At a time of intense debate on the globalisation of economies, particularly in the context of the COVID-19 crisis, recovery plans, and questions surrounding the financing of development in countries of the Global South, the issue of Africa’s domestic financing for development is more pressing than ever. The regional financial market has proven its value as a tool for mobilising savings and financing economies, offering all categories of investors new opportunities to finance their activities alongside traditional bank funding. It is therefore essential to consider ways to diversify the domestic investor base while also attracting more foreign investors. With this in mind, this fifth issue provides an overview of the institutional investors currently active in the government securities market and highlights their investment strategies.

Despite the persistence of the COVID-19 pandemic, which continues to affect the world with far-reaching consequences, the credit standing of WAEMU Member States remains reassuring to investors in the government securities market. This is evidenced by the success of the various issuance transactions carried out by States. Whether in the form of traditional government securities (Treasury Bills and Treasury Bonds), COVID-19 Social Bonds, or Recovery Bonds (OdR), the market has met issuers’ expectations in terms of both resource mobilisation and returns. This demonstrates that the market represents an investment opportunity for investors and reflects their willingness to support State efforts in response to the pandemic, while also playing their part in the implementation of economic recovery plans requiring substantial funding.

Read the full analysis by Adrien DIOUF, Director of UMOA-Titres, in the editorial of this issue.