Burkina Faso: Withdrawal of the AES will cost ECOWAS at least 45 billion CFA F annually, says Aboubakar Nacanabo

The forecasts regarding the financial losses of the Economic Community of West African States (ECOWAS) following the simultaneous withdrawal of Burkina Faso, Mali, and Niger were shared by the Burkinabe Minister of Economy and Finance, Aboubakar Nacanabo.

According to his estimations, ECOWAS could lose at least 45 billion CFA francs in community levies annually.

This information was revealed during an interview with the Burkina Faso News Agency (AIB) on Sunday, February 4, 2024.

Minister Nacanabo emphasized that ECOWAS would also feel the «effects of synergies» due to this collective exit.

He specified that the transition from 15 to 12 member countries within the organization would inevitably result in a significant financial loss.

Recall that Burkina Faso, Mali, and Niger officially left ECOWAS on January 28, 2024, in protest against the organization’s perceived subordination to foreign powers, sanctions deemed unfair, and a departure from its founding ideals.

Minister Aboubakar Nacanabo highlighted that these losses for ECOWAS are not solely monetary but also related to the benefits of collaboration within the region.

The shift to an organization composed of only 12 countries poses a challenge to maintaining synergies and community levies.

ECOWAS, as a regional entity, is now faced with the enormous challenge of rethinking its operations and managing these substantial financial losses while preserving its goal of regional cooperation and development.

Papa IBRAHIMA