Bulletin: Burkina Faso's Decision To Leave ECOWAS Highlights Funding Risks And Political Fragmentation In Western Africa

PARIS (S&P Global Ratings) Jan. 30, 2024--S&P Global Ratings said today that the decision by Burkina Faso (CCC+/Stable/C), Mali, and Niger to leave the Economic Community of West African States (ECOWAS) will strain relations with regional and international funding partners. The ECOWAS Commission has not yet been formally notified of this decision. The announced departure from ECOWAS follows a series of coups in Burkina Faso, Mali, and Niger in recent years. We believe this confirms growing geopolitical fragmentation in Western Africa, which will add to security, economic, and funding pressures. The departure from ECOWAS also risks delaying elections and weakening regional and international cooperation in the fight again terrorism. It could lead to trade sanctions within the regional block, such

...PARIS (S&P Global Ratings) Jan. 30, 2024--S&P Global Ratings said today that the decision by Burkina Faso (###+/Stable/C), Mali, and Niger to leave the Economic Community of West African States (ECOWAS) will strain relations with regional and international funding partners. The ECOWAS Commission has not yet been formally notified of this decision. The announced departure from ECOWAS follows a series of coups in Burkina Faso, Mali, and Niger in recent years. We believe this confirms growing geopolitical fragmentation in Western Africa, which will add to security, economic, and funding pressures. The departure from ECOWAS also risks delaying elections and weakening regional and international cooperation in the fight again terrorism. It could lead to trade sanctions within the regional block, such as those imposed on Niger in September 2023, as well as economic isolation. Burkina Faso is a landlocked country and dependent on the ports of Cotonou (Benin) and LomT (Togo). At the same time, we...

Bulletin