W. Afr. Econ. and Monetary Union (WAEMU)

Multilateral in force

INTRODUCTION

The West African Economic and Monetary Union (WAEMU) – in French L’Union Economique et Monétaire Ouest-Africaine (UEMOA) – was established on 10 January 1994 and consists of eight member states. WAEMU, based on its founding treaty signed in Dakar, aims to promote economic and financial integration through the following five main objectives: (i) strengthening the competitiveness of the economic and financial activities of States; (ii) convergence of the economic performance and policies of States by the institution of a multilateral surveillance mechanism (iii) the creation of a common market based on the free circulation of people, goods, services, capital and settlement rights (iv) the coordination of national sectoral policies; (v) The harmonisation of the legislation of member states.

WAEMU results from previous regional experiences focusing on financial and monetary integration. The West African Monetary Union – in French Union Monétaire Ouest-Africaine (UMOA) was created by the Treaty of Paris of November 14, 1973, between the West African states sharing the Franc of the African Financial Community (FCFA). The 1994 Dakar Treaty, which created WAEMU, replaced this organisation and expanded its scope beyond monetary integration to include economic integration. The WAEMU treaty was revised on January 29, 2003, to increase the scope and function of the organisation.

Article 4 of the treaty outlines the objectives and includes the free movement of people. The treaty also provides for the right of establishment and residence of nationals of its member states. WAMEU has adopted directives to regulate the mobility of certain categories of professionals within its Member States.

In January 2024, Burkina Faso, Mali and Niger, which are also members of WAEMU, announced their withdrawal from ECOWAS. In September 2023, they created a mutual defence pact indicating their solidarity in dealing with insecurity – The Alliance of Sahel States (ASS) (in French L'Alliance des États du Sahel (AES)). The organisation focuses on security, terrorism and shared interests, including regional integration. However, they have not indicated whether they will withdraw their membership of WAEMU and they still retain the use of the common currency.

MEMBER STATES

REPUBLIC OF BENIN (1994)
BURKINA FASO (1994)
REPUBLIC OF CÔTE D´IVOIRE (1994)
REPUBLIC OF GUINEA-BISSAU (1997)
REPUBLIC OF MALI (1994)
REPUBLIC OF NIGER (1994)
REPUBLIC OF SENEGAL (1994)
TOGOLESE REPUBLIC (1994)

HEADQUARTERS

Ouagadougou, Burkina Faso

DATE OF CREATION

10 January 1994

TIMELINE

1994	Creation of WAEMU and adoption of the treaty in Dakar on 10 January
1997	Guinea Bissau joined WAEMU on 2 May
2003	Adoption of the revised WAEMU treaty on 29 January

KEY LEGAL DOCUMENTS

Treaty of the West African Economic and Monetary Union (WAEMU) 10 January 1994, Dakar, Senegal

Revised Treaty Of The West African Economic and Monetary Union (WAEMU) 29 January 2003.

FURTHER LEGAL AND POLICY DOCUMENTS

WAEMU (UEMOA) Recueil de textes sur la libre circulation et le droit d’établissement. Textes Communautaires:

Directive n°01/2005/CM/UEMOA sur l'Egalité de traitement des étudiants ressortissants de L'UEMOA dans la détermination des conditions et des droits d'accès aux institutions publiques d'enseignement supérieur des Etats membres de l'union, 16 September 2005. This Directive needed to be implemented by Member States by 31 December 2007.

Directive n°06/2005/CM/UEMOA relative à la libre circulation des médecins ressortissants de l'union au sein de l'espace UEMOA, 16 December 2005. This Directive needed to be implemented by Member States by 31 December 2007.

Directive n°07/2005/CM/UEMOA relative à la libre circulation des architectes ressortissants de l'union au sein de l'espace UEMOA, 16 December 2005. This Directive needed to be implemented by Member States by 31 December 2007.

Règlement n°05/2006/CM/UEMOA relatif à la libre circulation des experts comptables et des comptables agréés ressortissants de l'union au sein de l'espace UEMOA, 2 May 2006.

Directive n°06/2008/CM/UEMOA relative à la libre circulation des pharmaciens ressortissants de l'union au sein de l'espace UEMOA, 26 June 2008. This Directive needed to be implemented by Member States by 31 December 2009.

Directive n°07/2008/CM/UEMOA relative à la libre circulation des chirurgiens dentistes ressortissants de l'union au sein de l'espace UEMOA, 26 June 2008. This Directive needed to be implemented by Member States by 31 December 2009.

Directive N°01/2012/CM/UEMOA Relative à la Libre Circulation et L'etablissement des Docteurs Veterinaires Ressortissants des Etats Membres De L'UEMOA au sein de L'union, 10 May 2012.

Règlement n°10/2006/CM/UEMOA relative à la libre circulation des avocats ressortissants de l'union au sein de l'espace UEMOA, 26 July 2006.