ECOWAS to lose almost 70M euros annually due to withdrawal of three countries

The Economic Community of West African Countries (ECOWAS) will lose over 45 billion West African CFA francs (more than 68.6 million euros) each year due to the exit of Burkina Faso, Mali and Niger, the Economy and Finance Minister of Burkina Faso, Aboubacar Nakanabo, said, Report informs via TASS.

“ECOWAS will also suffer because the transition from 15 to 12 countries [members] will inevitably lead to a loss of revenue,” the minister said in an interview with the AIB news agency.

According to him, the consequences of Burkina Faso's exit from the union for the country's economy "will not be significant." The minister emphasized that the three West African states, having withdrawn from ECOWAS, stopped participating in the multilateral format of cooperation, which will not affect the bilateral relations of the countries in the region. "Relations between countries are largely based on interests. If countries have an interest in working on economic issues, I think it will work out," Nakanabo added.

On January 28, Burkina Faso, Mali and Niger announced a joint decision to withdraw from ECOWAS as quickly as possible. The three countries' joint statement stressed that ECOWAS "is under the influence of foreign powers and has become a threat to member states and their peoples." All three countries have submitted formal notices of withdrawal to ECOWAS.