West African economic updates: Benin investment reforms and BCEAO policy review

In Benin, the Council of Ministers, chaired by President Romuald Wadagni, has authorized the ratification of Benin’s membership in the African Export Import Bank (AFREXIMBANK) Export Development Fund. The Council also approved the ratification of the agreement establishing the Shelter Afrique Development Bank.

To strengthen the national investment framework, the Council adopted several decrees modifying the organization and functioning of committees related to special economic zones, investment promotion, and public-private partnerships. Additionally, social measures were adopted to support students for the 2026-2027 academic year.

Meanwhile, the Central Bank of West African States (BCEAO) held its third ordinary Monetary Policy Committee meeting in Dakar. The committee reviewed the regional monetary policy report, the banking system's status as of late June 2026, and the repatriation of export revenues. The meeting addressed economic risks stemming from international tensions in the Middle East and their impact on energy supply chains. This follows IMF projections of a downward revision in global growth to 3% for 2026, with global inflation expected to rise to 4.7%.