In recent post-pandemic years, socio-economic disruptions have continued to affect global financial markets. Persistent inflation, the sustained tightening of central bank policy rates, geopolitical tensions driven notably by the Russia-Ukraine war, conflicts in the Middle East, and climate-related disasters have all placed significant pressure on market performance.

In the WAEMU region, the regional financial market is facing a range of cyclical challenges, including persistent inflationary pressures that have led the BCEAO to maintain its key policy rates at elevated levels.

Despite this environment, the government securities market in particular has shown resilience by continuing to meet States’ financing needs through Treasury Bill and Treasury Bond issuances. Investors have, in fact, maintained their appetite for sovereign securities, which continue to be regarded as safe-haven instruments in times of uncertainty.

Read the full analysis by Oulimata NDIAYE DIASSÉ, Director of UMOA-Titres, in the editorial of this issue.