Burkina Faso Plans To Launch Common African Currency With Greater Value

Burkina Faso Plans To Launch Common African Currency With Greater Value Africa has taken control of its economic affairs and asserts its independence from external assistance. However, the question arises: can a common currency benefit African nations economically? Mali, Niger, and Burkina Faso are planning to introduce a shared currency to reduce their reliance on Western powers. These African nations are tired of depending on the West and desire self-sufficiency. But how can a common currency help achieve this goal? Mali, Niger, and Burkina Faso are making significant economic strides and are making decisions that will have far-reaching effects. The first step towards their new objectives is withdrawing from the Economic Community of West African States (ECOWAS). However, why did these countries announce their departure from ECOWAS? The joint announcement of their departure from ECOWAS by Mali, Niger, and Burkina Faso on January 28th, 2024, sent shockwaves through the international community. This unexpected move has raised numerous questions about the underlying reasons and potential consequences for regional stability. Let’s delve into the complexities surrounding this decision and understand why these nations felt the need to sever ties with ECOWAS. The departure of the three countries from ECOWAS stems from their dissatisfaction with the organization’s response to their ongoing struggles against terrorism and insecurity. The military administrations in Mali, Burkina Faso, and Niger point to ECOWAS’s failure to provide substantial assistance in combating these pressing issues as the primary catalyst for their decision. This departure highlights a growing discontent among member states regarding ECOWAS’s effectiveness in addressing critical regional challenges. It further underscores a long-standing issue: the perceived inadequacy of ECOWAS in supporting its member states, particularly during times of crisis.