• Seven UEMOA countries (excluding Benin) plan to raise $4.44 billion (CFA2,510.85 billion) from the regional debt market in Q4 2025.
• Côte d’Ivoire will be the largest issuer, accounting for CFA850 billion, followed by Niger (CFA528.1 billion) and Senegal (CFA488 billion).
• The bloc’s 2025 total fundraising goal stands at CFA10,700 billion, up from CFA8,127 billion in 2024.

West African Economic and Monetary Union (WAEMU) member states aim to raise $4.44 billion from the regional debt market between October and December 2025, according to an issuance calendar published by the UMOA-Titres Agency.

The planned volume is slightly below the second quarter’s target of CFA2,600 billion, when states sought to tap regional investors to finance their budgets. The Q4 program includes CFA1,477 billion in Treasury bills and CFA1,032 billion in Treasury bonds.

Issuances will peak in October with CFA1,469.34 billion scheduled, before slowing to CFA613.06 billion in November and CFA428.45 billion in December. The front-loaded schedule reflects a strategy to secure funding before year-end, a period often marked by reduced liquidity in regional markets.

Côte d’Ivoire, the bloc’s largest economy, will remain the dominant borrower with CFA850 billion in planned issuances. Niger follows with CFA528.1 billion, ahead of Senegal (CFA488 billion) and Mali (CFA255 billion). Burkina Faso targets CFA250 billion, Togo plans CFA100 billion, and Guinea-Bissau will issue CFA38.06 billion.Benin stands out as the only member not planning any issuance during the quarter.

Focus on Maturity Diversification

Governments across the union are diversifying maturities to attract both institutional and banking investors. Senegal continues to favor 12-month Treasury bills, while Côte d’Ivoire introduces short-term bills of one to three months, rarely seen in the regional market.

On the bond side, Burkina Faso opts for 7-year Treasury bonds, signaling caution, while Côte d’Ivoire stands out with 15-year issues, two of which are expected in October — a rare maturity for West African sovereigns.

These operations align with WAEMU’s broader strategy to rely on regional financial markets for budget financing and liquidity management. The bloc’s 2025 fundraising target of CFA10,700 billion marks a sharp increase from CFA8,127 billion in 2024, underscoring member states’ growing dependence on domestic capital markets.

This article was initially published in French by Sandrine Gaingne

Adapted in English by Ange Jason Quenum