{"id":9169,"date":"2026-07-27T14:27:10","date_gmt":"2026-07-27T14:27:10","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=9169"},"modified":"2026-07-27T14:27:58","modified_gmt":"2026-07-27T14:27:58","slug":"dette-publique-le-coup-de-poker-historique-de-la-bceao","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=9169","title":{"rendered":"Dette publique : le coup de poker historique de la BCEAO !"},"content":{"rendered":"

\u00a0<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

C\u2019est un dogme qui vole en \u00e9clats. En d\u00e9cidant d\u2019intervenir directement sur le march\u00e9 pour racheter les titres de dette des \u00c9tats membres, la Banque Centrale des \u00c9tats de l\u2019Afrique de l\u2019Ouest (BCEAO) op\u00e8re une v\u00e9ritable r\u00e9volution. Derri\u00e8re l’aust\u00e9rit\u00e9 du jargon financier se cache une man\u0153uvre de haute voltige. Objectif affich\u00e9 : injecter de l’oxyg\u00e8ne dans un syst\u00e8me bancaire asphyxi\u00e9 et voler au secours de budgets publics sous haute tension.<\/strong><\/p>\n

 <\/p>\n

Au si\u00e8ge de la BCEAO \u00e0 Dakar, l’heure n’est plus \u00e0 la contemplation. Face au durcissement des conditions financi\u00e8res mondiales et au rench\u00e9rissement du co\u00fbt du cr\u00e9dit pour les pays de l\u2019Union \u00e9conomique et mon\u00e9taire ouest-africaine (UEMOA), l\u2019institut d\u2019\u00e9mission a d\u00fb trancher. En s’appuyant sur ses dispositions op\u00e9rationnelles, l’institution a formalis\u00e9 ce virage par le biais d’op\u00e9rations sp\u00e9ciales de rachat de titres publics sur le march\u00e9 secondaire. Sa d\u00e9cision d’acheter d\u00e9sormais les titres publics (bons et obligations du Tr\u00e9sor) marque la fin d’une \u00e9poque : celle d’une banque centrale cantonn\u00e9e au strict r\u00f4le de vigie de l’inflation.<\/p>\n

Le sc\u00e9nario du blocage \u00e9vit\u00e9<\/strong><\/p>\n

Pour comprendre l’urgence de la situation, il faut observer le canal habituel du financement de nos \u00e9conomies. Lorsqu\u2019un \u00c9tat de la r\u00e9gion, qu’il s’agisse de la C\u00f4te d’Ivoire ou\u00a0 du S\u00e9n\u00e9gal ou d\u2019un autre \u00e9tat de la zone a besoin de capitaux pour financer ses infrastructures, il \u00e9met des titres (des reconnaissances de dette) sur le march\u00e9. Jusqu’\u00e0 pr\u00e9sent, les banques commerciales locales se ruaient sur ces placements, jug\u00e9s s\u00fbrs et rentables.<\/p>\n

Toutefois, \u00e0 force de pr\u00eater aux gouvernements, les coffres des banques se sont vid\u00e9s de leurs liquidit\u00e9s, cr\u00e9ant un effet d’\u00e9viction massif au d\u00e9triment des PME et du secteur priv\u00e9. C\u2019est ici que la BCEAO abat sa nouvelle carte. Elle va d\u00e9sormais intervenir sur le \u00ab march\u00e9 secondaire \u00bb, le march\u00e9 de l\u2019occasion o\u00f9 les banques s’\u00e9changent les titres d\u00e9j\u00e0 \u00e9mis. En rachetant ces morceaux de dette aux banques, la Banque Centrale leur redonne instantan\u00e9ment de l’argent frais.<\/p>\n

\u00a0<\/strong>L\u2019hommage \u00e0 la proph\u00e9tie de l’actuaire Abdou Ciss\u00e9<\/strong><\/p>\n

Ce rem\u00e8de n\u2019a pourtant rien d\u2019une improvisation de derni\u00e8re minute. Si la d\u00e9cision marque les esprits aujourd’hui, elle r\u00e9sonne comme une \u00e9clatante victoire id\u00e9ologique pour un homme : Abdou Ciss\u00e9. Cet actuaire de renom, fin connaisseur des rouages financiers de la zone, d\u00e9fendait cette th\u00e8se avec une constance remarquable. D\u00e8s les ann\u00e9es 2012, puis \u00e0 travers des tribunes \u00a0en 2017 et 2020, Abdou Ciss\u00e9 appelait l\u2019UEMOA et la BCEAO \u00e0 lancer leur propre m\u00e9canisme de soutien financier r\u00e9gional, une sorte de bouclier mon\u00e9taire pour prot\u00e9ger nos \u00e9conomies.<\/p>\n

Longtemps pr\u00each\u00e9e dans le d\u00e9sert face \u00e0 une orthodoxie frileuse, sa vision consistant \u00e0 utiliser la force de la Banque Centrale pour lib\u00e9rer le potentiel du march\u00e9 r\u00e9gional des titres est d\u00e9sormais devenue la doctrine officielle. Aujourd’hui, l’histoire lui donne raison. Rendre hommage \u00e0 la perspicacit\u00e9 d’Abdou Ciss\u00e9, c\u2019est rappeler que les grandes r\u00e9formes naissent souvent de l’audace de penseurs locaux capables d\u2019anticiper les crises avant qu’elles ne frappent.<\/p>\n

\u00a0<\/strong>Les lignes de fracture : inflation et al\u00e9a moral<\/strong><\/p>\n

Toutefois, ce costume de pompier \u00e9conomique ne fait pas l’unanimit\u00e9 et suscite des inqui\u00e9tudes l\u00e9gitimes. Le premier signal d’alarme concerne l’inflation. Injecter massivement de l’argent frais dans le circuit \u00e9conomique \u00e9quivaut \u00e0 actionner indirectement la planche \u00e0 billets. Si cette masse mon\u00e9taire ne finance pas des projets d’infrastructures r\u00e9els ou le secteur productif, elle risque d’alimenter une hausse g\u00e9n\u00e9rale des prix, rognant le pouvoir d’achat.<\/p>\n

L\u2019autre d\u00e9rive point\u00e9e par les experts est celle de \u00ab l’al\u00e9a moral \u00bb. En sachant que la BCEAO s\u00e9curise les arri\u00e8res du march\u00e9 de la dette, les banques commerciales ne risquent-elles pas de pr\u00eater aux \u00c9tats les yeux ferm\u00e9s ? Cette b\u00e9quille mon\u00e9taire pourrait malheureusement inciter certains gouvernements \u00e0 rel\u00e2cher leurs efforts de bonne gestion budg\u00e9taire.<\/p>\n

Le verdict du march\u00e9<\/strong><\/p>\n

Avec cette r\u00e9forme d’envergure, la BCEAO quitte sa posture d’arbitre neutre pour devenir un joueur actif du d\u00e9veloppement r\u00e9gional, concr\u00e9tisant la feuille de route tant esp\u00e9r\u00e9e par les experts ind\u00e9pendants. Le pari est audacieux : r\u00e9animer le cr\u00e9dit bancaire et prot\u00e9ger la souverainet\u00e9 financi\u00e8re des \u00c9tats face aux chocs ext\u00e9rieurs. Reste \u00e0 savoir si l\u2019institution parviendra \u00e0 calibrer ses interventions avec assez de finesse pour \u00e9viter la surchauffe. Un exercice de funambule que les march\u00e9s africains et internationaux vont scruter \u00e0 la loupe au cours des prochains mois.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0 C\u2019est un dogme qui vole en \u00e9clats. En d\u00e9cidant d\u2019intervenir directement sur le march\u00e9 pour racheter les titres de dette des \u00c9tats membres,…<\/p>\n","protected":false},"author":1,"featured_media":886,"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-9169","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":"\nDette publique : le coup de poker historique de la BCEAO ! - 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=9169\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dette publique : le coup de poker historique de la BCEAO ! - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"\u00a0 \u00a0 C\u2019est un dogme qui vole en \u00e9clats. 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