Burkina Faso, Mali, and Niger Take a Stand for Sovereignty Decision To Dump CFA Franc -
Ibrahim Traore has been making significant strides since assuming power in 2022. His most recent move involved jointly deciding with other West African nations to exit the ECOWAS. In a recent interview, he expressed that he is not finished and is now targeting the CFA Franc currency. Driven by a focus on sovereignty, he aspires to eliminate any systems that appear to oppress his country.
Shortly after Burkina Faso, Mali, and Niger declared their withdrawal from the West African political union ECOWAS last month, Burkina Faso's military leader, Ibrahim Traore, wasted no time in identifying his next objective: the region's CFA franc currency. “It’s not just the currency. Anything that maintains us in slavery, we’ll break those bonds,” the bold and outspoken military leader said in an interview, posted on YouTube.
Certain experts argue that by expelling French soldiers and scaling back a U.N. mission in Mali, these nations have consistently demonstrated their prioritization of sovereignty over convenience. They hold the view that the junta's stance on the euro-pegged CFA franc mirrors this sentiment. Economists assert that abandoning the CFA franc would entail greater risk and complexity compared to exiting ECOWAS.
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