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The Central Bank of West African States (french: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...
serving the eight
west Africa West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, M ...
n countries which share the common West African
CFA franc The CFA franc (french: franc CFA, , Franc of the Financial Community of Africa, originally Franc of the French Colonies in Africa, or colloquially ; abbreviation: F.CFA) is the name of two currencies, the West African CFA franc, used in eight We ...
currency and comprise the
West African Economic and Monetary Union The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of , and in ...
(UEMOA): *
Benin Benin ( , ; french: Bénin , ff, Benen), officially the Republic of Benin (french: République du Bénin), and formerly Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, Burkina Faso to the nort ...
*
Burkina Faso Burkina Faso (, ; , ff, 𞤄𞤵𞤪𞤳𞤭𞤲𞤢 𞤊𞤢𞤧𞤮, italic=no) is a landlocked country in West Africa with an area of , bordered by Mali to the northwest, Niger to the northeast, Benin to the southeast, Togo and Ghana to ...
*
Guinea-Bissau Guinea-Bissau ( ; pt, Guiné-Bissau; ff, italic=no, 𞤘𞤭𞤲𞤫 𞤄𞤭𞤧𞤢𞥄𞤱𞤮, Gine-Bisaawo, script=Adlm; Mandinka: ''Gine-Bisawo''), officially the Republic of Guinea-Bissau ( pt, República da Guiné-Bissau, links=no ), ...
* Ivory Coast (Côte d'Ivoire) *
Mali Mali (; ), officially the Republic of Mali,, , ff, 𞤈𞤫𞤲𞥆𞤣𞤢𞥄𞤲𞤣𞤭 𞤃𞤢𞥄𞤤𞤭, Renndaandi Maali, italics=no, ar, جمهورية مالي, Jumhūriyyāt Mālī is a landlocked country in West Africa. Mal ...
*
Niger ) , official_languages = , languages_type = National languagesSenegal Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...
*
Togo Togo (), officially the Togolese Republic (french: République togolaise), is a country in West Africa. It is bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, where its c ...
The Bank is active in developing
financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...
policy and is a member of the Alliance for Financial Inclusion.


History

Its predecessor, the ("note-issuing institute of French West Africa and Togo"), was created in 1955 and became BCEAO in 1959. The treaty establishing the West African Monetary Union (UMOA), signed on May 12, 1962, gave BCEAO the exclusive right to issue currency as the common
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...
for the, then, seven member countries: * Ivory Coast * Dahomey (modern day
Benin Benin ( , ; french: Bénin , ff, Benen), officially the Republic of Benin (french: République du Bénin), and formerly Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, Burkina Faso to the nort ...
) * Haute-Volta (modern day
Burkina Faso Burkina Faso (, ; , ff, 𞤄𞤵𞤪𞤳𞤭𞤲𞤢 𞤊𞤢𞤧𞤮, italic=no) is a landlocked country in West Africa with an area of , bordered by Mali to the northwest, Niger to the northeast, Benin to the southeast, Togo and Ghana to ...
) *
Mali Mali (; ), officially the Republic of Mali,, , ff, 𞤈𞤫𞤲𞥆𞤣𞤢𞥄𞤲𞤣𞤭 𞤃𞤢𞥄𞤤𞤭, Renndaandi Maali, italics=no, ar, جمهورية مالي, Jumhūriyyāt Mālī is a landlocked country in West Africa. Mal ...
* Mauritania *
Niger ) , official_languages = , languages_type = National languagesSenegal Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...
On June 30, 1962 Mali left the group and adopted the
Malian franc The Malian franc was the independent currency of Mali between 1962 and 1984. Although technically subdivided into 100 ''centimes'', no subdivisions were issued. History Until 1962, Mali used the West African CFA franc. The Malian franc was introd ...
as national currency. On December 17, 1963 Togo officially joined the UMOA. On May 30, 1973 Mauritania withdrew and adopted the
ouguiya The ouguiya ( ar, rtl=yes, 1=أوقية موريتانية, links=, lit=, translit= (); sign: UM; code: MRU), at one time spelled "ougiya", is the currency of Mauritania. Each ouguiya constitutes five khoums (meaning "one fifth"). As such it is ...
as national currency. On February 17, 1984, Mali re-joined the UMOA.


Governors

https://www.bceao.int/sites/default/files/inline-files/chronologie_des_evenements_marquants_de_l_histoire_de_la_bceao_et_de_l_umoa.pdf *
Robert Julienne The name Robert is an ancient Germanic given name, from Proto-Germanic "fame" and "bright" (''Hrōþiberhtaz''). Compare Old Dutch ''Robrecht'' and Old High German ''Hrodebert'' (a compound of '' Hruod'' ( non, Hróðr) "fame, glory, honou ...
, 1959-1974 *
Abdoulaye Fadiga Abdoulaye is a West African masculine given name and surname. It is equivalent to the Arabic names Abdallah or Abdullah ( ar, عبد الله ''ʿAbdu-llahi''; ''servant of God''), given name of Muhammad's father. People with this name include: Gi ...
, 1974-1988 *
Alassane Ouattara Alassane Dramane Ouattara (; ; born 1 January 1942) is an Ivorian politician who has been President of Ivory Coast (Côte d'Ivoire) since 2010. An economist by profession, Ouattara worked for the International Monetary Fund (IMF)Charles Konan Banny Charles Konan Banny (11 November 1942 – 10 September 2021)Biography at BCEAO website
, 1990-2005 *
Justin Damo Baro Justin may refer to: People * Justin (name), including a list of persons with the given name Justin * Justin (historian), a Latin historian who lived under the Roman Empire * Justin I (c. 450–527), or ''Flavius Iustinius Augustus'', Eastern Rom ...
, 2006-2008 * Philippe-Henri Dakoury-Tabley, 2008-2011 *
Jean-Baptiste Compaoré Jean-Baptiste is a male French name, originating with Saint John the Baptist, and sometimes shortened to Baptiste. The name may refer to any of the following: Persons * Charles XIV John of Sweden, born Jean-Baptiste Jules Bernadotte, was King o ...
, 2011 *
Tiémoko Meyliet Koné Tiémoko Meyliet Koné (born 26 April 1949) is an Ivorian economist and politician. He has served as Vice-President of Ivory Coast since April 2022. Early life Koné was born 26 April 1949 in Tafiré. He is part of the Senoufo ethnic group. H ...
, 2011-


See also

*
Banque des Etats de l'Afrique Centrale The Bank of Central African States (french: Banque des États de l'Afrique Centrale, BEAC) is a central bank that serves six central African countries which form the Economic and Monetary Community of Central Africa: *Cameroon *Central African ...
(BEAC) *
Banque de l'Afrique Occidentale The Banque de l'Afrique Occidentale (BAO, "Bank of West Africa") was a French bank established in 1901 to issue currency for the colonies of French West Africa. Colonial history BAO was originally created by the expansion of the Banque du S ...
(BAO) 1901-1962 * Central banks and currencies of Africa *
CFA Franc The CFA franc (french: franc CFA, , Franc of the Financial Community of Africa, originally Franc of the French Colonies in Africa, or colloquially ; abbreviation: F.CFA) is the name of two currencies, the West African CFA franc, used in eight We ...
*
West African CFA franc The West African CFA franc (French: ''franc CFA'' or simply ''franc'', ISO 4217 code: XOF; abbreviation: F.CFA) is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA; ') ...
*
Economy of Benin The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and coco ...
*
Economy of Burkina Faso The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population ...
* Economy of Guinea-Bissau *
Economy of Ivory Coast The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian ...
*
Economy of Mali The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture. Mali is among the ten poorest nations of the world, is one of the 37 Heavily Indebted Poor Countries, and is a ...
*
Economy of Niger The Gross Domestic Product (GDP) of Niger was $13.68 billion US dollars in 2020, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuf ...
*
Economy of Senegal The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous ...
*
Economy of Togo The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry ...
*
Payment system A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible.Bia ...
*
Real-time gross settlement Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis. Settlement in "real time" means a paym ...


References


External links

*
Official site:
West African Economic and Monetary Union The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of , and in ...
Banks of Benin Banks of Burkina Faso Banks of Ivory Coast Banks of Guinea-Bissau Banks of Mali Banks of Niger Banks of Senegal Banks of Togo Banks established in 1959 {{Africa-bank-stub