In an interview with the Burkina Information Agency (AIB), Burkina Faso's Minister of Economy and Finance, Aboubakar Nacanabo, assessed the losses of the Economic Community of West African States (ECOWAS) without Burkina Faso, Mali, and Niger as members.
On Sunday, February 4th, Minister Aboubakar Nacanabo estimated that the Economic Community of West African States (ECOWAS) will lose at least 45 billion XOF in annual community levies with the collective departure of Burkina Faso, Mali, and Niger.
Burkina Faso, Mali, and Niger formed the Sahel States Alliance (AES) on September 16th to defend each other and promote development. These three countries withdrew from ECOWAS on January 28, 2024.
In an interview with the Burkina Information Agency (AIB), Minister Aboubakar Nacanabo also stated that the sub-regional organization will lose "synergy effects" as well.
"ECOWAS will also be impacted because going from 15 to 12 countries inevitably results in a loss," added the minister.
According to him, the Sahel States Alliance concentrates the majority of ECOWAS's natural resources.
"The majority of ECOWAS's natural resources are found in the countries of the AES," emphasized the Burkinabe Minister of Economy and Finance.
Regarding his country, Nacanabo pointed out that Burkina Faso's withdrawal from ECOWAS will have minimal impact on its foreign trade, mainly due to the limited exchanges with ECOWAS member countries and those outside the West African Economic and Monetary Union (WAEMU).
"Our exit from ECOWAS in terms of impact on foreign trade is not significant except for Ghana," he explained.
He recalled that the ECOWAS space had 15 member countries, including 8 within the West African Economic and Monetary Union (WAEMU), including Burkina Faso.
According to the minister, the application of the common external tariff of WAEMU, which is close to that of ECOWAS, will help minimize the impacts.
In 2023, exports reached 14%, including less than 3% with countries outside WAEMU, such as Ghana, he clarified.
