Friday, September 29

ECOWAS poised to produce ECO, lift Mali sanctions

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The 61st Ordinary Session of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) that was held on 3 July 2022 in Accra, Republic of Ghana, commends its Ministerial Committee in charge of the ECOWAS Single Currency Programme for its efforts for consensual solutions for the pending issues in the context of the creation of the ECO.
In a communiqué released from the meeting, the Authority states that: “It took note of the continued implementation of the roadmap for the launch of the ECO. With a view to
promoting the smooth transition to ECO, the Authority instructs the Ministerial Committee to work to achieve consensus on all the outstanding issues.”

“Furthermore, the Authority, after commending the efforts made by regional institutions to achieve a legal framework regulating payment and settlement
systems within ECOWAS, adopted the additional Act on the legal framework of the ECOWAS Payments and Settlement System (EPSS).”

On Mali, the Authority has been informed by the Mediator on the transition evolution. It takes note of the promulgation of a new electoral law on 24th June 2022 which establishes the single election management body, Agence Indépendante de
Gestion des Elections (AIGE), among others.

“The Authority also takes note of the transition timetable submitted by the Transition Authority which provides for duration of 24 months from 29 March
2022. The timetable provides details of the steps that would lead to elections and the restoration of civilian rule, notably the constitutional reform. The Heads of State and Government decide to maintain dialogue with the Transition authorities, through the ECOWAS Mediator for Mali.
On the basis on the above, the Authority decides to lift the following sanctions: The economic and financial imposed on 9 January 2022: The closure of the land and air borders between ECOWAS Member States and Mali; the suspension of all commercial and financial transactions between ECOWAS Member States and Mali; the freezing of the assets of the Republic of Mali domiciled in the Central Banks and Commercial Banks of all ECOWAS Member States; the freezing of the assets of public and parastatal enterprises of the Republic of Mali domiciled in commercial banks of all ECOWAS Member States; the suspension of all financial assistance and transactions in favour of Mali by ECOWAS Financial Institutions, particularly EBID and BOAD.

The recall for consultations by ECOWAS Member States of their Ambassadors accredited to Mali.

The Authority decides to maintain: the suspension of Mali from the ECOWAS decision-making bodies; the individual sanctions against individuals and groups.