The Central Bank of West African States (BCEAO) held its key lending rate steady at 3.5% on Wednesday.
The decision came after a Monetary Policy Committee meeting in Dakar, Senegal.
The bank projected inflation for the region to remain at 3.7% in 2024, similar to the previous year.
However, it cautioned that several factors could pose risks to this outlook, including security concerns in some countries, adverse weather conditions affecting agriculture, and rising energy and food prices.
The BCEAO serves eight West African countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.