“The public securities market is today a central instrument of financial sovereignty.” With this declaration, the Minister of Finance and Budget, Essowè Georges Barcola, formally opened the Public Securities Market Meetings (REMTP) on Tuesday, January 27, in Lomé. His statement set a reflective and strategic tone for discussions focused on how West African states can better finance development through structured and sustainable market instruments.
The REMTP forum is dedicated to strengthening the financing mechanisms of member states of the West African Monetary Union (UEMOA). It brings together policymakers, financial experts, investors, and regional institutions to review progress, assess challenges, and chart a stronger future for public debt management and capital market development within the sub-region.
Strengthening State Financing Through Market Instruments
At the heart of the meetings lies a shared objective: improving how UEMOA states mobilise resources to fund national development priorities. Public securities, including treasury bills and bonds, have become vital tools for governments seeking predictable and transparent financing. Minister Barcola emphasised that when properly managed, these instruments reduce dependence on external borrowing and enhance economic self-determination.
He noted that financial sovereignty is no longer defined solely by political authority. It also depends on a state’s capacity to finance its needs through credible, efficient, and resilient financial systems. The public securities market, therefore, serves as a bridge between government needs and investor confidence.
UEMOA’s Evolving Capital Market Landscape
Over the past decade, the UEMOA public securities market has grown significantly. Member states increasingly rely on regional markets to raise funds for infrastructure, social programmes, and budget support. This evolution reflects improved coordination among treasuries, stronger regulatory oversight, and growing participation from institutional investors.
However, speakers at the REMTP acknowledged that challenges remain. These include uneven market depth, refinancing risks, rising debt service costs, and exposure to global financial volatility. Addressing these issues requires continuous reform, transparency, and innovation in debt instruments.
Building Investor Confidence and Market Stability
Another key focus of the meetings is investor confidence. Market credibility depends on clear issuance strategies, fiscal discipline, and timely communication. Participants highlighted the importance of predictable issuance calendars, diversified investor bases, and reliable settlement systems.
Minister Barcola stressed that governments must treat investors as long-term partners. By doing so, states can secure better financing conditions while promoting market stability. He also called for stronger collaboration between national treasuries, the regional central bank, and market regulators to ensure consistency and trust.
Regional Cooperation and Shared Responsibility
The REMTP also underscores the importance of regional solidarity within UEMOA. Since member states share a common currency and financial framework, their actions affect the stability of the entire union. Coordinated debt strategies and shared best practices help prevent systemic risks and promote collective resilience.
Experts at the forum noted that regional integration offers clear advantages. It expands the investor pool, improves liquidity, and reduces borrowing costs over time. Strengthening the public securities market therefore aligns with broader goals of economic convergence and regional stability.
Looking Ahead: Sustainability and Innovation
As discussions continue, attention is also turning toward the future. Participants are exploring innovative instruments, including longer-term bonds and sustainability-linked securities. These tools could help align financing with development goals such as climate resilience, infrastructure expansion, and social inclusion.
Minister Barcola concluded that the path forward demands discipline, vision, and cooperation. Financial sovereignty, he noted, is not achieved overnight. It is built through strong institutions, responsible governance, and markets that serve both states and citizens.
The REMTP meetings in Lomé represent a critical step in that journey. By reinforcing the role of the public securities market, UEMOA states are working to secure stable financing today while laying stronger foundations for tomorrow.
