The outstanding amount of public securities issued by auction in the West African Monetary Union (WAMU) could approach 24,800 billion CFA francs at the end of 2026, according to Oulimata Ndiaye, director of UMOA-Titres. This estimate, presented in an interview published on 12 October by Financial Afrik, depends on the issuance programmes of states and their execution.

The stock stood at 21,629.34 billion CFA francs as of 31 December 2025, according to UMOA-Titres's official summary. The projection therefore represents an increase of about 3,171 billion over one year, or 14.7%. It concerns loans still outstanding on a given date, not the amount that Treasuries are expected to raise in the year 2026 alone.

This scope does not cover all public debt of the eight countries. It covers the regional auction market, where states borrow through a bidding system. Treasury bills meet short-term needs, while bonds provide medium- and long-term financing. Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo participate in this market.

The weight of repayments behind the amounts raised

Flows in 2025 show why issuance volume alone does not measure the additional cash available to budgets. States had raised 11,858.80 billion CFA francs over the year, but also repaid 9,275.42 billion. A significant share of the funds raised therefore goes to meeting earlier maturities, beyond financing new spending.

The structure of holders also sheds light on the stakes of this financing. At end-2025, intermediaries held 17,200.24 billion CFA francs for their own account, compared with 4,429.09 billion recorded in their clients' accounts. The latter thus represented roughly one fifth of the outstanding amount, according to the institution's data.

In the interview, Oulimata Ndiaye reports a decline in financing rates of 1.5 to 2 percentage points in 2026, depending on maturities. For 2027, she stresses diversifying investors and more active trading after securities are issued.

This secondary market allows a holder to resell a security before its redemption. It differs from the primary market, on which states raise funds at issuance. For investors, the terms of this resale determine how easily they can recover their money before maturity.