In 2023, the external debt of the West African Economic and Monetary Union (WAEMU) countries increased to CFA4.4 trillion, or about $7.4 billion, according to a new report from the Central Bank of West African States (BCEAO). This marks an 11.1% rise from the previous year. As a result, external debt reached 36.6% of the region’s total GDP, up slightly from 35.7% in 2022.

Benin has the highest level of external debt in WAEMU, with its debt making up 38.4% of its GDP, compared to 37.4% the previous year. On the other hand, Burkina Faso, Niger, and Mali saw a drop in their debt ratios. Burkina Faso’s debt fell to 25.5% of GDP, down from 26%. Mali’s debt went down to 28.1% from 28.6%, and Niger’s debt dropped to 31.6% from 32.7%.

None of the WAEMU countries issued Eurobonds in 2023, largely because of unappealing international interest rates, which have been affected by ongoing global crises. Instead, the World Bank stepped in as a major source of funding, lending a total of $3 billion to the region.

Six countries—Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Niger, and Senegal—benefited from disbursements of CFA1.25 trillion (around $2.1 billion) through economic and financial programs supported by the International Monetary Fund (IMF).

Earlier this year, in May, the IMF reported that the total public debt of WAEMU reached 61% of GDP in 2023. While this is higher than in 2022, it remains below the 70% limit set as a target for the region.