{"id":9133,"date":"2026-06-15T10:32:20","date_gmt":"2026-06-15T10:32:20","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=9133"},"modified":"2026-06-15T10:33:10","modified_gmt":"2026-06-15T10:33:10","slug":"bceao-des-taux-dinteret-toujours-parmi-les-plus-faibles-dafrique-de-louest","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=9133","title":{"rendered":"BCEAO : des taux d&rsquo;int\u00e9r\u00eat toujours parmi les plus faibles d&rsquo;Afrique de l&rsquo;Ouest"},"content":{"rendered":"<p><strong>Le Comit\u00e9 de politique mon\u00e9taire de la BCEAO a d\u00e9cid\u00e9 de maintenir ses taux directeurs inchang\u00e9s. Cette d\u00e9cision met en lumi\u00e8re la stabilit\u00e9 du mod\u00e8le de l&rsquo;UEMOA face \u00e0 la flamb\u00e9e du loyer de l&rsquo;argent chez ses voisins de la CEDEAO.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Le Comit\u00e9 de politique mon\u00e9taire de la Banque Centrale des \u00c9tats de l&rsquo;Afrique de l&rsquo;Ouest (BCEAO) a tranch\u00e9 ce 10 juin 2026. L&rsquo;institution a d\u00e9cid\u00e9 de maintenir inchang\u00e9s ses principaux taux directeurs, apr\u00e8s la baisse intervenue en mars dernier. Le principal taux de refinancement demeure ainsi fix\u00e9 \u00e0 3,0 %, tandis que le taux du guichet de pr\u00eat marginal reste \u00e0 5,0 %.<\/p>\n<p>Cette d\u00e9cision m\u00e9rite d&rsquo;\u00eatre mise en perspective avec la situation des autres pays de la CEDEAO ne partageant pas le franc CFA. Le constat est sans appel :<\/p>\n<ul>\n<li><strong>UEMOA (BCEAO) :<\/strong> 3,0 %<\/li>\n<li><strong>Guin\u00e9e :<\/strong> environ 11,5 %<\/li>\n<li><strong>Ghana :<\/strong> 14,0 %<\/li>\n<li><strong>Nigeria :<\/strong> 26,5 %<\/li>\n<\/ul>\n<p><strong>Un grand foss\u00e9 r\u00e9gional<\/strong><\/p>\n<p>L&rsquo;\u00e9cart avec le reste de la r\u00e9gion se r\u00e9v\u00e8le consid\u00e9rable. Le taux directeur de la BCEAO est aujourd&rsquo;hui plus de quatre fois inf\u00e9rieur \u00e0 celui du Ghana et pr\u00e8s de neuf fois inf\u00e9rieur \u00e0 celui du Nigeria.<\/p>\n<p>Cette r\u00e9alit\u00e9 chiffr\u00e9e invite \u00e0 nuancer certaines affirmations souvent entendues dans le d\u00e9bat public. Si les entreprises de l&rsquo;UEMOA rencontrent des difficult\u00e9s d&rsquo;acc\u00e8s au financement, celles-ci ne s&rsquo;expliquent pas principalement par un niveau excessif des taux directeurs de la banque centrale.<\/p>\n<p><strong>Les vrais freins \u00e0 l&rsquo;\u00e9conomie<\/strong><\/p>\n<p>Les v\u00e9ritables contraintes pesant sur le cr\u00e9dit se situent en r\u00e9alit\u00e9 sur le plan structurel. Les experts pointent du doigt plusieurs facteurs bloquants :<\/p>\n<ul>\n<li>La faiblesse de l&rsquo;\u00e9pargne int\u00e9rieure.<\/li>\n<li>Le risque \u00e9lev\u00e9 de cr\u00e9dit.<\/li>\n<li>L&rsquo;importance du secteur informel.<\/li>\n<li>L&rsquo;insuffisance des garanties exig\u00e9es.<\/li>\n<li>La faible profondeur des march\u00e9s financiers.<\/li>\n<li>Les faiblesses structurelles des \u00e9conomies locales.<\/li>\n<\/ul>\n<p>Les chiffres montrent ainsi que le d\u00e9bat sur le financement du d\u00e9veloppement ne peut se r\u00e9duire \u00e0 la seule question mon\u00e9taire. L&rsquo;exp\u00e9rience des pays voisins de la Zone Mon\u00e9taire d&rsquo;Afrique de l&rsquo;Ouest (ZMOA) rappelle une v\u00e9rit\u00e9 \u00e9conomique essentielle : disposer d&rsquo;une monnaie nationale propre n&rsquo;implique pas n\u00e9cessairement des taux d&rsquo;int\u00e9r\u00eat plus faibles. Bien au contraire.<\/p>\n<p><strong>Pr Amath Ndiaye (FASEG-UCAD)<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le Comit\u00e9 de politique mon\u00e9taire de la BCEAO a d\u00e9cid\u00e9 de maintenir ses taux directeurs inchang\u00e9s. Cette d\u00e9cision met en lumi\u00e8re la stabilit\u00e9 du mod\u00e8le&#8230;<\/p>\n","protected":false},"author":1,"featured_media":602,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23,8],"tags":[],"class_list":["post-9133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-la-une","category-actualite-economique","wpcat-23-id","wpcat-8-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCEAO : des taux d&#039;int\u00e9r\u00eat toujours parmi les plus faibles d&#039;Afrique de l&#039;Ouest - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=9133\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BCEAO : des taux d&#039;int\u00e9r\u00eat toujours parmi les plus faibles d&#039;Afrique de l&#039;Ouest - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"Le Comit\u00e9 de politique mon\u00e9taire de la BCEAO a d\u00e9cid\u00e9 de maintenir ses taux directeurs inchang\u00e9s. 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