Réserves de change et équilibre macroéconomique en Afrique de l’Ouest
Foreign exchange reserves are a central pillar of economic stability, as they allow countries to finance essential imports even when export revenues fluctuate significantly. They directly influence financial market confidence in a country's ability to meet its international obligations. High levels of reserves strengthen macroeconomic credibility, facilitate access to external financing, and provide some flexibility in the face of international shocks, such as rising oil prices or commodity volatility.
Conversely, insufficient reserves can put pressure on the local currency and force governments to quickly adjust economic policies, often at the cost of difficult social or fiscal measures. According to recent data from the BCEAO, the net foreign exchange reserves of the eight WAEMU member states represented approximately 4.5 months of imports in September 2025, a level considered sufficient to cover current needs but leaving little room for more severe shocks.
Excessive accumulation of reserves also carries a significant opportunity cost, as these funds could be invested in infrastructure, health, or education, directly contributing to economic development. Authorities must therefore carefully balance external security with the efficient use of resources, adapting reserve building policies to the specific needs of each country and the international situation.
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