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 centra ...
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 ...
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 ...
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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 t ...
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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 ) ...
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. Ma ...
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
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 B ...
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 centra ...
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 i ...
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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
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 t ...
)
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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. Ma ...
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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 ...
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
* Robert Julienne, 1959-1974
* Abdoulaye Fadiga, 1974-1988
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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, 1990-2005
* Justin Damo Baro, 2006-2008
* Philippe-Henri Dakoury-Tabley, 2008-2011
* Jean-Baptiste Compaoré, 2011
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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. ...
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 bot ...
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
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 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 ...