West Africa’s regional stock exchange has unveiled a five-year strategy focused on technology, sustainability and new financial products, as it highlighted the market’s resilience amid global economic uncertainty.
The Bourse Régionale des Valeurs Mobilières (BRVM), which serves the eight-member West African Economic and Monetary Union (WAEMU), presented its 2025 activity report and outlook at its annual press briefing on January 20 at its headquarters in Abidjan.
BRVM Director General Edoh Kossi Amenounve used the occasion to place the exchange’s performance in the context of a changing global economic order marked by geopolitical tensions, rising protectionism and high public debt levels.
He said the global environment was becoming more fragmented and less predictable, forcing financial markets to adapt. In that context, he argued that capital markets should not be judged solely by equity performance, but also by their ability to mobilise domestic savings, finance long-term investment and cushion economies against external shocks.
WAEMU growth underpins market resilience
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Despite global headwinds, BRVM officials pointed to solid macroeconomic fundamentals within the WAEMU bloc, which they described as a key source of stability.
Economic growth across the eight countries reached 6.7% in 2025, according to figures presented at the briefing, while average fiscal deficits narrowed to 4.1%, down from 8.4% in 2022. The exchange said the trend towards fiscal consolidation had helped support investor confidence and provided a more stable environment for capital market activity.
Amenounve said the regional market’s evolution should be seen as part of a broader effort to structure economies and deepen financial systems over time.
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In 2025, a record 4.2 trillion CFA francs (about $7.5 billion) was raised on the BRVM’s primary market, driven overwhelmingly by bond issuance. Bonds accounted for nearly 88% of funds raised, with more than 95% issued by sovereign borrowers.
The exchange acknowledged the dominance of government debt on the market, but described it as a natural phase in its development rather than a structural weakness. Officials said sovereign issuance plays a key role in meeting infrastructure financing needs and helps establish market credibility, which could eventually support more diversified instruments and private-sector participation.
Positioning as a long-term funding platform
Throughout the briefing, the BRVM stressed its role as a channel for mobilising long-term domestic financing in a region with large investment needs.
Amenounve noted that, despite uncertainty, global equity markets have continued to attract investor interest, pointing to gains in major international indices. He said this showed that stock markets remain an important vehicle for capital allocation even in volatile conditions.
The BRVM has also been seeking to broaden the range of instruments available to investors. It highlighted the growth of thematic bond issuance linked to social development, environmental goals and financial inclusion. While it did not provide detailed figures, the exchange said it is now Africa’s second-largest listing venue for social bonds.
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Global shifts and capital flows
Asked about potential changes in the international financial system, including debates around the dominance of the U.S. dollar, Amenounve said any major shift would have far-reaching implications.
He noted that the dollar still accounts for a large share of global reserves and trade, but said evolving conditions could create indirect opportunities for emerging markets. With interest rates in advanced economies expected to remain relatively low, some investors may seek higher returns elsewhere, he said.
For the BRVM, the challenge will be to strengthen transparency, governance and market depth in order to attract international capital when conditions permit.
2026–2030 transformation plan
Looking ahead, the BRVM outlined a strategic plan covering the 2026–2030 period, aimed at transforming the exchange and aligning it more closely with global standards.
Technology will be a central focus, with plans to integrate tools such as artificial intelligence, blockchain and advanced data analytics to improve efficiency, transparency and market access.
Sustainability is another pillar of the strategy. The exchange said it intends to deepen its role in promoting inclusive finance and supporting issuers in structuring funding aligned with social and environmental priorities.
The BRVM also plans to introduce new products, including exchange-traded funds and, gradually, a derivatives market, which it said would help investors manage risk and enhance returns. Investor education will be expanded as part of efforts to broaden participation and anchor the market more firmly within WAEMU economies.
