
the Union countries, with the exception of
Burkina, Senegal and Togo where due to the
size of the current deficit, the balance of payments showed a deficit of 104.7 billion, 10.7 billion and 8.8 billion, respectively.
2.8 - Resource Mobilisation and
External Debt Position
The Union member States continued to benefit
from the financial support of the international
community under the implementation of their
economic and financial recovery programmes. Resource inflows to support these
programmes increased to 473.3 billion from
457.1 billion in 2004. Mobilisation rate stood at
59.5% compared to 50.7% the previous year.
Besides, trends in net repayment flows and
debt cancellations under the HIPC Initiative did
not contribute to reducing WAMU’s outstanding external debt which amounted to
14,325.1 billion by end of December 2005,
compared to 13,630.5 a year earlier. This
increase in the outstanding debt was mainly
attributable to drawings on borrowings.
However, outstanding debt to GDP ratio improved to 59.9% against 60.9% a year earlier. Due
service stood at 1,078.4 billion, up by 90.7% billion compared to the level achieved in 2004. It
represented 14.0% of exports of goods and
non-factor services, compared to 14.2%, a
year earlier. Following debt relieves (189.2 bil-
12
lion) and accumulations of payment arrears
(517.1 billion), service payments amounted to
372.2 billion, representing 10.5% of tax revenue
compared to 9.6% in 2004.
Under Highly Indebted Poor Countries Initiative
(HIPC), the Union member States (Benin,
Burkina, Mali, Niger and Senegal) which have
reached the completion point, did benefit
from a relief of their external debt to the tune
of 140.1 billion of which 120.0 billion for Benin ;
24.1 billion for Burkina ; 30.0 billion for Mali ; 18.2
billion for Niger and 55.8 billion for Senegal.
Côte d'Ivoire, Guinea-Bissau and Togo have
not yet reached the completion point.
Besides, under the implementation of the
Multilateral Debt Relief Initiative (MDRI), proposed by the group of the eight most industrialised countries in the world (G-8), in favour of
low-income countries, the Board of Directors of
the International Monetary Fund (IMF) cancelled the totality, as at December 31, 2004, of the
outstanding debt vis-à-vis the nineteen selected countries. Thus, since January 6, 2006, the
relevant debt of five countries of the Union
notably Benin (31.3 billion), Burkina (54.1 billion),
Mali (64.7 billion), Niger (65.9 billion) and
Senegal (85.9 billion) have totally been cancelled. The overall amount of the debt forgiveness
granted by the IMF is estimated at 351.1 billions
of SDR, representing 301.9 CFAF billion.
On the whole, the Union countries which did
not benefit from the relief and from the cancellation of the external debt continued to experience financial difficulties which translated
into an accumulation of new external payment arrears.
II - IMPLEMENTATION OF MONETARY POLICY
1 - OBJECTIVE OF MONETARY
POLICY
T
he guidelines of monetary and credit policy for 2005 were based mainly on the economic policy outlines approved by the
WAMU Council of Ministers at its meeting held
on September 17, 2004. These guidelines
aimed at pursuing efforts to stabilise public
finance, accelerated structural reforms, particularly, in the agricultural industries and to satisfy the requirements for benefiting from debt
relief mechanisms under Highly Indebted Poor
Countries Initiative.
Based on these considerations, the objective
retained for monetary action was price stability, with a maximum inflation rate of 2.0% in
order to strengthen the common currency
pegging to the euro.
Projected monetary equilibria highlighted the
following trends in 2005 for the Union :
- a 367.0 billion improvement in the external
position of monetary institutions ;
- a 6.5 billion decrease (or -0.2%) in domestic credit resulting from a 148.4 billion improvement (or 25.8%) in the net position of
Governments and a 141.9 billion increase
(4.3%) in the credit to the economy ;
- a 6.3% increase in money supply.
Furthermore, the Central Bank's interventions
were anticipated at 378.0 billion, down by 75.3
billion from the revised forecasts by end of
December 2004, due mainly to reimbursement
of consolidated direct central bank assistance
and amortisation of 5%-2006 Government
securities. The overall amount of the assistance
to Governments was to be capped at 365.9 billion, down by 70.9 billion. Refinancing in favour
to the credit institutions were expected to the
tune of 12.1 billion, down by 4.4 billion.
2 - MONETARY ACTION
The Central Bank’s action in 2005 was mainly
based on the use of indirect liquidity regulating
instruments in order to consolidate monetary
stability and contribute to non-inflationary
financing of growth.
2.1 - Interest Rate Policy
The interest rate policy pursued by the Central
Bank is implemented through the money market and permanent window interventions
(rediscount and repurchase windows).
Considering the economic and monetary
situation of the West African Monetary Union
member states, characterised mainly by a fragile economic activity in a number of countries
and rising prices due mainly to supply shocks
resulting from the decline in cereal reserves
and impact of the rising oil prices on energy
and transport costs, the Central Bank decided
to maintain its intervention rates at 4.50% for
the discount rate and 4.00% for the repurchase
rate, in force since March 22, 2004.
The regulated rates applicable to savings
accounts remained unchanged at 3.50%.
2.2 - Open market Operations
In view of bank cash position, the BCEAO did
not organise any auction to inject or withdraw
liquidity in 2005.
2.3 - Actions through Permanent and
Exceptional Financing Windows
Given the high level of cash in the banking system, managing applications for advances
through permanent monetary resource allocation windows remained guided by the principle
of uncertain refinancing. The objective pursued is to avoid in particular that loans granted
lead to inflationary pressures and are used to
feed resource outflows abroad or build up
13
IMPLEMENTATION OF MONETARY POLICY
assets with correspondents. It also aims at better rechannelling liquidities on the interbank
and financial markets.
In a context of plenty bank liquidity within the
Union, Central Bank’s lending to banks and
financial institutions remained at relatively low
levels standing at 11.6 billion by end of
December, 2005 compared to 2.4 billion as at
December 31, 2004.
2.4 - Reserve Requirement Mechanism
Instituted since October 1993, the reserve
requirement system aims at enhancing the efficiency of interest rate policy by acting on
banks’ liquidity and lending capacity.
The reserve requirement mechanism makes it
possible, if necessary, to differentiate per State
Considering the developments in the economic situation characterised by inflationary pressures and the expansion of credit to the economy, the Central Bank decided to raise from
13.0% to 15.0% the reserve requirement ratio
applicable to banks in Benin, from 3.0% to 7.0%
to banks in Burkina and from 5.0% to 9.0% to
banks in Niger, as from June 16, 2005. The levels
of reserve requirement ratios were maintained
at 5.0% in Côte d’Ivoire, 3.0% in Guinea-Bissau
and Togo and at 9.0% in Mali and Senegal.
Overall, the reserve requirement ratios of banks
evolved as follows :
The reserve requirement ratios applicable to
financial institutions remained unchanged at
the 5.0% level, in force since October 1, 1993.
pace of price increases was on average 4.4%
by end of December 2005, with inflation target
set at a maximum of 2.0%.
3 - RESULTS OF MONETARY ACTION AND
TRENDS IN MONETARY AGGREGATES
Besides, the monetary situation of the Union
was characterised by end of December 2005
by a consolidation of the net external position
of monetary institutions and an increase in
both domestic credit and money supply.
Insufficient supply of foodstuffs to the market
and soaring world oil prices per barrel triggered
the resurgence of inflationary pressures. The
14
the reserve ratios required of banks and financial institutions depending on observed trends.
ECONOMIC
AND FINANCIAL
ENVIRONMENT
IMPLEMENTATION
OF MONETARY
POLICY
3.1 - Net Foreign Assets
The net foreign assets of monetary institutions
stood at 3,327.0 billion, up by 141.8 billion compared to the level reached by end of
December 2004. This stronger net external position partly reflects the mobilisation of external
resources to support States’ economic and
financial programmes and debt relieves received by some countries under the HIPC initiative.
The strengthening of net external position of
monetary institutions exclusively concerned
the Central Bank as its net foreign assets reached 3,195.4 billion, up by 165.6 billion. The official foreign exchange reserves increased by
5.5 billion to 3,768.9 billion, by end of
December 2005. Subsequently, currency issue
coverage ratio of the Central bank was to the
tune of 120.3%. The net foreign assets of the
Central Bank declined by 126.1 billion to 573.5
billion due to the payments to the International
Monetary Fund on behalf of the States. On the
other hand, the net foreign assets of the banks
declined by 23.8 billion to 131.6 billion, reflecting an increase of 78.6 billion in foreign liabilities, the impact of which was limited by the
increase of 54.9 billion in gross foreign assets.
Net foreign assets increased in all the Union
countries with the exception of Burkina,
Senegal and Togo.
15
3.2 - Domestic Credit
At 4,660.4 billion by end of December, 2005,
outstanding domestic credit within the Union
increased by 10.3% annually due to a 423.4 bil-
16
lion increase in lending to the private sector
and to a 13.0 billion increase in net credit to the
States.
Source : BCEAO.
3.2.1 - Net Position of Governments
The net debit position of governments vis-à-vis
the banking system stood at 718.9 billion as at
December 31, 2005, reflecting a deterioration
of 13.1 billion compared to the level reached
by end of December 2004. This development
was due to the 87.8 billion decline in
Governments’ liabilities vis-à-vis the banking
system, the impact of which was moderated
by the 74.8 billion decrease in their liabilities.
The reduction of Governments’ claims was due
mainly to a 83.3 billion decline in their bank
deposits with the Central Bank. The decline in
Governments’ liabilities mainly reflects reimbursement of 92.8 billion uses of IMF credit.
The Central Bank’s financial assistance to the
States reached 354.8 billion by end of
December 2005, down by 4.8% compared to
December 2004. It consisted mainly of consolidations of statutory advances the outstanding
amount of which declined from 356.0 billion by
end of December 2004, to 340.7 billion by end
of December 2005.
17
3.2.2 - Credit to the Economy
Outstanding credit to the economy rose from
3,518.1 billion in December 2004 to 3,941.5 billion in December, 2005, following a 12.0%
increase attributable to a 10.9% and 46.4%
increase in ordinary credit and seasonal credit,
respectively.
18
On the whole, trends in credit to the economy
translated into an expansion of short term as
well as medium and long term credit by 252.8
billion and 170.6 billion, respectively.
19
3.2.3 - Trends in credit registered with the
Financial Risk Control Unit
all registered risks in 2005 compared to 78.0% in
2004 and 77.6% in 2003.
Outstanding credit uses registered with the
financial risk control unit stood at 3,613.7 billion,
up by 381.8 billion compared to 2004.
The country distribution of registered overall
outstanding credit was 10.2% for Benin, 10.8%
for Burkina, 29.4% for Côte d'Ivoire, 0.04% for
Guinea-Bissau, 9.8% for Mali, 3.7% for Niger,
31.2% for Senegal and 4.9% for Togo.
This development followed an increase in
financing to enterprises in sectors such as trade
(195.4 billion), manufacturing industries (82.3
billion), transport, warehouse and communication (62.6 billion), insurance, real estate businesses and company services (26.0 billion),
construction and public works (28.3 billion),
agriculture, forestry and fishery (14.0 billion),
power (16.3 billion), mining industries (2.9 billion). Conversely, the financing granted to sectors such as community services, social and
personal services declined by 46.0 billion.
The increase in financing concerned both liquidity credit to the tune of 270.1 billion and
investment credit of an amount of 111.7 billion.
The outstanding short term financing amounted to 2,790.8 billion and represented 77.2% of
Source : BCEAO.
20
3.3 - Money Supply and Monetary Base
Money supply expanded by 7.3% in 2005 to
6,413.9 billion. Its counterparts increased by 2.4
and 7.3 points respectively, reflecting an
increase in net foreign assets and domestic
credit and by -2.4 points under other net items.
Money supply expanded as deposits rose by
4.5% to reach 4,367.6 billion and currency outside banks, which increased by 13.7% to 2,046.3
billion.
The share of currency outside banks in money
supply represented 31.9% compared to 30.1%
the previous year.
Monetary base rose by 71.1 billion to 2,801.6 billion from the level reached in December 2004,
following a 246.5 billion increase in currency
outside banks moderated by declines of 148.9
billion in bank reserves and 26.5 billion in other
deposits.
21
Source : BCEAO.
Source : BCEAO.
22
3.4 - Private Savings collected by Banks
and Savings Banks
The savings mobilised by the banking system
within the WAEMU countries was estimated at
2,070.9 as at December 31, 2005, up by 179.5
billion or 9.5% from its level of previous year due
mainly to increases of 119.9 billion and 59.4 billion in time deposits and accounts governed
by special regulation, respectively.
The following graph and table give country
ratios of private savings collected by banks
and savings banks.
Source : BCEAO.
23
3.5 - Central Bank Financial Assistance
Central Bank financial Assistance declined by
8.5 billion to 366.4 billion by the end of
December, 2005, from their December 2004
level following decreases of 17.7 billion in assistance to governments, dampened by the 9.2
increase in refinancing in favour of banks and
financial institutions.
.
24
Claims on National Treasuries reached 354.8
billion by end of December, 2005, reflecting a
decline of 17.7 billion compared to the 2004
level due to the reimbursement of consolidated direct monetary assistance of BCEAO to
the States (15.3 billion), payment of 2.3 billion
on 5%- 2006 government securities and amortisation of 0.1 billion out of consolidated claims
in respect of ex-Banque Centrale of GuineaBissau (ex-BCGB) and ex-Banque de Crédit
National (ex-BCN) of Guinea-Bissau.
The share of outstanding government securities
in the Central Bank’s portfolio declined from
10.9 billion in 2004 to 8.6 billion due to half-yearly amortisations. Consolidated claims in respect
of ex-Banque Centrale of Guinea-Bissau
(BCGB) and ex-Banque de Crédit National
(BCN) of Guinea-Bissau stood at 5.5 billion
compared to 5.6 billion the previous year.
Refinancing by banks and financial institutions
increased by 9.2 billion, from 2.4 billion in 2004
to 11.6 billion as at December 31, 2005.
As in 2004, lending to banks and financial institutions were exclusively granted in 2005
through the repurchase window. Besides, the
Central Bank did not organise any auction to
inject or withdraw liquidity like in 2004.
On the whole, with reference to the figures
retained for the 2005 monetary programmes,
the amounts granted by end of December
under assistance to National Treasuries and
refinancing in favour of banks and financial institutions can be broken down per country as
follows :
25
26
3.6 - Trends in Reserve Requirement
Formation
The number of banks subject to reserve requirement increased to seventy-six (76) from
seventy-four (74) units. In addition, five (5)
financial institutions were subject to the reserve
requirement system as in previous year.
The average amount of reserve requirement
for banks stood at 420.2 billion as at December
15, 2005 compared to 339.4 billion a year ear-
lier. On average, the reserves actually built up
declined by 153.5 billion to 624.0 of which 27.5
billion represented government securities. Thus,
from one year to another, net surplus in banks
declined from 438.1 billion to 203.9 billion.
For financial institutions, the average amount
of reserve requirement stood at 0.5 billion while
built up reserves amounted to 0.3 billion, reflecting a net overall average deficit of 0.2 billion.
27
28
3.7 - Interbank Market Operations and
Trends in Bank Prime Rate
demand with respective weekly average
amounts of 2.8 and 2.7 billion.
The Union interbank market the primary role of
which is to recycle bank liquidity, expanded its
activities in 2005. Weekly volume of transactions amounted to 17.5 billion on average
compared to 12.4 billion a year earlier. The
operations involved a wide range from 1-day
to 9-month maturities. However, the categories
of 1-week, 2-week, 1-month and 3-month
maturities were most active with respective
average weekly transactions amounts of 6.7
billion and 4.2 billion, 2. 7 billion, 2.0 billion and
1.2 billion. Like in previous year, six-, nine- and
twelve-month maturity transactions were marginal.
Minimum and maximum interest rates were
2.50% and 8.50% respectively in 2005 compared to 1.50 and 10.50 like in the previous year.
The most active hubs were Abidjan and Dakar.
Lomé and Abidjan emerged as the main
resource providers, as supply exceeded local
Bank prime rates remained within a 4.00 % to
12.00% range compared to the 6.50% to 12.00%
range observed the previous year.
Average interbank rates for 1-day, 1-week, 2week, 1-month, 3-month, 6-month and 9month maturities were 4.86%, 3.90%, 3.88%,
4.51%, 4.83, 5.33%, 6.75%, respectively, reflecting from the previous year, a decrease in 1week, 2-week and 9-month maturities and an
increase in 1-day, 3-month and 6-month maturities. As regards category of 12-month maturities, no transaction was noted compared to
the 2004 year where a weighted average rate
of 5.17% was recorded.
3.8 - Public and Private Security Market
Operations
Issues of negotiable debt securities totalled
270.7 billion compared to 160.0 billion in 2004.
They consisted of Treasury bills the cumulative
amount of which stood at 270.5 billion and
regional financial institutions’ bonds worth 0.2
billion.
Twelve issues of Treasury bills were made
through variable rate auction by five Union
States representing :
- three by Mali in February, August and
November 2005, respectively, for a cumulative amount of 84.9 billion ;
- two by Burkina, Côte d’Ivoire and Niger for
cumulative amounts of 43.3 billion, 47.5 billion and 30.0 billion, respectively ;
- one by Benin, Guinea-Bissau and Senegal
for amounts of 23.4 billion, 6.0 billion and
35.5 billion, respectively.
Average rates of these bonds varied between
3.3858% and 4.9300%.
An issue of financial institutions’ bonds, with a
4-year maturity and an interest rate of 5.50%
rate was made by an institution of Senegal in
January 2005 for an amount of 180.0 million.
No issue was made in respect of commercial
papers, deposit certificates and regional financial institutions’ bonds.
By end of December 2005, the outstanding
negotiable debt securities stood at 237.4 billon
compared to 175.2 billion by end of December
2004 and included :
- one issue of commercial papers worth an
amount of 15.0 billion ;
- one issue of certificates of deposit worth 0.3
billion ;
- two issues of financial institutions' bonds of
a cumulative amount of 4.3 billion ;
- four lines of regional financial institutions'
bonds (BOAD) worth 70.2 billion ;
- and seven issues of Treasury bills of a cumulative amount of 147.6 billion.
29
III - CURRENCY ISSUE AND PAYMENT SYSTEMS
1 - MANAGEMENT OF CURRENCY OUTSIDE BANKS
T
he operations carried out through the windows of the Central Bank were characterised in 2005 by a surplus in outflows over
inflows of banknotes and coins. The share of
banknotes in the currency outside circulation
stood at 95.04% compared to 95.72% in 2004.
1.1 - Outflows and inflows through BCEAO
windows
The operations carried out through the windows of the Central Bank slightly increased in
2005.
Outflows and inflows in 2005 represented a
total value of 2,391.9 millions of banknotes and
coins compared to 2,383.5 billion a year earlier, representing a 0.3% increase.
1.1.1 - Outflows
Outflows of banknotes rose by 5% in volume
and 8% in value to 1,122.0 million units (6,150.4
billion) from 1,071.3 million of units in 2004
(5,662.3 billion).
The most significant outflows of banknotes
were recorded in Côte d’Ivoire (25.4%), Burkina
(17.2%), Senegal (16.6%) and Benin (15.5%).
Coins outflows increased over the review period by 14% from 106.4 million units to 121 million
units. In value terms, they amounted in 2005 to
24.9 billion compared to 17.9 billion the previous year. This increase was due mainly to the
introduction of significant quantities of CFAF
500- and CFAF 200-denomination coins, in
order to compensate the withdraw of the CFAF
500-denomination banknote from circulation.
31
CURRENCY ISSUE AND PAYMENT SYSTEMS
1.1.2 - Inflows
Inflows of banknotes through the windows of
the Central Bank amounted to 1,124.0 million of
banknotes (6,011.8 billion) compared to 1,200.1
million of banknotes (5,734.2 billion) in 2004,
representing a 7% decrease in volume and a
0.5% increase in value.
As for coins, their inflows through the windows
of the Central Bank increased from 5.6 million
units in 2004 to 23.1 million, thus recording over
the review period a significant increase. In
value terms, they amounted to 3,102 million in
2005 compared to 404.7 million the previous
year.
The most significant inflows in value terms were
observed in Benin (19.2%), Senegal (18.6%),
Côte d’Ivoire (18.4%), and Burkina (17.7%).
1.2 - Structure of Currency outside Banks
By end of December, 2005, currency outside
banks (excluding Central Bank) increased by
11.4% to 2,213.9 billion from 1,988.1 billion a
year earlier.
32
Big denominations made up 85.8% of currency
outside banks as at December 31, 2005 compared to 85.3% in 2004. In number terms, they
represented 44.11% of banknotes in circulation
compared to 41.7% in 2004.
2 - IMPLEMENTATION OF SETTLEMENTS
WITHIN THE WAMU
2.1 - Cross-b
border flows of Banknotes
through BCEAO Branch windows
Cross-border flows of banknotes caused by sorting operations increased by 90.3% to 820.1 billion in the 2005 financial year, from 430.9 billion
in the previous financial year.
Displaced banknotes were mostly made up of
those issued by the Côte d'Ivoire (40.6%), Mali
(14.7%), Benin (13.9%) and Burkina (13.6%)
Branches.
The Togo, Benin, Senegal, and Burkina
Branches recorded the highest amounts of
cross-border flows of banknotes through their
windows with respective shares of 25.6%, 22.6%,
21.2% and 12.4%.
33
2.2 - Flows among WAMU Member States
Net capital flows among the Union member
States rose by 1,128.5 billion or 43.9% from
2,566.3 billion in 2004 to 3,694.8 billion in 2005.
3 - IMPLEMENTATION OF EXTERNAL
PAYMENTS
compared to 242.1 billion in 2004, reflecting a
238 billion degradation.
3.1 - External Banknote Operations
The Treasuries and other public administrations
transferred abroad 343.8 billion mainly in respect of public debt service settlements and
embassy provisioning compared to 369.3 billion
As at December 31, 2005, the equivalent of
banknote cash on hand in euro stood at CFAF
3.4 billion compared to CFAF 3.3 billion the previous year. No remittance was made to the
Banque de France in the 2005 financial year.
3.2 - Bank Money Transfers
Money transfers made through the Central
Bank represented at the end of the 2005 financial year a net outflow of 185.7 billion compared to 23.8 billion a year earlier. This increase is
mainly attributable to the banking system.
Transfers made abroad by banks increased by
265.5 billion to 1,228.4 billion by end of
December, 2005 compared to 962.9 billion the
previous year. Amounts received by banks rose
by 27.4 billion to 748.3 billion. In summary, net
banking transfers showed a 480.1 billion deficit
34
in 2004. Fund inflows, the bulk of which representing the financial contributions of the international community, stood at 628.3 billion
compared to 592.3 billion a year earlier.
In summary, the financial operations of
Treasuries and other public administrations
translated into a net capital inflow of 284.5 billion in 2005 compared to 223.1 billion in 2004.
The volume of transactions carried out through
the West African Monetary Agency (WAMA) is
still very low. Received transfers slightly rose by
09 million to 163 million in 2005 compared to
154 million in the previous financial year. In
2005, no issue was recorded compared to 1
million in 2004.
4 - OPERATION OF PAYMENT SYSTEMS
The modernisation of payment systems within
the WAEMU, initiated by the BCEAO since 1999
aims at consolidating basic infrastructures of
the financial sector, reducing costs and processing time of payment transactions within
the sub-region, enhancing transactions safety
and promoting new electronic payment instruments. The new payment systems are based
on the following main lines :
z
z
z
modernisation of the exchange and settlement system for large-value transactions,
with the establishment of a real-time gross
settlement system for systemically important payments, known as Automated
Transfer and Settlement System within the
WAEMU (STAR-UEMOA) ;
automation of the exchange and settlement system for small-value transactions,
viz. mass payment with the operationalisation of an automated multilateral clearing
system known as Automated Interbank
Clearing System within the WAEMU (SICAUEMOA) ;
development of a subregional interbank
card-based payment system, to be set up
by the banking system at the instigation of
the BCEAO.
In 2005, the work on the implementation of the
new payment systems in the WAEMU countries
as well as the accompanying components,
notably the appropriate legal framework,
consolidated telecommunications infrastructures and the establishment of a payment incident centre was pursued. Thus, the gradual
operationalisation of SICA-UEMOA took place
on November 17, 2005 in Mali and the
Automated Transfer and Settlement System
within the WAEMU (STAR-UEMOA) operationalised in June 2004 functioned regularly.
4.1 - Automated Transfer and Settlement
System within the WAEMU
(STAR-U
UEMOA)
The main actions taken with respect to the
real-time gross settlement component focused
on the operational management of STARUEMOA, interconnection between STAR-
UEMOA and SICA-UEMOA for the settlement of
clearing balances, realisation of pre-production tests for the settlement of the transactions
of the Central Depository/Settlement Bank
(CD/SB) of the Regional Stock Exchange
(BRVM) and work for the implementation of
intraday advances.
As regards the operational management of
STAR-UEMOA, the activities carried out in 2005
involved the operation, assistance to participants (Main Branches of the BCEAO and
banks), verification of accounting entries
generated by the accounting system of the
BCEAO in order to ensure their conformity to
the balances of the settlement accounts in
STAR-UEMOA, compilation of statistics and
reports on the operation of STAR-UEMOA.
With a view to extend STAR-UEMOA operations
to BRVM under the implementation of a settlement system/securities delivery, pre-production tests of the operations of the Central
Depository/Settlement Bank (CD/SB) took
place from December 19 to 26, 2005 and have
been successful. The operationalisation of
BRVM is planned for February 2006.
Following a survey carried out with participants
on the functioning of STAR-UEMOA, the BCEAO
undertook to revise its procedures with a view
to enhance efficiency in the system management.
Since the launching of STAR-UEMOA, the quality target which guided the BCEAO helped
improve the system management and services offered to participants.
After eighteen months of operational functioning of STAR-UEMOA, it is important to underscore the active participation of the Union
banks and an increase in the volume and
value of operations processed as evidenced
by the following indicators :
z
z
z
the full participation in the system by all Union
banks to the exchange days with an average
daily number of 58 participants ;
the participation of banks newly established in the Union ;
the average daily number of operations
processed significantly increased by 25%
to 716 in 2005 from 572 in 2004 ;
35
z
z
36
the average value of operations settled
increased by 24% to 102.0 billion from 82.0
billion in 2004 ;
the average rate of rejections for lack of
funds was 0.1% compared to 0.3% in 2004
and is largely below the maximum standard of 1% set in the Credit Agreement
signed with IDA (World Bank) ;
z
the reduction of operation incidents of the
system.
4.2 - Automated Interbank Clearing
System within the WAEMU
(SICA-U
UEMOA)
The activities carried out regarding SICAUEMOA mainly focused on the monitoring of
real operations testing, preparation for the
launching of the clearing system, finalising
interbank procedures, launching work on
cheques and commercial papers (bills of
exchange and promissory notes) standardisation and training of staff of BCEAO Branches.
With these actions, the clearing system was
launched on November 17, 2005 in Mali and
scheduled to operate in Senegal on January
19, 2006.
Since the launching of SICA-UEMOA in Mali, the
total number of processed transactions during
the six clearing weeks amounted to 12,761
transactions in November 2005 and 25,259
transactions in December 2005. The clearing
balances settled on a daily basis in STARUEMOA stood at 65.3 billion of which 19.3 billion
in November 2005 and 46.0 billion in December
2005.
4.3 - Regional Interbank Card Processing
Regarding the card processing system, the
BCEAO assisted the banks for setting up the
WAEMU Interbank Card Processing Centre
(CTMI-UEMOA) and in the negotiations with the
international issuers notably VISA and
MasterCard. Under its assistance to the banking community for the launching of the subregional card processing system, an officer was
seconded by the BCEAO as Director- General
of CTMI-UEMOA as from August 2005.
As part of its supervisory missions, the Central
Bank consolidated the legal framework applicable to the issuance of electronic money by
drawing up a draft directive on the issuance of
electronic money and electronic money institutions.
Following the creation of CTMI-UEMOA as a
limited public company in February 2005, the
BCEAO participated in the negotiations with
the BOAD as part of fund-raising activities. The
equity capital of GMI-UEMOA and its members
was increased by 11 million to CFA F 2,179 million by the end of December 2005. The CTMIUEMOA comprised sixty-five (65 ) members by
end December 2005. The BCEAO also took part
on November 7-9, 2005, along with the CTMIUEMOA, in the negotiation of contracts with
card processing solution providers and in the
definition of the card processing solution
implementation timetable. This timetable provided for the operationalisation of CTM-I and
CTM-D (issuance, cash dispenser withdrawals
and Cash advance) in 2006.
Regarding the agreements with VISA and
Mastercard, the BCEAO took part along with
the GIM-UEMOA in the negotiations which
resulted in licensing GIM-UEMOA as principal
member of VISA International and MasterCard
International.
Under training actions, BCEAO staff took part in
the seminar organised by the GIM-UEMOA on
the concepts and issues relating to Europay,
Visa and MasterCard (EMV) standards. They
also attended to the 11th African Conference
on the payment cards held in Johannesbourg,
South Africa from October 24 -28, 2005.
4.4 - Regulatory texts
Under the reform of the legal and regulatory
framework governing the Union payment systems, the BCEAO participated in 2005 in many
meetings
organised
by
the
WAEMU
Commission. Thus, the activities carried out
regarding the legal and regulatory framework
focused mainly on harmonising in collaboration with the States, WAEMU and BCEAO
Authorities, of the legal and institutional framework for standardisation and electronic evidence in the banking and financial area.
Thus, the Rule on the harmonisation scheme for
the accreditation, certification, standardisation and metrology activities, within the
WAEMU member States was adopted by the
Council of Ministers of the Union in June 2005.
The draft implementation rule on the duties,
organisation and operation of the Regional
Secretariat for Standardisation, Certification
and Promotion of Quality (NORMCERQ) was
finalised. The first structure agreed was the
37
Bureau
for
Financial
and
Banking
Standardisation which will be set up at the instigation of BCEAO.
Considering the regulatory framework defined
with the WAEMU Commission, the Central Bank
drafted the basic texts of the future Bureau of
financial and banking standardisation taking
into account the requirements of the national
and international systems for standardisation.
The adoption of the legal framework implementation text, viz. some instructions and ministerial decrees accompanying Regulation
n°15/2002/CM/UEMOA on the payment systems is underway. The Ministerial decree setting
the standard amount of operations that can
be carried out in fiduciary currency was signed
in all States with the exception of GuineaBissau. The law on the adoption of Directive n°
08/2002/CM/UEMOA defining measures to
increase the number of bank account holders
and use of bank money for payment was
adopted by the Parliaments of Burkina,
Guinea-Bissau, Mali, Niger, Senegal, and Togo.
Lastly, the draft instruction on electronic money
was drawn up and will be adopted in 2006.
Concerning the legal protection of the names
of the new payment systems known as STARUEMOA and SICA-UEMOA, the BCEAO received the decree of the African Intellectual
Property Organisation (AIPO), protecting the
trademarks of its payment systems. Work is
being done for the protection of STAR-UEMOA
and SICA-UEMOA names within the European
Union, United States and Canada.
4.5 - Telecommunications Systems
On the telecommunications front, the main
achievements in 2005 consisted mainly in the
deployment and monitoring of the operation
of the telecommunications network, connec-
38
ting banks to the BCEAO sites as part of the
preparation for the launching of SICA-UEMOA.
Thus, in collaboration with the national telecom providers, the access network was put in
place in Côte d'Ivoire and Niger. The deployment of the access network was done in Benin
from December 22 to January 5, 2006. Togo's
has been planned for 2006, mainly because
participants were late in their preparations and
due to the difficulties met by the national telecom operator (delivery of routers and
modems, availability of dedicated lines).
4.6 - Payment Incident Centre
The activities of the Payment Incidents Centre
(CIP) focused on performing additional work
on the detailed operational specifications,
deploying the new computer software of the
Payment Incidents Centre (CIP), testing and
interpreting files received from the account
keeping institutions (ETC).
Furthermore, many videoconference sessions
were organised with a view to assess the progress made in the work on the CIP and provide
necessary assistance to BCEAO National
Branches staff.
A training seminar on the new computer software of the CIP was organised from July 11 to
15, 2005 for the staff in charge of the CIP in
BCEAO National Branches.
In conclusion, STAR-UEMOA has been in operation for one year and a half. SICA-UEMOA was
launched in 2005 and its operationalisation in
all the Union member States will be completed
in 2006. Concerning CIP, a gradual operationalisation will be started in 2006. As for the interbank card-based payment system, its operationalisation is scheduled in 2007.
Building hosting the "Banque Régionale de Solidarité - Bénin -BRS-Bénin” (Regional Solidarity Bank)
39
IV - BANKING AND FINANCIAL SYSTEM
1 - REVIEW OF DEVELOPMENTS IN THE
BANKING SYSTEM
A
s far as the banking system is concerned, the draft framework law on the
designing of a legal and regulatory framework developed to favour the emergence
of open-end investment funds and adopted
by the Council of Ministers of the West African
Monetary Union, was transmitted to the Union
States, for incorporation in their internal legal
order.
Developing a framework law to govern openend investment funds is justified by the need to
better integrate national orientations in the
area of economic policy. Following its adoption by the Union States, a draft Directive on
tax aspects will be submitted to WAEMU competent Instances, the Council of Ministers in
particular.
The choice of the directive-tool for adopting
tax harmonisation measures is binding, through
a flexible approach, upon the Union States on
the objectives to be reached in terms of incentives while giving them the freedom to choose
the form and instruments that should be implemented.
The main purpose in establishing a legal framework governing open-end investment funds is
to reinforce equity capital of unlisted corporations, in particular SMEs. In fact, though being
important for the WAEMU member States economies, they are often confronted with difficulties due to insufficient equity capital. The specificities of investment funds relating, on the one
hand, to their intervention field and, to the
peculiar risks incurred by their creditors, on the
other, were taken into account in designing
the proposed framework.
1.2 - Development of Banking Network
In 2005, the WAMU banking network was marked by a consolidation of the number of banks
and financial institutions. The Union banking
landscape was further diversified with the
creation of new banking groups.
Twenty-four (24) new licenses were delivered,
including twenty two (22) to banks and two (2)
to financial institutions. However, the licenses of
two banks and one financial institution were
withdrawn.
Per country, the banking network was marked
by the following actions :
- in Benin, licensing of Banque Atlantique du
Bénin, Banque Régionale de Solidarité (BRS
– Bénin) and African Investment Bank (AIB) ;
- in Burkina, licensing of three new banks :
Banque Régionale de Solidarité – Burkina
(BRS – Burkina), Banque Atlantique du
Burkina and Banque de l'Habitat du Burkina
Faso (BHBF) ;
- in Côte d'Ivoire, two ministerial decrees
licensing Banque Régionale de Solidarité –
Côte d'Ivoire (BRS - Côte d'Ivoire) and CITIBANK Côte d'Ivoire (CITIBANK), whereas the
license of the CITIBANK NA – Abidjan branch
was withdrawn ;
- in Guinea-Bissau, two new banks, namely
Banco Da Uniao (BDU) and Banque
Régionale de Solidarité (BRS - Guinée
Bissau) were licensed, whereas the license
of Banco da Guiné-Bissau (BIGB) was withdrawn ;
- in Mali, licensing of Banque Régionale de
Solidarité (BRS – Mali) and Banque
Atlantique Mali ;
- in Niger, licensing of two banks Banque
Régionale de Solidarité (BRS – Niger) and
41
BANKING AND FINANCIAL SYSTEM
Banque Atlantique Niger and of a financial
institution,
Société
Sahélienne
de
Financement (SAHFI) ;
- in Senegal, the number of banks increased
by five (5) units, with the licensing of
Banque
des
Institutions
Mutualistes
d'Afrique de l'Ouest (BIMAO), Banque
Atlantique Sénégal, Banque Régionale de
Solidarité-Sénégal
(BRS
Sénégal),
International Commercial Bank - Sénégal
(ICB - Sénégal) and Attijariwafa Bank
Sénégal. The number of financial institutions
1.3 - Activities of Banks and Financial
Institutions
In 2005, the activities of the WAMU banks and
financial institutions were generally characterised by a steady increase in uses (12.0%) and,
to a lesser extent, in resources collected (7.7%).
Resources rose by 431.3 billion to 6,013.5 billion
from 5,582.2 billion a year earlier. This was mainly due to an increase of 386.7 billion in deposits
and borrowings, 42.0 billion in net equity and
2.6 billion in miscellaneous resources.
42
remained unchanged, as the licensing of
Sénégal Factoring (SENFAC) was compensated by the withdrawal of the license of
Société d’Investissement (Séninvest) ;
- in Togo, the number of banks increased by
three units, following the licensing of
Banque Régionale de Solidarité - Togo (BRS
- Togo), Banque Atlantique Togo and
Banque
Sahélo-Saharienne
pour
l'Investissement et le Commerce - Togo
(BSIC – Togo).
Uses increased by 535.6 billion to 5,238.6 billion
as at December 31, 2005. This was due to an
increase of 448.7 billion in credit and 86.9 billion
in other uses (including investment securities).
Indeed, credit totalled 4,187.7 billion by end of
December 2005 compared to 3,739.0 billion a
year earlier, following mainly an increase of
273.1 billion in medium and long term credit
and of 206.1billion in short term financing, whereas leasing operations and similar credit, and
overdue loans dropped by 3.3 billion and 17.3
billion, respectively.
Due to the higher increase in uses than in
resources, the cash surplus of banks and financial institutions fell by 104.3 billion to 774.9 billion.
The quality of the portfolio of the Union banks
and financial institutions, assessed on the basis
of gross rate of credit degradation, improved
slightly. The gross rate of portfolio degradation
dropped by 0.9 percentage point to 19.5% in
December 2005, compared to 20.4% as at
December 31. The net rate of degradation fell
more sharply from 8.8% by end of December
2004 to 7.4% as at December 31, 2005, due
mainly to greater provisioning of overdue
loans. Indeed, provisions accounted for 66.9%
of these loans compared to 62.4% in 2004.
The resources of banks rose by 426 billion or
7.8% compared to December 31, 2004, to
5,902.7 billion as at December 31, 2005. Uses
increased by 530.3 billion, or 11.5% to 5,142.4
billion compared to 4,612.1 billion a year earlier. Cash position of banks declined by 104.3
billion or 11.9% to 760.3 billion compared to
864.6 billion by end of December 2004. The
gross rate of credit degradation fell by one (1)
percentage point to 19.2%. The net rate of
degradation fell more sharply (1.4%), from 8.8%
in 2004 to 7.4% in 2005.
Developments in the activities of financial institutions was characterised by a rise of 5,3 billion
in resources which amounted to 110.8 billion as
at December 31, 2005. Uses increased by 5.4
billion or 5.9% to 96.3 billion, from 90.9 billion a
year earlier. The cash position of financial institutions remained quite unchanged at 14.5 billion compared to 14.6 billion in 2004. The credit
portfolio quality of Union financial institutions
deteriorated in 2005. Indeed, the gross rate of
portfolio degradation increased from 33.4% by
end of December 2004 to 37,4% by end of
December 2005. Furthermore, the net rate of
credit portfolio degradation deteriorated to
11.2% by end of December 2005 from 9,0% a
year earlier.
1.4 - Status in relation
Mechanism
to
Prudential
The average risk coverage ratio, which measures the ratio between effective equity capital and weighted risks of banks and financial
institutions, declined to 8.33% compared to
9.49% by end of December 2004. That of banks
(7.40%) went down below the norm of 8%. In
December 2004, it stood at 8.65%. However,
the proportion of banks and financial institutions having met the solvency ratio rose slightly from 65% in 2004 to 67% by end of September
2005.
As for the liquidity ratio, 56% of Union banks and
financial institutions met the minimum norm of
75% as at September 30, 2005. This development reflects a quite significant drop in banking liquidity. Indeed, 65% of them met this ratio
as at December 31, 2004.
Regarding the other prudential regulations,
insufficiencies were recorded with respect to
coverage of medium and long term uses by
stable resources, portfolio structure and risk
spreading, particularly limits on credit exposure
to a single signature.
Concerning supervision in general, as at
September 30, 2005, five (5) credit institutions
were placed in trusteeship due to financial
imbalances and management and operational insufficiencies.
43
44
1.5 - Rating Agreements Mechanism
The rating agreements mechanism was instituted by the WAMU Council of Ministers in
December 1990 and readjusted in September
2002. It provides a qualitative control tool allowing a posteriori control of the portfolio quality
of banks and financial institutions. In this respect, all credit institutions must maintain a ratio
equal to or higher than 60% between outstanding credit benefiting from a rating agreement and total outstanding gross credit.
Given the small number of requests submitted
by credit institutions, the 2002 adjustment instituted the obligation for banks subject to this
mechanism to submit to BCEAO applications
2 - REVIEW OF DEVELOPMENTS IN
REGIONAL FINANCIAL MARKET
By end 2005, the activities of the regional stock
market were marked by an increase in all indicators with however a contrasted evolution
throughout the year. By end December 2005,
BRVM10 and BRVM composite indexes rose by
45.9% to 149.87 points and by 28.6% to 112.6,
respectively. This rise is notably due to improvement in the price of SONATEL SN security which
went up from CFAF 36,030 by end December
for rating agreements for at least their 50 largest credit users. This measure has not yet yielded expected results. However, in 2005, 364
applications for rating agreement, representing a total amount of 826,785 million, were
documented by the Central Bank. In 2004, 377
applications, representing credit totalling
662,868.4 million, were documented. After file
examination, 253 applications that complied
with the standards provided for by the mechanism and representing outstanding credit
totalling 315,069 million, were approved, while
111 applications representing a global amount
of 373,319 million were not granted rating
agreement by the Central Bank.
2004 to CFAF 67,015 by end December 2005.
Correlatively, the capitalisation of the equity
market grew by 29.1% to 1,297.1 billion.
Compared to the date when BRVM started its
activities, equity capitalisation augmented by
55.1%. Bond capitalisation increased by 17.2%
to 326.3 billion by end December 2005 from
278.6 billion the previous year.
The global volume of transactions grew by 6.5%
to 3,207,644 securities from 3,011,421 securities
by end December 2004. Over the same period,
45
the total value of transactions increased from
35,986.7 million to 39,372.7 million.
On the equity market, the volume of transactions involved 3,088,465 securities compared to
1,718,984 exchanged exchanged in 2004. On
the bond market, the volume of transactions
went down to 119,181 bonds from 1,292,437
exchanged in 2004.
By December 31, 2005, 57 securities were listed
including 39 shares and 18 bonds compared to
59 securities comprising 39 shares and 20 bonds
by December 2004.
3 - REVIEW OF DEVELOPMENTS IN
DECENTRALISED FINANCIAL
SYSTEMS
2005 has confirmed the development of the
microfinance sector in the Union States, as a
result of the constant efforts of monetary
Authorities to consolidate the performances
achieved by Decentralised Financial Systems
(SFD). The initiatives and measures aimed at
promoting the development of this sector can
be assessed through growth indicators and are
focused on the actions undertaken for financing the Regional Decentralised Finance
Support Programme (PRAFIDE), the progress
achieved in recasting the legal framework,
BCEAO's active participation in the events
marking the International Year of Microcredit,
the organisation of training sessions in microfinance, studies and publications, and the
supervision of SFDs.
46
3.1 - Sector Growth Indicators
The estimates on developments in the sector
are indicative of the vitality of grassroots finance. Indeed, the dynamism of this sector is
confirmed by the ever growing number of SFDs
and their service points, which stood at 652
and 3500 by end December 2005. As of this
date, these institutions collected deposits
amounting to CFAF 278.9 billion and their outstanding credit totalled CFAF 297.2 billion.
Services were provided to 5.8 millions of net
beneficiaires.
The quality of portfolio, measured through the
ratio of overdue claims to outstanding credit
deteriorated to 6.2% compared to 5.2% in 2004.
This ration stands above the 5% level commonly accepted in the sector.
The financial performance of institutions, measured against net operating results showed a
surplus. Indeed, the operating result stood at
CFAF 7.3 billion in 2005. In terms of job creation,
the most recent available data estimated at
roughly 10,300 the number of people holding a
wage earning employment in the sector.
The analysis of these indicators reveals that the
overall performances of microfinance in the
Union are constantly improving in spite of the
weak financial position of some institutions.
Therefore, it appears necessary to pursue initiatives in order to implement the measures provided for in the PRAFIDE.
3.2 - PRAFIDE Funding
The arrangements made by BCEAO for the funding of PRAFIDE included :
- successful negotiations with the consortium
of donors (the Consultative Group to Assist
the Poor (CGAP), the Swedish International
Development Authority (SIDA) and the
United Nations Capital Development Fund
(UNCDF) which agreed to grant to the
Central Bank an assistance amounting to
US$ 2.1 million. This manifestation of interest
was materialised by the signature of a partnership and grant agreement amounting to
US$ 107 million. Another agreement amounting to US$ 450,000 is expected to be signed
during the first quarter of 2006 ;
- pursuing contacts with the African
Development Bank (ADB). As a result of
these contacts, ADB may accept to provide a financial contribution towards the
implementation of some activities contained in the new mechanism designed by
BCEAO to support microfinance.
3.3 - L e g a l F r a m e w o r k a n d P r u d e n t i a l
Mechanism
Concertations relating to a diligent implementation of the legal texts governing the financial
activities of SFD were organised in all Union
States. In this respect, the actions undertaken
include :
- finalising of draft legal texts applicable to
SFD, based on the amendments proposed
by actors involved in the sector. The final
version of these texts will be submitted to
decision-making instances of the Union, following the organisation of a sub-regional
validation seminar ;
- drafting of the SFD accounting system and
manual. Two training and outreach sessions
are scheduled in 2006 in order to enable
microfinance institutions to become familiar with these management and follow-up
tools ;
- completion of the drafting of a blueprint of
the Uniform Act relating to cooperative
and mutual institution legislation, taking into
47
account the expectations and concerns of
actors involved in the cooperative and
associative movement, in particular those
concerning sureties and the ways and
means of compulsory execution. The
Permanent Secretariat, after formatting the
document according to OHADA standards, will organise an official concertation
on this document, prior to submitting it to
OHADA validation and decision-making
instances in 2006.
3.4 - Capacity building
BCEAO has pursued the capacity building
actions launched a decade ago. In this respect, training sessions were organised for staff
from Finance Ministries of the UEMOA and
CEMAC zones. In addition, the Central Bank
delivered training sessions in microfinance for
economic operators providing grassroots financial services.
3.5 - Studies and publications
In order to maintain updated and periodic
data on the decentralised finance sector, the
Central Bank has published monographs on
SFD. It has also produced quarterly notes on
developments in microfinance and completed
studies on the impact of the services provided
by SFD on poverty in Burkina and in Mali, together with a study on the contribution of these
institutions to the financing of craftsmanship
activities in Mali. Lastly, various communications and technical papers were prepared in
48
the framework of the International Year of
Microcredit.
3.6 - Sector supervision
A document assessing the supervision conducted in 2004 was produced. It appraises the
activities carried out in this field and reviews all
actions implemented in each Union State in
order to ensure an efficient follow-up of SFD.In
this respect, a seminar was organised to evaluate the operation of the data base established in all BCEAO main branches. An orientation paper relating to the creation of a risk
centre was also drafted. In addition, an inspection mission was carried out with the most
important institution in Côte d'Ivoire, namely
the “Fédération Nationale des Coopératives
d'Epargne et de Crédit – FENA-COOPEC”
(National federation of savings and credit
cooperatives).
Pursuing the implementation of activities
contained in the PRAFIDE should permit to
grant priority to actions like establishing efficient management information systems in SFD,
creating a support fund for institutions in difficulty, adopting legal texts expected to help
modernise the sector, starting actions relating
to the creation of a risk centre, strengthening
the supervision mechanism and improvement
of alert and diagnosis tools, and crisis prevention mechanisms in the field of decentralised
finance.
V - OTHER ACTIVITIES OF THE BCEAO
1 - MANAGEMENT OF FOREIGN
EXCHANGE RESERVES
T
he management of foreign exchange
reserves by the Central Bank is governed
by an institutional framework including the
cooperation Agreement between the French
Republic and WAMU member States, the
Operations Account Agreement, the Statutes
and management rules of the Central Bank.
The institutional framework governing the
management of foreign exchange reserves
was subject to major changes in 2005.
In this respect, the Addendum n°1 to the
December 4, 1973 Agreement on an operations account was signed between BCEAO
and the French Treasury. This clause became
effective on September 1, 2005.
The major amendments to the Agreement of
an Operations Account were focused on the
following points :
- lowering from 65% to 50% of the portion in
foreign currency which the Central Bank
must deposit, as per Agreement, on the
operations account ;
- diversifying investment tools for foreign currency assets not deposited with the
Operations account , in accordance with
generally accepted principles and practices.
Taking into account liquidity, security and profitability requirements, the new management
framework sets out the policy of strategic distribution of foreign exchange reserves held outside the operations account and formalises the
relevant decision-making process, based on
international standards, particularly the
International Monetary Fund Directives and the
experience of some central banks and of the
Bank for International Settlements.
As at December 31, 2005, 53.3% of BCEAO's
foreign exchange reserves were held in the
Operations account, compared to 99.68% by
end 2004. Foreign currency assets managed
outside the Operations account were used to
build up an investment portfolio and a liquidity
portfolio, including bond assets of sovereign
issuers or quasi-sovereign issuers and monetary
investments denominated in euro.
2 - ECONOMIC INTEGRATION OF THE
WAEMU MEMBER STATES
- maintaining the exchange guarantee and
its current modalities of application only for
the portion in foreign currency which must
be deposited with the Operations account ;
During the 2005 financial year, the Central
BANK participated in the implementation of
the West African Economic and Monetary
Union (WAEMU) integration chart. Against this
- maintaining the level of the European
Central Bank (ECB) rate on marginal lending facility for the portion in foreign currency that BCEAO must deposit on the
Operations account and application of
ECB minimum bid rate on the main refinancing operations for BCEAO's assets placed
with the French Treasury beyond the
conventional rate on pooled foreign
exchange reserves on the said account ;
backdrop, it took part in the work of both the
joint (BCEAO/WAEMU Commission/BOAD)
Secretariat in charge of monitoring the policies, performances and macroeconomic policies of the WAEMU member States and the
Statutory Experts Committee.
In this respect, the Central Bank contributed to
the assessment of the 2005-2007 multi-year
convergence programmes and to the drafting
of half-yearly reports on the implementation of
49
OTHER ACTIVITIES OF THE BCEAO
multilateral monitoring of macroeconomic
policies and performance of the WAEMU
member States under 2005, in particular, the
monetary and external trade aspects.
Analysis revealed that the weak performances
of the States in the area of macroeconomic
convergence are mainly due to slowness in the
implementation of macroeconomic and structural reforms, in particular, in the field of public
finance stabilisation. Furthermore, insufficient
drafting, implementation and monitoring of
multi-year programmes caused failure to comply with the operational timetable set for the
implementation of the Convergence, Stability,
Growth and Solidarity Pact in the WAEMU
member States.
In addition, the macroeconomic performances of the Union member States were
affected by exogenous factors, including the
low price of exported commodities and the rise
in the price of crude oil barrel. They were also
affected by the degradation of the social and
political situation in some member States. The
recommendations towards the achievement
of macroeconomic convergence focused
notably on strong political impulse and greater
involvement of the States in the effective application of the multilateral surveillance mechanism. Besides, it appeared necessary to take
into account systematically macroeconomic
convergence constraints in designing national
fiscal policies.
As part of the reflection aimed at improving
the multilateral surveillance mechanism, the
Central Bank conducted a study on the relevance of the key criterion of the Pact, namely
the base fiscal balance. Besides, since the
move to the stability phase was postponed to
January 1, 2006, efforts to be made by the
Union member States towards economic
convergence were evaluated and proved to
be particularly important for almost all countries.
The actions of the Central Bank in terms of deepening the integration process in WAEMU were
50
pursued as part of the activities aimed at
implementing
the
Regional
Economic
Programme (REP), dedicated to stimulate
strong growth with a view to fight efficiently
poverty. In particular, the Central Bank took
part in the work of the REP steering committee
and consultations with foreign partners in order
to raise the required resources for funding
selected projects.
3 - MONETARY AND FINANCIAL
COOPERATION
3.1 - Relations with the Bretton Woods
Institutions
The operations carried out by the Central Bank
with the International Monetary Fund (IMF) on
account of the WAMU member States translated, during the 2005 fiscal year, into net resource outflows of SDR 88.8 millions or CFAF 69.9 milliards de FCFA compared to negative net flows
of SDR 134.2 million or CFAF 104.7 billion a year
earlier. The drop in net outflows was induced
by a downward trend in member States
repayments to the IMF and by the lower
amounts of drawings.
Gross drawings made under the Poverty
Reduction and Growth Facility (PRGF) stood at
SDR 27.7 million or CFAF 21.6 billion compared
to SDR 18.0 or CFAF 14.2 billion in 2004. Thus,
they increased from SDR 9.7 million or CFAF 7.4
billion, mainly as a result of the execution by
most Union States of the economic and financial programmes supported by
the PRGF
resources. Currency repurchases and repayments of loans granted by the IMF, excluding
debt reductions under the HIPC Initiative,
which were estimated at SDR 37.1 billion (CFAF
29.1 billion), totalled SDR 111.0 million or CFAF
87.1 billion compared to SDR 146.9 million
(CFAF 114.5 billion) the previous year. These
operations translated into foreign exchange
losses of CFAF 654.0 million compared to CFAF
248.5 million in 2004. Interest and commission
payments amounted to SDR 5.9 million or CFAF
4.7 billion, which equalled the amount of the
previous year. Commission payments under
use of general resources reached SDR 2.9 mil-
OTHER ACTIVITIES OF BCEAO
lion or CFA 2.3 billion. Interest payments under
use of administered resources amounted to
SDR 3.0 million or CFAF 2.3 billion.
For the purpose of settling charges related to
interest and commission payments, the Union
member States purchased SDR 21.1 million or
CFAF 16.4 billion. Sales amounted to SDR 25.3
million or CFAF 19.6 billion.
On the other hand, the IMF paid SDR 0.4 million
or CFAF 0.3 billion to the WAMU member countries as remunerations in respect of their creditor position, compared to SDR 0.3 million or
CFAF 0.2 billion the previous year.
As at December 31, 2005, the net commitments of the WAMU member States under
Structural Adjustment Facility (SAF) and PRGF
declined by 18.1% to SDR 535.0 million from SDR
653.6 million the previous year.
Lastly, in readjusting its holdings of member
States' currencies, governed by Article V, section 11 of its Statutes, the IMF on April 30, 2005
revised downward by about 46.1 billion, its CFA
currency holdings in the books of the Central
Bank in the aftermath of a 3.7% year-over-year
appreciation of euro to which CFAF is pegged
by a fixed parity.
3.2 - Relations with others Institutions
Monitoring the implementation of the ECOWAS
Monetary Cooperation Programme (EMCP)
notably focused on the components relating
to macroeconomic convergence, statistics
harmonisation and effective application of the
institutional and organisational convergence
mechanism. In this respect, the Central Bank
contributed to the reflections towards speeding up the sub-regional integration process by
participating in Accra (Ghana) on January 12,
2005, in the meeting of the Committee of
Governors of Central Banks of the ECOWAS
member Countries and on September 1, 2005,
in the meeting of the ECOWAS Convergence
Committee. The Central Bank also took part in
the reflection on the reorganisation of the West
African Monetary Agency (WAMA), on the
occasion of the meeting of Directors of
Research and that of the Ad hoc Working
Group, held in Freetown (Sierra Leone) on May
25-27, 2005 and December 5-6 December,
2005, respectively.
The Central Bank also took part as an observer
in the meetings of the instances of the West
African Monetary Zone (WAMZ)1 held, in Banjul
(The Gambia) and Accra (Ghana), on May 1 –
7, 2005 and August 29 – September 2, 2005, respectively. At these meetings, the level of
macroeconomic convergence of the economies and the progress made regarding the
various components of the Zone's monetary
cooperation programme. At the end of this
meeting, the WAMZ's Conference of Heads of
State and Government adopted the Banjul
Declaration on the launching of the Zone's
monetary union on December 1, 2009, so as to
speed up the process. In this respect, a plan of
action for the advent of a common currency
by the agreed deadline was adopted by the
WAMZ instances.
Under the African Monetary Cooperation
Programme, the BCEAO participated in the
work of the 29th ordinary meeting of the
Assembly of Governors of the Association of
African Central Banks (AACB) held, on July 29,
2004 in Accra (Ghana) and of the symposium
on the theme domestic “Capital markets and
mobilisation of resources for growth and poverty reduction” organised concurrently with this
meeting. The Central Bank also took part in the
reflection undertaken on the advent of an
African single currency and provided adequate support to the AACB Permanent Secretariat.
Lastly, the Central Bank participated in the
work of the Franc Zone Convergence
1 : The WAMZ comprises The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. Its aim is to promote the advent of a single currency
among these countries by 2009. This zone is expected, at the end of a successful convergence process to merge with the ECOWAS Single
Monetary Zone.
51
Committee. In this respect, it made contributions on the conduct of multilateral surveillance
of macroeconomic policies, in particular, the
definition of additional convergence indicators.
4 - OTHER ACTIVITIES AND PROJECTS
OF THE BCEAO
4.1 - Collection, Management and
Diffusion of Statistical information
The collection and management of statistical
information n the WAEMU member States in
particular is in response to the need to have at
all times necessary information for study project, (economic, sociological and historical)
research work and publishing of the Bank's official publications. A statistical database has
been established for this purpose.
Established since 1998, BCEAO's statistical
database known as BASTAT puts at the disposal
of the Bank's departments historical and recent
data on the economic,monetary and financial
situation of the Union States as well as on the
administration and management of the
Central Bank.
The database has 28,882 statistical series 39.0%
of which belong in the monetary sector, 26.0%
in administration and management of the
BCEAO, 10.0% in the external sector, 12.0% in
the real sector, 7.0% in 7.0% in government
finance and 3.0% in the social sector. Besides,
2.0% of data are macroeconomic performance indicators and 1.0% relates to the environment.
Most of the data in the base are available for
the 1960s up to 2005 period.
The diffusion of statistics by the Central Bank is
done through BCEAO's various publications
and posting of materials on the Bank's Website.
52
4.2 - Balance Sheet Centre
Following the adoption of common accounting rules applicable to non financial institutions
operating in the Union and organisation of
data collection on these entities, the project to
establish a balance sheet centre started data
exploitation in order to meet the economic
units needs.
In this perspective, BCEAO has chosen to outsource the balance sheet centre activities
concerning the production and the diffusion of
tradeable information. In this respect, the
BCEAO
consulted
the
West
African
Development Bank (BOAD), the ECOWAS
Regional Investment Bank (ERIB), the "Fonds
Africain de Garantie et de Coopération
Economique - FAGACE" (African Guarantee
and Economic Cooperation Fund), the "Fonds
de Garantie des Investissements Privés en
Afrique - GARI" (Guarantee Fund for Private
Investments in West Africa), the Regional Stock
Exchange (BRVM) and the Union credit institutions with a view to create a Société de
Commercialisation d'informations d'entreprise SCIE (marketing company of corporate data).
The economic and financial case relating to
this project was prepared by the institutional
promoters at their October 3-4, 2005 meeting
at the Headquarters of the Central Bank in
Dakar. It was then discussed and finalised with
the credit institutions which have shown some
interest in participating in the capital of the
company at a meeting held on November 10,
2005. The promoters of the company set the
deadline of January 31, 2006 for the subscription to the registered capital of the SCIE.
In the 2005 financial year, the units of the
Balance Sheet Centre in all the Union States,
with the exception of Guinea-Bissau, collected
22,223 form sets of financial statements of
which 18,305 from the 2004 financial year and
OTHER ACTIVITIES OF BCEAO
3,918 from the previous financial years, compared to 12,520 form sets in 2004, or a 78.0%
increase in volume. The proportion of directly
exploitable financial statements in the database increased from 46.0% to 50.0% from a year to
another, whereas the proportion of incomplete form sets declined from 9.0% to 5.0%.
Building the Balance Sheet Centre for companies was pursued with the edition of the following products "Effect of Deposit", "Legal
Identification Sheet of the Company",
"Financial Statements in conformity with the
BCEAO's Originals" and "Analysis of financial
aggregates".
The Central Bank contributed to the translation
and edition, in September 2005, of the
Portuguese version of the Regulation adopting
the SYSCOA. The trainer training session to this
accounting manual was held from November
28 to December 2, 2005 in Bissau.
Stocks of books on the SYSCOA have been
offered free of charge to university and
accountancy training structures of the States
so as to ensure a better ownership of this
accounting manual. The SYSCOA manual
entitled "Complete list of accounts and financial statements" has been re-edited and put on
sale.
The second meeting of the "Conseil Permanent
de la Profession Comptable" (CPPCPermanent Council of the Accountancy
Profession) was held, in Ouagadougou in
October 2005, under the chairmanship of the
WAEMU Commission. At this meeting, a draft
preliminary Regulation on the free movement
and right of establishment of chartered
accountants within the WAEMU space was
drawn up and the Regional controller of the
professional training course concerning the
"Diplôme d'Expertise Comptable et Financière DECOFI" (Diploma in Finance and Accounting)
was appointed.
53
Mr. Damo Justin BARO, Vice-Governor and Interim Governor of BCEAO
54
VI - BCEAO’s INSTITUTIONAL AND ADMINISTRATIVE
FRAMEWORK
1 - ACTIVITIES AND OPERATION OF THE
STATUTORY BODIES
D
uring the 2005 fiscal year, the governing bodies of the Union convened, in
accordance with the provisions of the
November 14, 1973 Treaty establishing the
West African Economic and Monetary Union
and the Statutes of the Central Bank appended thereto.
1.1 - The Union Conference of Heads of
State and Government
The Union Conference of Heads of State and
Government held an ordinary meeting on
March 30, 2005 and an extraordinary meeting
on December 23, 2005, at the Palais des
Congrès in Niamey, under the chairpersonship
of His Excellency Mr. Mamadou TANDJA,
President of the Republic of Niger and its current Chairperson.
1.2 - WAMU Council of Ministers
Chaired by Mr. Cosme SEHLIN, Minister of
Finance and Economy of the Republic of
Benin, the WAMU Council of Ministers underwent the following changes in the 2005 fiscal
year :
- under Benin, on February 4, 2005, Mr.
Cosme SEHLIN, Minister of Finance and
Economy, was appointed member of the
Council of Ministers in replacement of Mr.
Grégoire LAOUROU, and Mr. Zul Kifi SALAMI,
State Minister, in charge of Planning and
Development was appointed to be member of the Council, in replacement of Mr.
Bruno AMOUSSOU ;
Bissau, on April 29, 2005, Mr.
- under Guinea-B
Issufo SANHA, Minister of Economy, was
appointed member of the Council of
Ministers in replacement of Mr. Carlos
Alberto ANDRADE. On November 9, 2005,
Mr. Victor MANDINGA, Minister of Finance,
was appointed member of the Council of
Ministers in replacement of Mr. João Aladje
Amadù FADIA ;
- under Togo, on June 29, 2005, Mr.
Payadowa
BOUKPESSI,
Minister
of
Economy, Finance and Privatisations was
appointed member of the Council of
Ministers in replacement of Mr. Débaba
BALE and Mr. Yandja YENTCHABRE, Minister
of Development and Regional Planning
was appointed member of the Council, in
replacement of Mr. M'Ba LEGZIM ;
- under Côte d'Ivoire, on December 28, 2005,
Mr. Koffi Charles DIBY, Minister attached to
the Prime Minister in charge of Economy
and Finance, was appointed member of
the Council of Ministers in replacement of
Mr. Bohoun BOUABRE.
In 2005, the Council of Ministers held four ordinary meetings on April 6, 2005 at the Main
Branch of BCEAO in Cotonou, on July 4, 2005
at the Headquarters of the BCEAO in Dakar, on
September 16, 2005 at the Main Branch of
BCEAO in Ouagadougou and December 16,
2005 at the Main Branch of BCEAO in Bamako,
respectively. It also held extraordinary meetings to prepare for the extraordinary meetings
of the Conference of Heads of State and
Government on March 26, 2005 at the Main
Branch of
BCEAO in Niamey and on
December 16, 2005 at the Main Branch of
BCEAO in Bamako.
55
BCEAO’s INSTUTIONAL AND ADMINISTRATIVE FRAMEWORK
1.3 - Board of Directors of BCEAO
In 2005, the Board of Directors of BCEAO held
four
ordinary
meetings
under
the
Chairpersonship of Mr. Charles Konan BANNY,
its statutory Chairperson, on April 4, 2005 at the
Main Branch of BCEAO in Cotonou, on July 3,
2005 at the Headquarters of the BCEAO in
Dakar, on September 15, 2005 at the Main
Branch of BCEAO in Ouagadougou respectively, and under the Chairpersonship of Mr.
Damo Justin BARO, Vice-Governor of the
BCEAO, on December 15, 2005 in Bamako.
During the financial year under review, the
membership of the Board of Directors underwent the following changes :
- under Benin, Mr. George Denis Marc QUENUM was appointed Director of BCEAO in
replacement of Mr. Cosme SEHLIN, effective from March 11, 2005 ;
- under Mali, Mr. Sambou WAGUE was
appointed Director of BCEAO in replacement of Mr. Samba DIALLO, effective from
November 24, 2005 ;
- under France, Mr. Serge TOMASI was
appointed Director of BCEAO in replacement of Mrs Bérengère QUINCY, effective
from December 2, 2004.
2 - ADMINISTRATION OF BCEAO
2.1 - Management of Human Resources
2.1.1 - Staffing
The overall number of staff employed by the
Central Bank (all categories) represented 4,084
employees compared to 3,915 employees by
end of December 2004. This staff strength is
made up of 4,005 currently employed staff and
79 employees seconded or placed on nonactive status.
As at December 31, 2005, the staff currently
employed at the Headquarters, the eight Main
Branches, the fifteen Sub-Branches, the two
Representations of the BCEAO in Paris and
Ouagadougou, as well as the General
56
Secretariat of the WAMU Banking Commission
increased by 4.3% compared to its 3,840
employees as at December 31, 2004.
This increase is mainly explained by the recruitments made in the 2005 financial year, designed to partly replace the staff members who
went on early or normal retirement in 2003 and
2004 and to anticipate with staff departures for
the 2005-2007 period as well as to meet specific needs related to the new activities carried
out by the Central Bank.
The executive staff, 1,441 employees of total,
represented 36.0% of the employees currently
employed. Representing a net increase of 63
members or 4.6% in relative value, it is made up
of 63 Management officials and Directors, 742
senior executives and 636 middle executives.
As at December 31, 2004, it was made up of 61
management officials and Directors, 715 senior
executives, 602 middle executives.
The non-executive staff, 2,564 employees of
total, represented 64.0% of the staff currently
employed. This category of staff, which is
made up of clerical staff (782 employees),
technical support staff (47 employees), cash
officers and sorters (661 employees) and service employees (1.074 employees), increased
by 4.1% from 2,462 employees by end of
December, 2004 to 2,564 as at December 31,
2005.
The overall number of currently employed staff
can be broken down per site as follows :
- Headquarters : 869 employees ;
- National Head Offices (Main and SubBranches) : 3,014 employees ;
- Representation of the Governor with
European Cooperation Institutions : 09
employees ;
- Representation
with
the
Commission : 12 employees ;
WAEMU
- General Secretariat of the WAMU Banking
Commission : 101 employees.
2.1.2 - Training
- Bank of Portugal : 03 participants ;
The West African Centre for Banking Studies
and Training (COFEB) pursued its training
actions in favour of the BCEAO staff, economic
and financial administrations as well as the
- Federal Reserve Bank : 01 participant ;
financial institutions and banks of the Union
member States. It conducted also specific
actions relating to the integration of staff newly
recruited.
Under continuing professional training of the
BCEAO staff, the Centre organised courses
and seminars initiated by the Central Bank or
other institutions that brought together 2,102
employees and distributed as follows :
- 11 courses and seminars at the
Headquarters : 224 participants ;
- 25 training sessions as part of the
decentralised actions in the BCEAO
National Branches : 575 participants ;
- 4 training actions through videoconference sessions : 414 participants ;
- 1 training on the new Regulation
governing cash operations of the
BCEAO conducted on all the Bank's
site by a team from the Headquarters
: 621 participants ;
- other training actions : 119 participants ;
- 15 courses and seminars organised by
partner institutions including language
courses : 149 participants.
The distribution of participants in the training
actions organised by partner institutions was as
follows :
- International Monetary Fund Institute :
10 participants ;
- International Banking and Financial
Institute : 09 participants ;
- Banking Profession Training Centre : 28
participants ;
- Institute of Banking Techniques : 06
participants ;
- African Centre for Higher Studies in
Management (CESAG) : 43 participants ;
- Association of Senegalese lawyers
(AJS) : 02 participants ;
- SWIFT Company and the WAEMU
Interbank Card Processing Grouping
and the Interbank Card Processing
Centre (GIM-CTMI) : 25 participants ;
- Cabinet Futuris Formations of Dakar :
04 participants.
The COFEB also pre-launched the online training platform (e-learning) dedicated to the
staff of the BCEAO. The establishment of this elearning platform contributes to the strengthening of actions in favour of employees through
the use of new technologies which enables
henceforth, to provide remote knowledge
and allow all sites to have access to it. It is a
permanent capacity-building tool for the
Central Bank's employees without restraints in
terms of place or time, while allowing to monitor progress achieved by participants and
generate reports and to set up an individual
training programme through pre-evaluation
tools and to automate the administration of
courses and registration schedules.
The self-learning facility activities which started
operating in the last ten days of December
2004 were pursued in 2005. The facility, which
has been equipped with many books and teaching aids aims at improving the knowledge of
the employees of the Bank.
- African Multilateral Institute (IMA) : 18
participants ;
57
The following actions were initiated under specific training sessions :
- a session on the integration of newly-recruited staff was organised from May 17 to
September 17, 2005 by the Central Bank. It
brought together 110 executives including
68 senior executives and 42 middle executives. This training programme focused on
core training consisting of a general introduction to the organisation and activities of
Departments and presentations on specific
themes in order to better prepare for the
integration of employees in their
Departments of destination. Besides, oversight of newly-recruited staff was done by
36 supervisors chosen among the Bank’s
staff. Furthermore, the sociologists of the
Bank attended the courses in order to
monitor the dynamics of the group and
psychological interviews were organised at
the beginning and at the end of the training session ;
- 22 newly-recruited employees were integrated to the Class 27 of the COFEB under
a qualifying training which took place from
November 2, 2004 to October 31, 2005.
Their training ended by a 3-month degree
training course from August 1 to October
31, 2005 in three Main Branches of the
BCEAO viz. Dakar, Ouagadougou and
Bamako.
As part of the actions aimed at building the
capacities of economic and financial administrations as well as credit institutions of the Union
member States, the COFEB pursued its activities
under vocational degree courses. During the
2005 financial year, the Centre managed the
Class 27 and 28.
The Class 27 which completed their course in
December 2005 with the presentation of a thesis brought together 25 trainees from the following institutions :
- Economic and Financial Administrations :
20 ;
58
- National Bank of Rwanda : 02 ;
- Central Bank of the Republic of Guinea : 02 ;
- Other (private structures) : 01 ;
The distribution of fellow trainees of Class 28, 42
in number, whose courses started on
November 2, 2005, is as follows according to
their institutions of origin :
- Economic and Financial Administrations : 33 ;
- Central Bank of the Republic of Guinea : 02 ;
- National Bank of Rwanda : 03 ;
- Banks and Financial Institutions : 04 ;
Under cooperation with external partners, the
following actions were carried out.
- Under the joint BCEAO/BEAC project on
capacity building in Central and West
Africa, the following actions were conducted :
component on training in macroecono-
mic management : 2 courses brought
together a total of 69 participants including 05 from BCEAO. In addition, a local
trainer training session on microfinance
was held for 07 trainers from BCEAO and
BEAC. Two external sessions were organised in favour of 02 employees from
BCEAO and 01 employee from BEAC.
Furthermore, the document on the third
phase (2006-2009) was adopted.
component on debt management : 02
national workshops under assistance to
the States were organised in GuineaBissau and Chad.
- under International Monetary Fund Institute
(IMF) : two courses, which brought together
56 participants (including 19 from BCEAO)
were organised in Dakar.
2.2 - Expansion of BCEAO's Network
The expansion of the infrastructures of the
Central Bank was notably marked by the pursuit of the construction of the new building for
the Bissau-based Main Branch which started on
November 1, 2004 in order to equip the national branch with appropriate and secured premises compatible with the facilities required for
the operation of services. As at December 31,
2005, 65% of the work was realised.
- pursuing the migration towards freeware ;
Besides, under the realisation of recreational
centres of the main Branches of the BCEAO in
Ouagadougou and Niamey, the work in the
2005 year concerned the completion of sites of
Niamey and Ouagadougou. The constructions
in Abidjan and Bamako and Lome started. In
Cotonou, a parcel of land has been bought in
November 2005.
Servers, micro-computers and printers purchased before 2000 were replaced by new equipment. The new infrastructure put in place relies
on a network storage system of type SAN
(Storage Area network). Thus, the purchases
consisted of 175 servers, 817 micro-computers
and 195 printers.
Concerning security, the programme on the
strengthening of the security system on all the
Central Bank's sites was completed for the
Bank's security and the control of the access to
the buildings. The restoration of the fire security
installations is expected to be completed in
2006. In this respect, architectural studies were
initiated in all the countries in order to set up
vehicle portals for the banks at the entries of
the buildings of BCEAO Main and SubBranches. The sorting and cash rooms were
refurbished in order to improve working conditions regarding the constraints inherent to the
use of banknote processing machines.
2.3 - Information and Communication
System
The achievements made in 2005 aimed at
enhancing the security and the availability of
the information system, improving communication and collaboration tools, consolidating
existing infrastructures and controlling costs.
Thus, the main tasks carried out consisted of :
- replacing servers and working stations ;
- development of the technical architecture
of the Headquarters' local network ;
- replacing the wiring and local networks in
the Main Branches ;
- recasting the intranet ;
- establishing an online training platform ;
- developing new computer applications.
In order to strengthen the internal security, a
new local network architecture based on an
increased segmentation was developed and
put in place at the Headquarters. Rewiring and
active components capable of supporting
data rates provided by the computer equipment put in place were deployed in the Main
Branches.
Under costs control, the Central Bank pursued
its policy of computer system and applications
migration towards freeware. In this context, the
OpenOffice office automation package was
spread on all the working stations. The new servers operationalised were configured with the
LINUX operating system.
Furthermore, new computer applications were
developed on a free development platform.
These applications cover the fields of management of activity indicators, monitoring of
employees' activity time, management of the
economic situation and indicators, management of employees' vacations and analytical
accounting.
An intranet was also designed and developed
around the freeware. The new system incorporates advanced inter-working functionalities.
The Central Bank acquired an online training
platform with course modules on the new
OpenOffice office automation package, com-
59
puter applications, management and English
with a view to increase productivity and performance of its staff.
2.4 - Modernisation of Documentation
and Archives
The modernisation of the documentation and
archives of the BCEAO initiated since 2000,
aims at providing the Bank with an integrated
system allowing all its sites to share archives
and documentary resources through the use of
appropriate computer tools. It also provides for
rearranging the premises where documents
are stored in order to make them more functional and conformed with existing conservation
and security standards.
The main actions carried out in 2005 in this
context focused on the training of the staff in
charge of the documentation and archives
management to the Alexandrie documentary
software and on the work related to the development of a classification system of current
documents.
A training session to the advanced functions of
the Alexandrie documentary software was
organised
on July 25-27, 2005 at the
Headquarters of the BCEAO. It brought together fourteen (14) participants from the
Headquarters of the Central Bank, its National
Head offices and from the General Secretariat
of the WAMU Banking Commission.
The classification system of current documents
allows to complete the procedures on the
management of intermediary and definitive
archives. The objective pursued by its implementation is to make available to the
employees tools to the classification of documents stored in the office rooms in order to
easily find documents when searched for.
Under the preparation of this operation, a
questionnaire survey was conducted with a
sample of executive staff and interview sessions were organised with a panel of secretaries in order to assess the needs. The exploita-
60
tion of the collected data will allow to put in
place an harmonisation policy of the practices
on the classification of documents in the
Secretariats of the Departments of the Central
Services as well as classification plans for current documents per Service.
2.5 - Activity and Operation Control
Mechanism
The work carried out in 2005 is part of the pursuit of the efforts to strengthen the control
mechanism put in place in 2003 and based on
an efficient risk management. This work focused notably on the design of control tools as
well as training and sensitisation actions.
Concerning the first level control, under the
chapter of control tools, the activities focused
on the improvement of the reporting of control
outcomes, internal control assessment, operating procedures drawing up and updating of
the regulatory texts and procedures database
on the intranet network.
The framework of the control outcomes reporting was subject to changes in order to reinforce the exhaustiveness and the quality of information on risks as well as causes of the dysfunctions which were identified.
With a view to enable a better understanding
of the nature of the risks identified during the
controls, generic risks comprised in the risks
families set in 2003 were specified.
The assessment of the quality of the internal
control activities was carried out in the form of
self-assessment. This approach required, on the
one hand, the definition of the main components of the Bank's internal control viz. control
environment, risk assessment, control activities,
communication and information system as well
as piloting and, on the other hand, the drafting
of questionnaires according to the activities
and the components of the internal control.
Self-assessment was conducted through the
development of a computer application. The
outcomes enabled to determine the residual
risks per operation and centre.
The drawing up of operating procedures was
pursued in 2005. Thus, most of the Departments
of the Central Services completed the drafting
of their procedures manuals. This drafting is
being done at the National Head Offices level.
Besides, the need to ensure the availability and
accessibility of regulatory texts and procedures
and thus limit the dysfunctions due to their
ignorance, translated in the putting on the
Intranet network the relevant documents
adopted by the Bank in 2006.
Concerning the inspection and internal audit,
second level of the control, the adaptation
and modernisation of working and method
tools induced by the introduction of the internal audit function were pursued with the establishment of missions to assess the action taken
regarding the recommendations made. These
missions aim at assessing the progress achieved in the implementation, by the control
structures, of the recommendations made by
the various missions.
In addition, missions to assess the quality of the
operations control, and the degree of efficiency of the activities led by the operational structures were pursued.
In this respect, audit missions were organised
with a view to assess the security system and
installations as well as information security of
the Bank.
Banknote destruction missions were also
conducted to support the demonetisation
operations in order to ensure that cellars on all
the sites of the Bank meet storage standards
and to limit property and issuance risks associated to activities related to the conservation
of values.
Furthermore, missions to supervise handingover of duties by staff occupying the positions
of Directors and Branch Managers were
conducted.
In order to ensure an efficient exploitation of
the tools designed and enhance risk culture,
training was provided to the users. In this
regard, under the first level mechanism, five
sensitising and training actions in the form of
videoconferencing or meetings with the operational structures were organised over the
March 22-August 22, 2005 period. They focused
on drafting the Bank's operating procedures,
contents of monthly reports, methodology to
identify and monitor new risks, internal control
and the modalities for self assessment as well as
the use of the relevant computer application.
As part of the actions capacity-building of the
inspectors and internal auditors, emphasis was
put on the training focusing on the mastery of
audit techniques specific to a central bank's
environment. The inspectors and auditors
benefited from a specific training on computer
audit consistent with the important development of the Bank's computer system.
As concerns the third level of control, the external control, the mechanism in force following
the updating in 2004 of the terms of reference
for the control of the BCEAO accounts was not
subject to any change.
A mission of the International Monetary Fund
paid a visit to the Headquarters of the BCEAO
on July 18 -29, 2005 to realise a review on the
safeguarding of its resources and to update
the first assessment conducted in October
2001. The objective pursued was to ensure that
the control, accounting, information and audit
systems as well as the legal framework of the
Central Bank are likely to guarantee the safeguarding of its resources.
2.6 - Management Control Mechanism
The deployment of the management control
mechanism within the Central Bank was pursued in 2005 with the establishment of the first
business plan of the Central Bank.
In addition to this important steering tool, the
implementation work of the management
control was pursued with notably the updating
of the segmentation of the activities per
61
Centre, production of indicators and management dashboards, launching of the project for
the automation of indicators processing.
Established over a three year period (20062008), the business plan highlights the strategic
orientations of the Central Bank and their breaking down into short and medium term objectives. It has been built around eighteen (18)
occupations.
In 2005, the implementation work of the management control system focused notably on :
- the updating of the list of activities and indicators per occupation ;
- the production of indicators and management dashboards ;
- the launching of the project for the automation of the indicators processing.
Thanks to the creation of the "management
and supervision of payment systems" and " performances piloting and management" occupations, as well as to the development of activities related to the management of information technologies and telecommunications, an
updating of the list of activities and operations
per occupation was realised. Thus, 1,825 elementary operations were listed.
On the basis of these elementary operations,
241 activities were defined and grouped into
18 occupations. The indicators and indicators
sheets of all the responsibility centres were also
updated.
As part of the monitoring of activities per occupation and improvement of the performances
of the responsibility centres, monthly, quarterly
and half-y
yearly management dashboards for
the Governor and National Directors were
regularly produced.
Furthermore, the outcomes of the indicators of
the two previous fiscal years were exploited,
with a view to determine internal management standards. The objective pursued is to
have reference data as part of the production
of dashboards.
62
The management control of the BCEAO entered its implementation phase with the launching of the manual for the production of indicators in January 2003 at the level of the
Departments of the Central Services and Main
Branches of the BCEAO. This allowed to produce the management dashboards of the
Governor and National Directors.
Pending the purchase of a software taking into
account all the components of the management control, the BCEAO envisaged to automate the processing of indicators. In this
regard, a descriptive document defining the
needs was drawn up. To meet the needs
which were expressed, an application of type
"web" known as SAGINA (Automated system of
activity indicators management) was developed and presented on December 14, 2005.
The SAGINA project aims mainly at automating
the processing of indicators with a view to facilitate data collecting and reduce the time
required for managing dashboards production. This project aims at :
- minimising the risks related to manipulation
of indicators manual production. These risks
focus mainly on information loss, nonreliable data and errors occurrence ;
- sharing in real time common information to
all the sites ;
- standardising working methods at the level
of each responsibility Centre.
The automation of indicators processing represents for the management control :
- the storing instrument of the database on
occupations, activities, operations and
indicators ;
- the tool for processing and aggregating
the outcomes of the management tools
and monitoring of the Bank's activities ;
- the tool for reporting on management
dashboards.
Final recipe tests of the SAGINA application for
its operationalisation are currently carried out.
In summary, the implementation work of the
steering tools were pursued in 2005. The next
availability of the calculation components is
expected to enable the full implementation of
the management control within the Central
Bank.
63
VII - BCEAO’s FINANCIAL ACCOUNTS
T
he Central Bank’s accounts closed on
December 31, 2005 were marked by the
recasting of the institutional and regulatory framework of foreign exchange management at the level of the operations account
and by the pursuit of the implementation of the
IAS/IFRS standards.
On the asset side, this decrease was mainly
due to the decline in the assets in foreign currency and operations on behalf of National
Treasuries. On the liability side, the decline was
due to the deposits with the Central Bank and
to the liabilities to the International Monetary
Fund.
1 - BALANCE SHEET ANALYSIS
The balance sheet figure totalled CFAF 5,099.9
billion, down by CFAF 38.4 billion from the level
reached the previous financial year.
65
BCEAO’s FINANCIAL ACCOUNTS
1.1 - Analysis of Asset Items
The market value of gold stock increased by
70.7 billion to 315.5 billion as at December 31,
2005 compared to 244.8 billion as at December
31, 2004. This increase resulted exclusively from
the rise in the average price of gold ounce from
CFAF 208,701 as at December 31, 2004 to CFAF
269,001 as at December 31, 2005. Indeed, the
volume of gold stock remained identical to the
previous year's representing 36,484.42 kg
(1,173,001.38 ounces).
Thus, the foreign exchange reserves management policy shifted towards the diversification
of foreign exchange investment tools, as from
September 2005. Thus, the Central bank's financial instruments portfolio amounted to 1,567.3
billion as at December 31, 2005.
2004
Fund-related assets amounted to 48 billion
compared to 28.6 billion as at December 31,
2004 or a 19.4 billion increase due to the developments in the reserve position.
Indeed, the reserve position of the Union States
in the Fund increased by 22.4 billion from 23.5
billion as at December 31, 2004 to 45.9 billion as
at December 31, 2005 due to the increase of
the Fund's assets in national currency.
On the other hand, the SDR-denominated
assets of the Central Bank declined by 3.0 billion
to 2.1 billion as at December 31, 2005 compared to 5.1 billion as at December 31, 2004.
Foreign currency holdings declined by 60.0 billion to 3,453.8 billion as at December 31, 2005
from 3,513.8 billion a year earlier due to the net
balance of the external transfers degradation.
Foreign currency holdings held in the
Operations Account declined by 1,613.8 billion
or 46.8 % to 1,835.6 billion as at December 31,
2005, from 3,449.4 billion as at December 31,
2004.
This decrease was mainly due to the amendment to the Operations Account Agreement
by Addendum n°1 signed on September 20,
2005 between BCEAO and the French Treasury,
coming into force on September 1, 2005.
66
2005
Changes
Value
%
Billion CFAF
Operations account
3,449.4
1835.6
-1,613.8
-46.8
-6.8
-12.2
-5.4
79.4
outside the Franc zone
9.2
10.8
1.6
17.4
Financial instruments
0.0
1567.3
1,567.3
-
3.8
4.1
0.3
7.9
4.5
4.9
0.4
8.9
53.7
43.3
-10.4
-19.4
3,513.8
3,453.8
-6
60.0
-1
1.7
Correspondents in
the Franc Zone
Correspondents
Cash in foreign
banknotes
West African Monetary
Agency
Related claims
Total
Source : BCEAO.
BCEAO’s claims fell by 4.7 billion to 473 billion
compared to 477.7 billion as at December 31,
2004.
As at December 31, 2005, the breakdown of
Central Bank’s claims was as follows :
The value of fixed assets rose by 9.6 billion from
202.3 billion in 2004 to 211.9 billion in 2005.
2004
2005
Changes
Value
1.2 - Analysis of Liability Items
%
Billion CFAF
Claims on credit
institutions
2.5
11.7
9.2
368.0
Treasuries
475.2
461.3
-13.9
-2.9
Monetary claims
382.4
368.9
-13.5
-3.5
Financial claims
92.8
92.4
-0.4
-0.4
477.7
473.0
-4
4.7
-1
1.0
Claims on National
Total
The value of banknotes and coins in circulation
stood at to 2,213.9 billion compared to 1,988.1
billion as at December 31, 2004.
Creditor accounts and deposits fell by 222.5 billion from 1,226.3 billion in 2004 to 1,003.8 billion
as at December 31, 2005. The rise can be analysed as follows :
2004
2005
Changes
Value
%
Billion CFAF
Source : BCEAO.
Banks and foreign
The operations carried out on behalf of
National Treasuries amounted to 514.3 billion
compared to 599.7 billion in 2004, or a 85.4 billion fall induced by the following drawings and
repayments :
institutions
66.0
79.1
13.1
19.8
96.3
71.7
-24.6
-25.5
651.0
522.9 -128.1
-19.7
399.6
317.6
-82.0
-20.5
13.4
12.5
-0.9
-6.7
1,003.8 -2
222.5
-1
18.1
Banks and WAMU
common institutions
Credit institutions
National Treasuries
and other public
bodies
Other deposit
SAF
GPRF
Use
of IMF
credit
Other
Total
accounts
Total
1, 226.3
Source : BCEAO.
Billion CFA F
Balance as
at 12/31/04
0.5
549.9
0.2
49.1
599.7
Drawings
0.0
21.8
0.0
0.0
21.8
-0.5
-114.3
-0.2
0.0
-115.0
0.0
7.8
7.8
0.0
56.9
514.3
Repayments
Revaluation
Balance as
at 31/31/05
Source : BCEAO.
0.0
457.4
Under operations with the International
Monetary Fund, liabilities declined by 96.7 billion to 519.2 billion compared to 615.9 billion a
year earlier.
Provisions for liabilities and charges rose by 3.7
billion to 31.0 billion in 2005 from 27.3 billion in
2004.
Other liabilities fell by 17.1 billion from 180.1 billion as at December 31, 2004 to 163.0 billion as
at December 31, 2005.
The capital and reserves item rose by 90.1 billion to 1,148.6 billion after the following
changes :
67
2004
Value
Billion CFAF
Capital
134.1
134.1
0.0
Merger surplus
43.6
43.6
0.0
Statutory reserve
59.8
62.7
2.9
General reserve
49.4
49.4
0.0
18.9
18.9
0.0
Special revaluation
reserve 01/11/94
Gold revaluation special
reserve 01/11/94
77.2
77.2
0.0
Gold revaluation reserve
6.6
77.3
70.7
Refinancing risk reserves
19.7
19.7
0.0
0.0
4.3
4.3
Other Reserves
Building revaluation
difference
Carry forward
106.6
106.6
0.0
356.1
344.8
-11.3
138.5
162.0
23.5
48.0
48.0
0.0
1,058.5
1,148.6
90.1
Foreign currency
revaluation fund
General banking risk fund
TOTAL
2004
2005 Change
Source : BCEAO.
EARNINGS
Changes
Value
Earnings from credit
operations
12.2
12.3
Earnings on foreign
assets
106.6
100.6
-6.0
- Operations account
106.2
88.1
-18.1
- Interest on foreign
currency holdings
0.4
6.1
5.7
Earnings on financial
instruments
6.4
0.1
0.0
6.4
Earnings on exchange
operations
41.7
55.2
13.5
Other earnings
33.0
5.6
-27.4
193.5
173.7
-1
19.8
TOTAL
CHARGES
Interest charges
17.5
16.2
-1.3
- Charges on operations
with IMF
1.7
2.3
0.6
- Charges on operations
with other
correspondents
0.1
0.1
0.0
15.7
12.3
-3.4
0.0
1.5
1.5
- Interest paid to
customers
Charges on financial
instruments
Charges on exchange
operations
22.0
28.1
6.1
Operating expenses
37.6
98.9
-10.6
- Maintenance of
banknotes and
coins in circulation
37.6
27.6
-10.0
- Overheads
Appropriations
71.3
-0.6
21.8
19.5
-2.3
2 - STATEMENT OF PROFIT AND LOSS
Appropriation to
depreciation
16.1
15.4
-0.7
At the end of twelve months of activities, the
Bank recorded in 2005 a profit of 8.7 billion,
down by 10.6 billion compared to the previous
financial year.
Appropriations to
Provisions
5.7
4.1
-1.6
From one financial year to another, earnings
declined from 193.5 billion to 173.7 billion and
charges from 174.2 billion to 165 billion. They
were distributed as follows :
68
2005
Billion CFA F
Other charges
S/TOTAL
RESULT FOR THE
FINANCIAL YEAR
TOTAL
Source : BCEAO.
3.4
2.3
-1.1
174.2
165.0
-9.2
19.3
8.7
-10.6
193.5
173.7
-1
19.8
2.1 - Earnings
Earnings fell by 19.8 billion or 10.2% to 173.7 billion in 2005 from 193.5 billion in 2004 driven by
trends in the following elements :
Earnings on credit operations remained stable
at 12.3 billion. This situation resulted mainly from
the contrasted effects of the slight increase of
the earnings generated by the Central Bank
assistance to credit institutions and National
Treasuries and from the decline of the remuneration of Government securities held by the
Bank and products from the debit balances
and consolidated liabilities.
2004
2005
Changes
Value
%
Billion CFAF
Credit institutions
refinancing
Assistance to
National Treasuries
0.8
1.1
0.3
37.5
10.7
10.9
0.2
1.9
Earnings on
Government securities
0.4
0.3
-0.1
-25.0
Debtor balances
and consolidated
claims
0.3
0.0
-0.3
-100.0
12.2
12.3
0.1
0.8
TOTAL
Source : BCEAO.
From a financial year to another, earnings on
foreign assets dropped by 6.0 billion from 106.6
billion to 100.6 billion due mainly to the implementation of the new institutional and regulatory framework of Foreign exchange reserves.
Indeed, earnings collected under the remuneration of assets deposited in the operations
account with the French Treasury stood at 88.1
billion in 2005 compared to 106.2 billion in 2004,
reflecting a decrease of 18.1 billion subsequent
to the decrease in the assets held in the operations account following the application of
clauses of the Addendum N°1 of the
Operations Account Agreement.
On the other hand, the earnings generated by
the financial instruments portfolio amounted
6.4 billion.
Other earnings fell by 27.4 billion to 5.6 billion
from 33 billion in 2004. They were mostly made
up of miscellaneous earnings amounting (1.7
billion), transfer of provisions and depreciation
(2.8 billion), profits carried over from previous
years (0.8 billion) and exceptional earnings (0.3
billion).
2.2 - Charges
Charges under the financial year fell by 9.2 billion to 165 billion in 2005 from 174.2 billion in
2004 due mainly to the contrasted trends of
charges on exchange operations and operating expenses, which amounted to 28.1 billion
and 98.9 billion in 2005 compared to 22 billion
and 109.5 billion in 2004, respectively.
The 10.6 billion decline in operating expenses
was due to the combined effect of a decrease in banknotes and coins maintenance costs
and overheads, which fell by 10 billion and 0.6
billion respectively. This significant decrease
resulted from the efforts made to strengthen
the costs control of the Central Bank.
Appropriations to depreciation and provisions
stood at 19.5 billion from 21.8 billion a year earlier.
Other charges dropped by 1.1 billion to 2.3 billion in 2005 from 3.4 billion in 2004.
69
3 - ACCOUNTS AUDITING
The accounts of BCEAO’s Branches were audited by the following National Auditors appointed by the Ministers of Finance at the conclusion of a bidding process, in accordance with
Article 64 of the Statutes :
- in Benin, BENIN EXPERTISE firm, represented by
Mr. Alidou KOUSSE ;
- in Burkina, SECCAPI firm, represented by Mrs.
Françoise TOE SAWADOGO ;
- in Côte d’Ivoire, DELOITTE & TOUCHE firm,
represented by Mr. René EDI ;
- in Guinea-Bissau, BDO/MBA firm, represented
by Mrs. Marie BA ;
- in Mali, SARECI firm, represented by Mr.
Bourahima SIBY ;
70
- in Niger, MAZARS & GUERARD/KMC firm,
represented by Mr. Hassane KENEYE ;
- in Senegal, SYNERGIES AUDIT & CONSEILS firm,
represented by Mr. Libasse DIAGNE ;
- in Togo, AFRIQUE AUDIT & CONSULTING firm,
represented by Mr. Anani CLOMEGAH.
Centralised accounts were audited by the
COOPERS & LYBRAND/DIEYE firm, represented
by Mr. Aziz DIEYE.
The auditing of the application of the
Agreement on an Operations Account signed
on December 4, 1973 between France and the
Union States was carried out for the French
Republic by Mr. Michel REVEYRAND and for the
Union by the COOPERS & LYBRAND/DIEYE,
external auditor.
4 - AUDIT REPORT ON FINANCIAL STATEMENTS
OF THE CENTRAL BANK OF WEST AFRICAN STATES
OPINION REPORT
Financial Year closed on December 31, 2005
Coopers & Lybrand/Dièye
2, place de l’Indépendance
Immeuble BIAO – 1er Etage
B.P. 188 - Dakar
Tel. : 821.85.88 - 821.86.71
Fax : 821.75.94
Member of Coopers & Lybrand (International)
Honourable Directors of the Central Bank of West
African States- BCEAO
DAKAR
Honourable Directors,
In pursuance of the mandate entrusted to us by the WAMU Council of Ministers on September 11, 2003, we
hereby present our audit report on the attached balance sheet and income statement of the BCEAO for the
financial year closed on December 31, 2005. Our assignment as external auditors included auditing of the
accounts of the BCEAO Headquarters and centralised accounts of the National Head Offices which in turn had
been audited by the National Auditors of the different WAMU member countries. The preparation of financial
statements is the exclusive responsibility of the Management of the Central Bank while our role is to check their
conformity with international accounting standards.
An audit consists in reviewing through sampling the meaningful elements justifying the various items of the financial statements. An audit also consists in ascertaining that accounting principles are consistently implemented
and that the meaningful estimates retained in the accounts statement are reasonable. We believe that our
audit can validly provide a basis for the expression of an opinion on the financial statements of the Central
Bank.
Our audit was carried out in accordance with international auditing standards as defined by IFAC and covered all the verifications that we deemed necessary in view of the utilisation, in the case of National Head
Offices, of the work done under their responsibility by National Auditors.
Due to the socio-political crisis that Côte-d’Ivoire has been going through since the 2002 financial year, the
Bouaké, Korhogo and Man Branches were forced to cease their activities between September and October
2002. Besides, these branches were attacked with subsequent damage yet to be assessed due to the insecurity prevailing in the area. The National Auditor for Côte d’Ivoire could therefore not audit the accounts of these
branches for us to be able to give an opinion on them.
In conclusion and based on the foregoing, our opinion is that the accounts of BCEAO closed on December 31,
2005 are true and sincere and reflect the financial position of the Bank and the result of its operations closed
as at that date.
Done in Dakar on June 13, 2006
Aziz DIEYE
Managing Partner
71
REPORT ON THE CHANGE IN METHOD
Coopers & Lybrand/Dièye
2, place de l’Indépendance
Immeuble BIAO – 1er Etage
B.P. 188 - Dakar
Tel. : 821.85.88 - 821.86.71
Fax : 821.75.94
Member of Coopers & Lybrand (International)
Honourable Directors of the Central
Bank of West African States - BCEAO
DAKAR
Honourable Directors,
In accordance with international accounting principles (IASC 1 Standard), financial statements shall be prepared and presented from one financial year to another according to set standards, methods and formats in order
to ensure their comparability in space and time.
Departing from this basic principle can only be justified by the search for a truer and more correct image.
The Central Bank of West African States (BCEAO) changed during the financial year under review its method of
accounting for the balance of costs for banknotes and coins related to the demonetisation operation of the
1992 range for an amount of CFA F Million 25,061 which initially was expected to be written off over 3 years.
During this financial year, the bank decided to adopt definitely the new international accounting standards and
thus acted in accordance to the IFRS 1 standard setting the first-time application of IFRS conditions. The first time
application of IFRS/IAS standards being a change in the accounting methods under IAS 8 Standard, the impact
of this change is charged to the opening equity capital at the transition date.
Under these circumstances, international audit standards require the external auditors to submit a report based
on the elements supplied.
This report must determine the incidence of the change in method on the financial statements.
The change translated as follows :
Result prior to change in method
Result after change in method
Incidence of change in method
12/31/2004
(Million CFAF)
19,276
-5,785
-25,061
Done in Dakar, on June 13, 2006
Aziz DIEYE
Managing Partner
72
5 - FINANCIAL STATEMENTS OF THE BCEAO AS AT DECEMBER 31, 2005
BALANCE SHEET OF BCEAO AS AT DECEMBER 31, 2005
Million CFAF
(1) : The 2004 financial year figures have been reprocessed to make them comparable to those of the 2005 financial year.
73
BCEAO’s STATEMENT OF PROFIT AND LOSS AS AT DECEMBER 31, 2005
Million CFAF
(1) : The 2004 financial year figures have been reprocessed to make them comparable to those of the 2005 financial year.
74
STATEMENT OF CHANGES IN EQUITY CAPITAL AS AT DECEMBER 31, 2005
Million CFAF
75
TABLE ON CASH FLOW AS AT DECEMBER 31, 2005
Million CFAF
Million CFA F
76
CHRONOLOGY OF MAIN MONETARY POLICY MEASURES ADOPTED BY THE BCEAO BETWEEN
2002 AND 20051
January 7, 2002
The Central Bank made, value date January 7, 2002, its first invitation to tender for Central Bank bond issue under 2002. Thus,
400 bonds at a face value of 20.0 billion and with a 2-week maturity were auctioned.
Six bidders whose bids totalled 17.3 billion were retained up to a maximum of 16.8 billion. The marginal rate was 5.00%.
April 16, 2002
The Central Bank decided to raise from 3.00% to 9.00%, the reserve requirement ratio applicable to banks in Mali as from the
formation period which started on April 16, 2002. Accordingly, the reserve requirement ratios applicable to WAMU banks were
set, as from April 16, 2002, as follows :
- Benin :
9.00%
- Burkina :
3.00%
- Côte d’Ivoire :
5.00%
- Guinea-Bissau :
3.00%
- Mali :
9.00%
- Niger :
5.00%
- Senegal :
9.00%
- Togo :
3.00%.
The reserve requirement ratio of credit-issuing financial institutions remained unchanged at 5.0% for all WAMU States.
July 7, 2003
In view of the favourable results achieved in terms of inflation control and monetary stability, in general, the Central Bank decided to reduce its intervention rates by 100 basis points, or one percentage point as from Monday July 7, 2003. Thus, the discount rate was reduced from 6.50% to 5.50%, and repo rate, from 6.00% to 5.00%.
This easing of interest rate policy was indicative of the confidence of the common central bank in the capacity of the Union
financial system to ensure a sound and appropriate financing of regional economic recovery. It followed the dynamics of
regional financial market which was revitalised notably through issues of government bonds organised in many of the Union
States, with the assistance of the BCEAO. Lastly, the loosening of monetary policy reflected the confidence of the private sector, savers, investors and financial institutions in the robustness of the Monetary Union operating mechanisms.
October 20, 2003
As the review of the economic, monetary and financial situation revealed some encouraging signs of economic recovery in
most of the Union States, confirmation of falling prices and consolidation of foreign exchange reserves, the Central Bank decided to continue easing its monetary conditions by reducing its rates by 50 basis points, as from Monday October 20, 2003. Thus,
the discount rate was lowered from 5.50% to 5.00%, and repo rate from 5.00% to 4.50%.
This new flexibility of monetary policy was an expression of the confidence of the common central bank in the capacity of the
financial system to contribute to the sound financing at a lower cost of economic activity revival in member States. It also followed the dynamics of regional financial market which was revitalised notably through issues of government bonds organised
in many of the Union States, with the assistance of the BCEAO.
March 16, 2004
The Central Bank of West African States decided to raise from 9.00% to 13.00%, the reserve requirement ratio applicable to
banks in Benin, as from the formation period, which began on March 16, 2004. Thus, the reserve requirement ratios applicable
to the WAMU banks were set, as from March 16, 2004 as follows :
1 These are measures which led to the change in the monetary policy instruments.
77
- Benin :
13.00%
- Burkina :
3.00%
- Côte d'Ivoire :
5.00%
- Guinea-Bissau :
3.00%
- Mali :
9.00%
- Niger :
5.00%
- Senegal :
9.00%
- Togo :
3.00%
The reserve requirement ratio of credit-issuing financial institutions remained unchanged at 5.00% for all WAMU States.
March 22, 2004
In view of the favourable trends observed in the orientation of economic activity, inflation control and consolidation of foreign exchange reserves, the Central Bank decided to continue easing its monetary conditions by reducing its rates by 50 basis
points, as from Monday March 22, 2004. Thus, the discount rate was reduced from 5.00% to 4.50%, and repo rate from 4.50% to
4.00%.
This new flexibility of monetary policy following reductions of Central Bank rates by 150 basis points in 2003, reflected the confidence of the common central bank in the capacity of the financial system to back up the economic recovery observed in
the Union member States with financing at a lower cost. It also aimed at encouraging investment initiatives to consolidate economic activity.
June 16, 2005
The Central Bank of West African States decided to raise the reserve requirement ratio applicable to banks from 13.00% to
15.00% in Benin, from 3.00% to 7.00% in Burkina, and from 5.00% to 9.00% in Niger, as from the formation period, which began on
June 16, 2005. Thus, the reserve requirement ratios applicable to the WAMU banks were set, as from June 16, 2005 as follows :
- Benin :
15.00%
- Burkina :
7.00%
- Côte d'Ivoire :
5.00%
- Guinea-Bissau :
3.00%
- Mali :
9.00%
- Niger :
9.00%
- Senegal :
9.00%
- Togo :
3.00%.
The reserve requirement ratio of credit-issuing financial institutions remained unchanged at 5.00% for all the WAMU States.
78
MAIN DOCUMENTS PUBLISHED BY THE CENTRAL BANK OF WEST AFRICAN STATES
Periodicals
1 - BCEAO Annual Report - from 1956 to 2005 - (annual)
2 - Notes d'Information et Statistiques (Information Notes and Statistics) - from 1956 to 2004 - Monetary Statistics (monthly)
- Economic Statistics (quarterly)
- Studies and Research (quarterly)
- General Information (quarterly)
3 – Bulletin mensuel de conjoncture (Monthly economic bulletin) -October 2005 to March 2006
4 – Bulletin mensuel de statistiques monétaires et financières (Monthly monetary and financial statistics bulletin) - from January
2005 to March 2006
5 - Note trimestrielle d'Information (Quarterly Information Note) - from March 2005 to March 2006
6 - Directory of Banks and Financial Institutions - from 1967 to 2004 - (annual)
7 - Balance Sheets of Banks and Financial Institutions - from 1967 to 2004 - (annual)
- Balance Sheets of Banks - from 1967 to 2003
- Balance Sheets and result accounts of banks and financial institutions -2004
8 - Compilation of Legal and Regulatory Texts 2003
9 - Monographs on Decentralized Financial Systems - from 1993 to 2003 (annual)
Ouvrages
10 - Plan Comptable Bancaire de l'UMOA (WAMU Banking Chart of Accounts) (4 volumes) - Dakar : BCEAO Publications,
August 1994 - Compilation of directives relating to recording and assessment of banking operations
- Volume I : General Regulatory Framework
- Volume II : Synthetic Documents
- Volume III : Transmission of Synthetic Documents
11 - History of the West African Monetary Union (3 volumes in French and English) - Paris : Georges Israël Publishing House,
January 2000 12 - Système Comptable Ouest Africain (West African Accounting System) (SYSCOA) (4 volumes)
- Company General Chart of Accounts - Paris : Foucher Publishing, December 1996 - Implementation Guide - Paris : Foucher Publishing, October 1997 - Minimum Cash System - Paris : Foucher Publishing, October 1997 - Bridge Tables - Paris : Foucher Publishing, October 199713 - Méthodologie d'Analyse Financière (Methodology of Financial Analysis) - Dakar : BCEAO Publications, 2004 -
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RELATÓRIO ANUAL DE 2005
IMPRIMERIE BCEAO
VERSÃO RESUMIDA
BP 3108 - Dakar - Sénégal
www.bceao.int
Original : Francês