https://en.sputniknews.africa/20230710/west-african-monetary-union-ends-malis-suspension-1060446169.html
West African Monetary Union Ends Mali's Suspension
West African Monetary Union Ends Mali's Suspension
Sputnik Africa
Mali's current transitional government took power in a military coup in May 2021. Last year, military leaders postponed elections until 2026, triggering... 10.07.2023, Sputnik Africa
2023-07-10T14:20+0200
2023-07-10T14:20+0200
2023-07-10T14:20+0200
sub-saharan africa
west africa
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economic community of west african states (ecowas)
finance
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cooperation
military coup
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The West African Economic and Monetary Union (known by its French acronym UEMOA) on Sunday lifted its suspension of Mali, according to the final communique of the extraordinary session of the Conference of Heads of State and Government held this weekend in Guinea-Bissau.In the final communique, delegation heads of the member states announced that Mali can now rejoin the bodies and institutions of UEMOA. In particular, the meeting was attended by the union's chairman Niger’s President Mohamed Bazoum, President of Guinea-Bissau Umaro Sissoco Embalo, and Beninese President Patrice Talon. However, the West African leaders did not provide further details on the lifting of the country's suspension in the document.At the same time, they did hail the economic resilience of the bloc's members despite the shocks they have faced. It was noted that the economic growth in most UEMOA countries is expected to be between 6 and 7%, with the highest rate in Senegal. Established in 1994, UEMOA unites eight mainly French-speaking states within ECOWAS, which share a customs and currency union. They share a common currency, the CFA franc, which is pegged to the euro.In May 2021, the transitional military government came to power in Mali through a military coup. Last year, Mali's military leaders delayed elections, which were expected to mark the return of civilian rule, until 2026. In response to this move, the West African ECOWAS bloc imposed economic and financial sanctions against the Malian authorities. The UEMOA then suspended Mali from its bodies, approved the ECOWAS sanctions, such as the freezing of the financial assets of some 150 figures linked to the Bamako regime, and above all announced "additional sanctions, including economic and financial [ones]."These punitive measures were highly criticized by the Malian government and sparked waves of condemnation among the Malian people, who suffered the most from the restrictions.However, the trade and financial sanctions were lifted in July 2022 after the government announced a new election timetable, with the vote scheduled to be held in 2024.In June this year, the country held a constitutional referendum seen as an important step in the military's plans to restore civilian government in the country. According to Mali's electoral authority, 97% of the referendum votes were cast in favor of the draft constitution.
https://en.sputniknews.africa/20230615/we-are-still-colonized-cfa-franc-must-be-replaced-with-local-currency-ivorian-official-claims-1059932774.html
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west africa, mali, economic community of west african states (ecowas), finance, sanctions, cooperation, military coup, guinea-bissau
west africa, mali, economic community of west african states (ecowas), finance, sanctions, cooperation, military coup, guinea-bissau
West African Monetary Union Ends Mali's Suspension
Mali's current transitional government took power in a military coup in May 2021. Last year, military leaders postponed elections until 2026, triggering sanctions against the country by various regional organizations, including the Economic Community of West African States (ECOWAS) and the monetary union within it.
The West African Economic and Monetary Union (known by its French acronym UEMOA) on Sunday lifted its suspension of Mali, according to the final communique of the extraordinary session of the Conference of Heads of State and Government held this weekend in Guinea-Bissau.
"Concerning Mali, the conference decided to lift its suspension from the organs and institutions of UEMOA taken on January 9, 2022," read the final communique of UEMOA's heads of state and government.
In the final communique, delegation heads of the member states announced that Mali can now rejoin the bodies and institutions of UEMOA. In particular, the meeting was attended by the union's chairman Niger’s President Mohamed Bazoum, President of Guinea-Bissau Umaro Sissoco Embalo, and Beninese President Patrice Talon.
However, the West African leaders did not provide further details on the lifting of the country's suspension in the document.
At the same time, they did hail the economic resilience of the bloc's members despite the shocks they have faced. It was noted that the economic growth in most UEMOA countries is expected to be between 6 and 7%, with the highest rate in Senegal.
"The Conference of Heads of State and Government welcomes the resilience of the zone's economies, whose economic growth rate is forecast at 7% in 2023 after 5% in 2022, despite the shocks experienced internationally and within the community," the communique said.
Established in 1994, UEMOA unites eight mainly French-speaking states within ECOWAS, which share a customs and
currency union. They share a common currency, the CFA franc, which is pegged to the euro.
In May 2021, the transitional military government came to power in Mali through a military coup. Last year, Mali's military leaders delayed elections, which were expected to mark the return of civilian rule, until 2026. In response to this move, the West African ECOWAS bloc imposed economic and financial sanctions against the Malian authorities.
The UEMOA then suspended Mali from its bodies, approved the ECOWAS sanctions, such as the freezing of the financial assets of some 150 figures linked to the Bamako regime, and above all announced "additional sanctions, including economic and financial [ones]."
These punitive measures were
highly criticized by the Malian government and sparked waves of condemnation among the Malian people, who suffered the most from the restrictions.
However, the trade and financial sanctions were lifted in July 2022 after the government announced a new election timetable, with the vote scheduled to be held in 2024.
In June this year, the country held a constitutional
referendum seen as an important step in the military's plans to restore civilian government in the country. According to Mali's electoral authority, 97% of the referendum votes were cast in favor of the draft constitution.
