https://en.sputniknews.africa/20240205/ecowas-will-lose-at-least-74-mln-annually-due-to-withdrawal-of-aes-states-minister-says-1064939729.html
ECOWAS Will Lose At Least $74 Mln Annually Due to Withdrawal of AES States, Minister Says
ECOWAS Will Lose At Least $74 Mln Annually Due to Withdrawal of AES States, Minister Says
Sputnik Africa
Burkina Faso, Niger and Mali announced their withdrawal from the Economic Community of West African States (ECOWAS) in a joint communiqué in late January... 05.02.2024, Sputnik Africa
2024-02-05T16:37+0100
2024-02-05T16:37+0100
2024-02-05T17:15+0100
sub-saharan africa
economic community of west african states (ecowas)
economy
mohamed bazoum
burkina faso
niger
mali
alliance of sahel states (aes)
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The Economic Community of West African States will lose at least nearly $74 million annually as a result of the withdrawal of Niger, Mali, and Burkina Faso from the bloc, Burkina Faso News Agency said, quoting the country's Minister of Economy and Finance, Aboubacar Naсanabo.The minister argued that a reduction in the number of members of an association inevitably leads to losses.He also emphasized that most of ECOWAS' natural resources are concentrated in Mali, Niger, and Burkina Faso, which form the Alliance of Sahel States (AES).In terms of foreign trade, leaving ECOWAS would have little impact on Burkina Faso as its trade relations with other members of the community are underdeveloped, Nacanabo added.Burkina Faso, Mali, and Niger announced their withdrawal from ECOWAS on January 28. The three countries explained that the regional bloc failed to "provide assistance to our states in the framework of our existential fight against terrorism and insecurity."The nations have also argued that ECOWAS has "betrayed its founding principles" under foreign influence by imposing sanctions on countries after the coups.AES countries have had strained relations with the regional bloc since the military took power in Mali in 2020, Burkina Faso in 2022, and Niger in 2023.The bloc has imposed tough sanctions against the latter and threatened to use military force to reinstate ousted Nigerien President Mohamed Bazoum.
https://en.sputniknews.africa/20240202/historic-decision-burkina-fasos-pm-on-aes-states-withdrawal-from-ecowas-1064883932.html
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economic community of west african states (ecowas), economy, mohamed bazoum, burkina faso, niger, mali, alliance of sahel states (aes), west africa
ECOWAS Will Lose At Least $74 Mln Annually Due to Withdrawal of AES States, Minister Says
16:37 05.02.2024 (Updated: 17:15 05.02.2024) Burkina Faso, Niger and Mali announced their withdrawal from the Economic Community of West African States (ECOWAS) in a joint communiqué in late January, citing the regional bloc's failure to help them combat terrorism.
The Economic Community of West African States will lose at least nearly $74 million annually as a result of the withdrawal of Niger, Mali, and Burkina Faso from the bloc, Burkina Faso News Agency said, quoting the country's Minister of Economy and Finance, Aboubacar Naсanabo.
"Nacanabo estimates that ECOWAS will lose at least 45 billion CFA francs ($73.9 million) annually in union levies as a result of the withdrawal of Burkina Faso, Mali and Niger," the agency said.
The minister argued that a reduction in the number of members of an association inevitably leads to losses.
He also emphasized that most of ECOWAS' natural resources are concentrated in Mali, Niger, and Burkina Faso, which form the Alliance of Sahel States (AES).
In terms of foreign trade,
leaving ECOWAS would have little impact on Burkina Faso as its trade relations with other members of the community are underdeveloped, Nacanabo added.
Burkina Faso, Mali, and Niger
announced their withdrawal from ECOWAS on January 28. The three countries explained that the regional bloc failed to "provide assistance to our states in the framework of our existential fight against terrorism and insecurity."
The nations have also argued that ECOWAS has "betrayed its founding principles" under foreign influence by imposing sanctions on countries after the coups.
AES countries have had strained relations with the regional bloc since the military took power in
Mali in 2020, Burkina Faso in 2022, and Niger in 2023.
The bloc has imposed tough sanctions against the latter and threatened to use military force to reinstate ousted Nigerien President Mohamed Bazoum.
