Burkina to quit West African currency union –
On Sunday, January 28th, 2024, Mali, Niger, and Burkina Faso, collectively known as the Alliance of Sahel States, sent shockwaves through West Africa by jointly announcing their immediate withdrawal from the Economic Community of West African States commonly known as ECOWAS. This unprecedented move, fueled by accusations of “inhumane” sanctions and a perceived deviation from the bloc’s founding ideals, raised a multitude of questions about the future of regional cohesion as well as the geopolitical and economic implications for both the departing nations and the remaining ECOWAS member states. Indeed, concerns over security, trade, and diplomatic relations loom large, as the three countries navigate their exit from the regional bloc. And now in an interesting development, Burkina Faso has revealed it is considering leaving a key West African currency union, while Mali, a founding member of the Alliance of Sahel States, disclosed that it would not leave the currency union. What is this currency union? And why is Burkina Faso considering leaving it while Mali is staying? In today’s video, we will shed more light on these questions and many more.
On Wednesday, January 31st, 2024, Burkina Faso hinted at leaving West Africa’s currency zone while Mali clarified that it has no plans to leave. Spanning across a vast region of West Africa, the West African Economic and Monetary Union or WAEMU serves as a powerful symbol of economic and monetary integration. This union, encompassing eight member states – Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo – fosters closer collaboration in various spheres, aiming to create a prosperous and interconnected region. The cornerstone of this cooperation lies in their shared currency, the colonial CFA franc, which maintains a fixed exchange rate with the euro, offering stability and facilitating cross-border trade. Beyond currency unification, the WAEMU strives to achieve seamless movement of goods, people, and capital, dismantling barriers and promoting regional economic development.
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