West African leaders lift economic and financial sanctions on Mali

PUBLISHED: Mon, 04 Jul 2022 10:10:27 GMT
Cooper Inveen and Christian Akorlie
Key Points
  • Mali had defaulted on debt due to sanctions
  • Bloc accepts 24-month transition in Burkina Faso
  • Gives Guinea junta until end of July for new timetable
Economic Community of West African States (ECOWAS) heads of state and government pose for a group photo at the ECOWAS 61st Ordinary Session in Accra, Ghana, on July 3, 2022. – West African leaders meet on July 3 to review sanctions they have imposed on Mali, Guinea and Burkina Faso, three military-ruled countries in their volatile region, and assess efforts to nail down timetables and other guarantees for restoring civilian rule. (Photo by Nipah Dennis / AFP) (Photo by NIPAH DENNIS/AFP via Getty Images)

ACCRA, July 3 (Reuters) – Leaders of the Economic Community of West African States (ECOWAS) on Sunday lifted economic and financial sanctions imposed on Mali, after its military rulers proposed a 24-month transition to democracy and published a new electoral law.

The bloc imposed stiff sanctions on Mali in January after the junta said it would not organise democratic elections the following month as initially planned.

ECOWAS Commission President Jean Claude Kassi Brou told a news conference that the sanctions will be lifted immediately. Borders with Mali will reopen and regional diplomats will return to Bamako. Read full storyRead full story

“However, the heads of state decided to maintain individual sanctions, and the suspension of Mali from ECOWAS, until the return to constitutional rule,” Kassi Brou said.

The individual sanctions targeted members of the ruling junta and the transitional council.

Mali has defaulted on over $300 million of its debt due to the sanctions, which cut it off from the regional financial market and the regional central bank. Read full story

The West African leaders meeting in Accra also accepted a pledge from the junta that seized power in Burkina Faso in January to restore constitutional order in 24 months.

Kassi Brou said that after a lengthy discussion with the coup leaders in Burkina Faso, a new proposal for a 24-month transition was more acceptable, after the heads of state rejected a proposed 36-month transition.

Economic and financial sanctions on Burkina Faso were also lifted, he said.

But the ECOWAS leaders rejected a three-year transition proposed by coup leaders who seized power in Guinea in September. They told Guinea’s junta to propose a new timeline by the end of July or face economic sanctions.

The heads of state appointed Benin’s former president Yayi Boni as a new mediator and urged the Guinea junta to work with him and quickly propose a new timetable.

“Beyond that, economic sanctions will be imposed,” Kassi Brou said.

(Reporting by Cooper Inveen and Christian Akorlie; Writing by Bate Felix; Editing by Kevin Liffey)

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.