Economic news

Malians suffer economic hardship after four years of military rule

2024.08.18 04:29

(Reuters) – Four years after the military ousted Mali’s then-president and came to power, many residents say economic troubles are worsening and constant power cuts are hurting businesses.

The August 2020 coup in the troubled West African nation was set off by public anger with corrupt rulers backed by former colonial power France, a spreading jihadist insurgency and economic hardship. Many are still waiting for life to improve.

“The way they’ve handled the electricity situation is a problem. Many Malians are experiencing huge losses,” Oumar Diarra, a furniture maker, told Reuters. “The government has to make an effort because we are suffering enormously.”

The 2020 coup in Mali helped set off a wave of coups in the Sahel region south of the Sahara desert, including in neighbours Burkina Faso and Niger, which are fighting the same jihadist groups linked to al Qaeda and Islamic State.

The current military rulers in Mali, who seized power in a second coup in 2021, have reneged on a promise to hold elections in February, postponing the vote indefinitely for technical reasons.

Allasana Ag Agaly, a silversmith, said power cuts were affecting all households in Mali. “If the head of the family goes out in the morning and comes back at night without being able to work to bring something to his family, it will affect the children, the women and everyday life,” he said.

The World Bank says economic growth in Mali is expected to slow to 3.1% this year from 3.5% last year, with extreme poverty levels rising. About 90% of Mali’s population lives in poverty.

Mali’s military leaders, along with those in Niger and Burkina Faso, also kicked out French and U.N. troops that had been involved in fighting Islamist insurgents for a decade, and turned to Russia for help instead.

© Reuters. A fruit vendor prays on the side of a street in Bamako, Mali, April 11, 2016. REUTERS/Joe Penney/File Photo

Some residents say they remain hopeful, and view the current hardship as the price for greater independence from France.

“Political independence without economic independence is meaningless,” said Alkady Haidara, a resident in the capital Bamako. “I just want Malians to be patient, because it’s part of life. You have to go through a difficult time to have a brighter moment.”



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,711.64 2.98%
ethereum
Ethereum (ETH) $ 3,322.11 4.25%
tether
Tether (USDT) $ 0.999085 0.01%
xrp
XRP (XRP) $ 2.15 6.10%
bnb
BNB (BNB) $ 687.42 1.89%
solana
Solana (SOL) $ 187.77 5.47%
dogecoin
Dogecoin (DOGE) $ 0.312173 5.57%
usd-coin
USDC (USDC) $ 0.9995 0.07%
staked-ether
Lido Staked Ether (STETH) $ 3,317.63 4.33%
cardano
Cardano (ADA) $ 0.858835 5.85%
tron
TRON (TRX) $ 0.250757 2.47%
avalanche-2
Avalanche (AVAX) $ 37.30 7.79%
the-open-network
Toncoin (TON) $ 5.69 4.31%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,069.72 1.17%
chainlink
Chainlink (LINK) $ 22.66 7.70%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,366.55 2.95%
shiba-inu
Shiba Inu (SHIB) $ 0.000021 6.45%
sui
Sui (SUI) $ 4.19 7.44%
hedera-hashgraph
Hedera (HBAR) $ 0.286667 9.41%
stellar
Stellar (XLM) $ 0.35386 7.78%
polkadot
Polkadot (DOT) $ 6.92 7.30%
bitget-token
Bitget Token (BGB) $ 7.40 30.69%
weth
WETH (WETH) $ 3,324.69 4.11%
hyperliquid
Hyperliquid (HYPE) $ 25.88 7.86%
bitcoin-cash
Bitcoin Cash (BCH) $ 435.93 5.31%
leo-token
LEO Token (LEO) $ 9.17 3.55%
uniswap
Uniswap (UNI) $ 12.94 6.47%
litecoin
Litecoin (LTC) $ 101.97 6.01%
pepe
Pepe (PEPE) $ 0.000017 6.37%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,509.22 4.31%
near
NEAR Protocol (NEAR) $ 5.02 7.47%
ethena-usde
Ethena USDe (USDE) $ 0.998031 0.17%
usds
USDS (USDS) $ 0.999186 0.15%
aave
Aave (AAVE) $ 333.80 9.77%
aptos
Aptos (APT) $ 8.92 7.01%
internet-computer
Internet Computer (ICP) $ 10.22 8.88%
crypto-com-chain
Cronos (CRO) $ 0.149005 5.41%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.47773 7.10%
mantle
Mantle (MNT) $ 1.17 5.61%
ethereum-classic
Ethereum Classic (ETC) $ 25.73 5.59%
vechain
VeChain (VET) $ 0.046654 10.11%
render-token
Render (RENDER) $ 7.11 5.80%
whitebit
WhiteBIT Coin (WBT) $ 24.71 1.10%
dai
Dai (DAI) $ 0.999508 0.09%
monero
Monero (XMR) $ 188.73 2.93%
bittensor
Bittensor (TAO) $ 468.74 7.05%
mantra-dao
MANTRA (OM) $ 3.62 3.75%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.26 6.80%
arbitrum
Arbitrum (ARB) $ 0.743299 6.87%
filecoin
Filecoin (FIL) $ 4.95 6.36%