The Economic Community of West African States lifted economic sanctions on Niger, Mali, and Burkina Faso on Saturday.
The ECOWAS Authority Heads of State and Government held an extraordinary summit at the State House in Abuja to review the political, peace, and security situation in the region. Following protracted talks, the suspension of ECOWAS was lifted.
The suspensions are effective immediately, according to Dr. Omar Touray, President of the ECOWAS Commission.
Remember that the eight members of the West African Economic and Monetary Union and the fifteen members of the bloc—all except Burkina Faso, Guinea, Mali, and Niger—decided to seal all borders with Niger.
They also decided to halt financial activity and put the nation’s assets in foreign institutions on hold.
However, the three countries issued a united statement. On January 28, 2023, announcements of their imminent exit from ECOWAS were made by their military chiefs, Brigadier General Abdourahamane Tiani (Niger Republic), Captain Ibrahim Traoré (Burkina Faso), and Colonel Assimi Goita (Mali).
They claimed that the member states of ECOWAS were now in danger. ECOWAS, in the meantime, emphasised that they remain members.
Below are the economic sanctions lifted:
1. ECOWAS lifted the travel ban on members of the military junta and their families.
2. It lifted the freezing of all financial transactions between ECOWAS states and Niger, including transactions relating to the bloc’s central bank and the unfreezing of all of Niger’s assets at EBID.
3. It also suspended the travel ban on members of the military junta and their families.
4. It suspended sanctions on the election of Mali citizens to ECOWAS positions.
5. It lifted sanctions on Guinea, inviting all four countries to attend technical consultative meetings of ECOWAS going forward.
6. It suspended the closure of borders, including land and air, between the Niger Republic and ECOWAS.
7. It urged its withdrawing member states to reconsider their decision given the benefits enjoyed by their citizens.