The Central Bank of West African States (french: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a
central bank serving the eight
west African countries which share the common West African
CFA franc currency and comprise the
West African Economic and Monetary Union (UEMOA):
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Benin
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Burkina Faso
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Guinea-Bissau
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Ivory Coast (Côte d'Ivoire)
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Mali
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Niger
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Senegal
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Togo
The Bank is active in developing
financial inclusion policy and is a member of the Alliance for Financial Inclusion.
History
Its predecessor, the ("note-issuing institute of
French West Africa
French West Africa (french: Afrique-Occidentale française, ) was a federation of eight French colonial territories in West Africa: Mauritania, Senegal, French Sudan (now Mali), French Guinea (now Guinea), Ivory Coast, Upper Volta (now Burki ...
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 for the, then, seven member countries:
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Ivory Coast
Ivory Coast, also known as Côte d'Ivoire, officially the Republic of Côte d'Ivoire, is a country on the southern coast of West Africa. Its capital is Yamoussoukro, in the centre of the country, while its largest city and economic centre is ...
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Dahomey
The Kingdom of Dahomey () was a West African kingdom located within present-day Benin that existed from approximately 1600 until 1904. Dahomey developed on the Abomey Plateau amongst the Fon people in the early 17th century and became a region ...
(modern day
Benin)
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Haute-Volta
Upper Volta (french: Haute-Volta) was a colony of French West Africa established in 1919 in the territory occupied by present-day Burkina Faso. It was formed from territories that had been part of the colonies of Upper Senegal and Niger and t ...
(modern day
Burkina Faso)
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Mali
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Mauritania
Mauritania (; ar, موريتانيا, ', french: Mauritanie; Berber: ''Agawej'' or ''Cengit''; Pulaar: ''Moritani''; Wolof: ''Gànnaar''; Soninke:), officially the Islamic Republic of Mauritania ( ar, الجمهورية الإسلامية ...
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Niger
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Senegal
On June 30, 1962 Mali left the group and adopted the
Malian franc as national currency. On December 17, 1963 Togo officially joined the UMOA. On May 30, 1973 Mauritania withdrew and adopted the
ouguiya 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 ]
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Robert Julienne, 1959-1974
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Abdoulaye Fadiga, 1974-1988
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Alassane Ouattara, 1988-1990
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Charles Konan Banny, 1990-2005
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Justin Damo Baro, 2006-2008
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Philippe-Henri Dakoury-Tabley, 2008-2011
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Jean-Baptiste Compaoré, 2011
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Tiémoko Meyliet Koné, 2011-
See also
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Banque des Etats de l'Afrique Centrale (BEAC)
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Banque de l'Afrique Occidentale (BAO) 1901-1962
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Central banks and currencies of Africa
There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of both ...
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CFA Franc
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West African CFA franc
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Economy of Benin
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Economy of Burkina Faso
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Economy of Guinea-Bissau
The economy of Guinea-Bissau comprises a mixture of state-owned and private companies. Guinea-Bissau is among the world's least developed nations and one of the 10 poorest countries in the world, and depends mainly on agriculture and fishing. Ca ...
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Economy of Ivory Coast
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Economy of Mali
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Economy of Niger
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Economy of Senegal
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Economy of Togo
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Payment system
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Real-time gross settlement
References
External links
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Official site:
West African Economic and Monetary Union
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