In 2022, the eight-nation bloc penalized Bamako after the military administration suggested remaining in power for up to five years.
Mali’s suspension by the West African Economic and Monetary Union (UEMOA) was lifted on Saturday. After Mali’s ruling junta postponed elections intended to restore democratic governance, the sanction was initially imposed last year.
At a session in Guinea-Bissau with the leaders of state and government from the group, the decision was made for Mali to re-join the UEMOA.
In a statement, the union stated that “concerning Mali, the Conference decided to lift its suspension from the Organs and Institutions of UEMOA taken on January 9, 2022.” The statement omitted any justifications or other information.
Malians adopted constitutional amendments last month, which the junta and other regional governments insist would pave the way for elections.
The eight coastal and Sahelian nations that make up the UEMOA are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo. These nations are united by the adoption of a single currency.
After the military administration vowed to stay in power for five years following coups in 2020 and 2021, the West African Monetary Union ordered all financial institutions under its control to suspend Bamako.
Nigeria’s president was chosen to serve as the bloc’s new leader.The Nigerian president was chosen to serve as the new head of the West African bloc.
Along with the moves, the Economic Community of West African States (ECOWAS), a group of 15 nations, issued sanctions, which included closing borders and halting non-essential financial activities as well as freezing the state’s assets in Mali.
The sanctions, which had cut off the nation from regional financial markets and apparently contributed to a $180 million debt default, were suspended by the UEMOA’s court in March 2022.
When the junta agreed to return to civilian rule by March 2024 and restore constitutional order, ECOWAS agreed to withdraw its sanctions in July 2022.
