https://en.sputniknews.africa/20240129/mali-niger-burkina-exit-ecowas-common-aes-currency-expected-next-1064828212.html
Mali, Niger, Burkina Exit ECOWAS: Common AES Currency Expected Next?
Mali, Niger, Burkina Exit ECOWAS: Common AES Currency Expected Next?
Sputnik Africa
Over the weekend, Burkina Faso, Niger, and Mali announced in a joint communiqué their withdrawal from the Economic Community of West African States (ECOWAS)... 29.01.2024, Sputnik Africa
2024-01-29T16:27+0100
2024-01-29T16:27+0100
2024-01-29T16:27+0100
mali
niger
burkina faso
west africa
economic community of west african states (ecowas)
alliance of sahel states (aes)
sahel region
sahel
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alternative currency
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The withdrawal of Burkina, Mali and Niger from the Economic Community of West African States (ECOWAS) could lead to a common currency that will be viable thanks to the rich soils of the three countries, Iba Karim, a doctoral candidate in economics and management sciences and a former Burkinabe parliamentarian, told Sputnik Africa.On the economic front, the currency will be able to hold its own thanks to the natural resources of the three countries, the academic explained.Karim added, "In terms of other minerals and other resources, there's Niger with uranium, which is not small. You've got oil in Mali, in Niger [...] If we put all that in the balance, I think our currency could sustain itself."Other AdvantagesThe choice of AES countries could prove beneficial to the standard of living of their peoples, according to Iba Karim.On the other hand, although ECOWAS has set itself the goal of assisting peoples in times of need, the "inhumane, irresponsible and thoughtless" sanctions are punishing these peoples.Well-Considered DecisionWhile welcoming the withdrawal of Burkina Faso, Mali and Niger from the regional organization, the academician stressed that it was a well-considered decision by the leaders of the three nations.At the same time, this withdrawal could cause concern within the community, the former elected official suggested.The Break With ECOWASThe three countries announced their withdrawal from the Economic Community of West African States in a joint communiqué on January 28.For its part, the organization said it was ready for a "negotiated solution" and stressed that the three countries were important members of the community.The countries have had strained relations with ECOWAS since the military took power in Mali in 2020, Burkina Faso in 2022 and Niger in 2023.The organization has imposed heavy sanctions on the latter and threatened to use military force to reinstate the ousted authorities. ECOWAS also suspended the three countries from its bodies.
https://en.sputniknews.africa/20240129/withdrawal-from-ecowas-mali-burkina-niger-leave-bloc-influenced-by-foreign-powers-1064827382.html
https://en.sputniknews.africa/20240119/aes-looks-forward-to-russias-help-in-strengthening-blocs-military-capabilities-nigers-pm-says-1064696853.html
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mali, niger, burkina faso, west africa, economic community of west african states (ecowas), alliance of sahel states (aes), sahel region, sahel, currency, alternative currency, sanctions
Mali, Niger, Burkina Exit ECOWAS: Common AES Currency Expected Next?
Muhammad Nooh Osman
Writer/Editor
Over the weekend, Burkina Faso, Niger, and Mali announced in a joint communiqué their withdrawal from the Economic Community of West African States (ECOWAS). The three military governments cited the regional organization's failure to "provide assistance to our States in the framework of our existential fight against terrorism and insecurity."
The
withdrawal of Burkina, Mali and Niger from the Economic Community of West African States (ECOWAS) could lead to a common currency that will be viable thanks to the rich soils of the three countries,
Iba Karim, a doctoral candidate in economics and management sciences and a former Burkinabe parliamentarian, told
Sputnik Africa.
On the economic front, the currency will be able to hold its own thanks to the natural resources of the three countries, the academic explained.
"If we leave ECOWAS, it implies that there's a [common] currency to emerge. The three countries have everything to win by having their own currency," he said. "In terms of gold reserves [...] Ghana is the leading producer, followed by Mali in second place and Burkina Faso in third [...]. At the AES, we find ourselves along with the gold-producing countries second and third gold-producing countries. That's not small."
Karim added, "In terms of other minerals and other resources, there's Niger with uranium, which is not small. You've got oil in Mali, in Niger [...] If we put all that in the balance, I think our currency could sustain itself."
The choice of AES countries could prove beneficial to the standard of living of their peoples, according to Iba Karim.
"It may even reduce the cost of living. It will alleviate the multiple sufferings of the population," he noted.
On the other hand, although ECOWAS has set itself the goal of assisting peoples in times of need, the "inhumane, irresponsible and thoughtless" sanctions are punishing these peoples.
The "ECOWAS member countries [...] don't play their role properly because, above all, they have the obligation to assist people, that is, to help the people of countries that are in difficulty. We currently have three countries that are going through security crises, even economic crises. But we did not feel ECOWAS alleviate suffering of these populations," he said.
While welcoming the withdrawal of
Burkina Faso, Mali and Niger from the regional organization, the academician stressed that it was a well-considered decision by the leaders of the three nations.
"I think it's a very good thing [...]. It's not a decision that came out of the blue. Certainly, the leadership had to think things through before taking the decision," Karim told Sputnik Africa.
At the same time, this withdrawal could cause concern within the community, the former elected official suggested.
"It is a concern for other ECOWAS members because they fear the fragmentation of ECOWAS. If the three countries are not there, who knows which of the other countries will follow?" he wondered.
The three countries
announced their withdrawal from the Economic Community of West African States in a joint communiqué on January 28.
For its part, the organization said it was ready for a "negotiated solution" and stressed that the three countries were important members of the community.
The countries have had strained relations with ECOWAS since the military took power in Mali in 2020, Burkina Faso in 2022 and Niger in 2023.
The organization has imposed heavy sanctions on the latter and threatened to use military force to reinstate the ousted authorities. ECOWAS also suspended the three countries from its bodies.
