OUAGADOUGOU — The Economic Community of West African States (ECOWAS) is set to lose at least 45 billion FCFA in community levies annually due to the withdrawal of Burkina Faso, Mali, and Niger.
According to Burkina Information Agency, the Burkinabè Minister in charge of Economy and Finance. In an interview with AIB, Nacanabo highlighted the financial implications of the departure of these countries from the regional bloc.
The minister emphasized not only the significant financial shortfall ECOWAS will face but also mentioned the loss of synergistic benefits that came from the collective efforts of the member states. “ECOWAS will also be impacted because going from 15 to 12 countries necessarily means a shortfall,” Nacanabo remarked, underscoring the broader consequences of the withdrawal.
The exit of Burkina Faso, Mali, and Niger from ECOWAS on January 28, 2024, was a move to express dissent against what they perceived as the organization’s undue influence by foreign powers, imposition of unfair sanctions, and a deviation from its foundational objectives.