UEMOA sets the pace: $3.4 billion raised in a single month — in local currency

Back in January 2024, we highlighted what was then the continent’s most dynamic regional market: the public securities market of the West African Monetary Union (UMOA). That momentum has not eased at the start of 2026 — quite the opposite. Bond issuance has reached record levels, allowing member states to mobilise substantial funding among themselves, on their own market.

According to data published by UMOA-Titres, governments in the zone raised 1,901.9 billion CFA francs ($3.4 billion) in January 2026 alone — more than double the volumes collected over the same period in 2025. No other regional market in Africa can claim as much, certainly not CEMAC (the Economic and Monetary Community of Central Africa), which has ground to a halt due to the “continued deterioration of its financial situation,” as member states have failed to pay their contributions amid economic hardship.

UMOA-Titres’ striking figures are largely driven by growing use of Treasury bonds (OAT), medium- and long-term debt instruments. OAT issuance climbed to 1,432.9 billion CFA francs, up 300% year-on-year. By contrast, Treasury bills (BAT), typically used for short-term financing, fell to 468.9 billion CFA francs, down 18%.

This marks a notable shift in financing strategies across UEMOA member countries. They are now favouring longer maturities, giving public treasuries more breathing room by stretching out debt repayment schedules. It also helps contain the risks associated with overly frequent refinancing.

Countries in the sub-region remain wary after the sharp drop in liquidity in 2024 and during the first months of 2025, when they were forced to borrow heavily at short maturities — heightening pressure from closely spaced refinancing needs. The average maturity of securities issued in January 2026 stood at 2.95 years, up from 1.77 years in January 2025.

Unsurprisingly, Côte d’Ivoire — the powerhouse of UEMOA and a key engine of West African economies — topped the list of issuers for the month, raising 1,039.7 billion CFA francs. That is more than half of the amounts collected across the entire zone. Abidjan relied mainly on OATs, with maturities ranging from 3 to 7 years.

Senegal followed, but far behind, with 366.7 billion CFA francs raised through a mix of short-term issues and medium-term bonds. Investors are betting on stronger growth momentum supported by the rollout of gas and oil production.

Benin, Burkina Faso, Mali, Niger and Guinea-Bissau also tapped the regional market last January, though in more modest amounts. The terms applied — interest rates and repayment maturities — vary by country.

One notable absence this time was Togo: there were no issues via UMOA-Titres in January. Lomé had already raised more than 100 billion CFA francs through BRVM (the Regional Stock Exchange) on the syndicated segment, in an operation that closed on 23 January 2026.

By the end of last month, the total volume of debt raised across the UMOA zone stood at 22,217.8 billion CFA francs, up 2.7% year-on-year.