In a context where the so-called hidden debt affair in Senegal is raising fears in the zone, the Central Bank of West African States (BCEAO) has lifted the veil on the overall public debt of the Union.

It indicates that the overall stock (outstanding) stood at 93,622.9 billion FCFA at the end of 2025, compared to 87,772 billion FCFA in 2024. This represents an increase of 5,850.9 billion FCFA.

They paid 15,387.1 billion FCFA

Currently, the public debt of the WAEMU states represents 63% of the Union's GDP. In 2026, it is projected to reach 100,611.5 billion FCFA, representing a likely increase of 6,988.5 billion FCFA.

As for the Union's debt service, that is to say, what our States spent in 2025 to honor their debt obligations during the year, it amounted to 15,387.1 billion FCFA, or 69.4% of tax revenues in 2025, compared to 64.5% in 2024.

15,105 billion borrowed locally

Debt interest payments are expected to reach 3869 billion FCFA in 2025, representing 17.5% of the tax revenues of the countries in the Union, according to the BCEAO in its Report on Monetary Policy in the WAEMU, published this March 2026.

In 2025, the countries of the Union borrowed 15,105.2 billion FCFA on the local financial market. This amount represents a 61.5% increase compared to 2024. Access to international financial markets through Eurobond issuances was less significant, amounting to 1,821 billion FCFA, compared to 2,663.9 billion FCFA in 2024.

IMF – Senegal, the cost of uncertainty

The BCEAO also warned of the risks. It indicated that an intensification of trade tensions could lead to a tightening of international financial conditions, which would reduce states' access to international capital markets.

"Lower than expected external mobilizations, in a context of high public debt levels, difficulties in the regional financial market and uncertainties surrounding the conclusion of a program between the IMF and Senegal, could affect the perception of sovereign risk in the Union by international partners and investors," the BCEAO emphasizes.

Risks in the local financial market

The BCEAO points out that such a development would further affect the prospects for resource mobilization in terms of Eurobond drawdowns and issuances. Above all, it would lead to "greater recourse to the regional financial market and exacerbate current tensions," the BCEAO notes.

An exacerbation of tensions on the regional financial market would not be good news for Senegal, which makes most of its borrowing there, since the international financial market has restricted its access to the country since the suspension of its program with the IMF.