Senegal's Faye to lead ECOWAS talk with junta-led Mali, Burkina, Niger
TLDR
- West African leaders appoint Senegalese President Bassirou Diomaye Faye as an envoy of ECOWAS to persuade military leaders of Mali, Niger, and Burkina Faso to remain in the regional economic bloc.
- Juntas in Mali, Niger, and Burkina Faso signed a treaty in Niamey to establish a confederation for bolstering political and economic connections.
- Increasing integration efforts in West Africa aim at enhancing regional cohesion and collaboration among member nations.
West African leaders have tasked Senegalese President Bassirou Diomaye Faye with convincing the military leaders of Mali, Niger, and Burkina Faso not to withdraw from the regional economic bloc.
Faye was appointed as an envoy of the Economic Community of West African States (ECOWAS) during a summit in the Nigerian capital, Abuja, on Sunday.
This appointment comes as the heads of the juntas in Mali, Niger, and Burkina Faso signed a treaty in Niamey, the capital of Niger, to form a confederation aimed at strengthening political and economic ties between their nations.
Key Takeaways
Burkina Faso, Mali, and Niger, Sahel nations bound by geography and shared struggles, have all witnessed military takeovers in recent years. Public frustration with corruption, insecurity, and the perceived ineffectiveness of civilian governments fueled these coups. However, the economic impact of these political upheavals remains a complex and evolving story. Per IMF's World Economic Outlook, these nations outperformed the average growth for sub-Saharan Africa, which stood at 3.3% for 2023. This growth persisted despite ECOWAS sanctions, particularly in Niger, driven by significant economic moves made by the new military regimes. In this blog, we explore major economic trends, events, outlook, and emerging investment opportunities in each economy.
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