West African countries of the eight-nation economic and monetary union are struggling to raise funds on the regional capital market, as investors demand higher interest rates amid tightening liquidity, financial market sources said.
Ivory Coast failed to issue local currency debt in March, while Senegal, Mali, Niger and Burkina Faso have cancelled or postponed bond issuance in recent weeks.
Tanoe said interest rates should be between 6.5% and 6.80%, instead of the 5.80% to 5.95% offered by governments currently. The country could also seek bilateral aid and funding from a consortium of banks, an official at the finance ministry told Reuters. He requested anonymity because he is not authorised to speak to the media.
"With the BCEAO tightening monetary conditions to contain elevated inflationary pressures and preserve FX reserves, the cost of funds for banks has increased," Kwapong said. Countries will have to seek bilateral assistance to avoid budget deficits and continue to finance projects, said Soualiou Fadiga, executive director of the regional stockbrokers association.
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