This study aims to show first in a theoretical approach that changes in government bonds influences the real gross domestic product per capita in a monetary union in the short term. Indeed, in the long term, nominal government bonds will not have an effect on economic growth. The study also conducted empirical verification based on mainly secondary data on macroeconomic variables and the P-value of Hausman test the hypothesis.In the short term, investments measured by gross fixed capital formation positively influence real GDP per capita at the 5% threshold, regardless of the model. The government securities have no significant short-term effect on the level of economic activity in the WAEMU zone. However, when they are approximated by the credit to the economy, monetary easing is positive on growth in the 5% threshold. The government securities positively impact economic growth in WAEMU countries, long-term only.

Keywords: Quantitative easing, real economic growth in West Africa.