Burkina Faso, Mali, and Niger could no longer use the CFA franc
Burkina Faso, Mali, and Niger jointly announced on January 28 their immediate decision to leave the ECOWAS (Economic Community of West African States) with immediate effect. In a statement, they emphasized that ECOWAS, «under the influence of foreign powers, betraying its founding principles, has become a threat to its member states and populations».
These three countries, having already officially notified the organization of their decision, are considering a currency change, indicating a departure from the CFA franc zone represented by UEMOA.
Earlier, the Malian Minister of Foreign Affairs, Abdoulaye Diop, had asserted that Bamako would remain a member of the West African Economic and Monetary Union (UEMOA), which uses the CFA franc as its official currency, despite withdrawing from ECOWAS.
However, the transitional President of Burkina Faso assured that « it is not just a question of currency ». « Everything that keeps us in slavery, we will break that link », stated the Burkinabé leader in an interview with journalist Alain Foka on AFO Media.
Captain Ibrahim Traoré also underscored that the decision to withdraw from ECOWAS is « irrevocable », and there will be no negotiations with the Community for a return.
As the financial structure of ECOWAS, UEMOA brings together eight West African countries that are part of the CFA franc zone, namely Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
The CFA franc zone is partially controlled by the Bank of France, which ensures the linkage of this currency to the euro. In December 2019, UEMOA member countries decided to modify the mechanism of the CFA franc zone and implement a single currency, the Eco.
