West African monetary union to grow 5.7% in 2022 - Ivory Coast president

The eight-member West African monetary union (UEMOA) will see combined growth of 5.7% in 2022 versus 6.1% in 2021 due to the economic impact of the war in Ukraine, the President of Ivory Coast Alassane Ouattara said on Monday.

The union includes Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

"Our states are confronted with the consequences of the Ukraine war that translate into supply difficulties and soaring food and energy prices," Ouattara said at an UEMOA meeting in Abidjan.

Inflation in the union has risen from 3.6% to 7.5 % this year.

Ouattara said the knock-on effects of the Ukraine war hit just as UEMOA members were recovering from the COVID-19 pandemic.

He noted the outlook for 2023 was brighter, with combined economic growth expected to reach 7.3%.