Mali Economic Update – Military Coup
Mali facing a huge economic turmoil after the military coup
On 18th August 2020, Mali witnessed a new chapter in its distressed history after dissident military leaders started a revolt and detained President Boubacar Keita from office. Even amid the coronavirus pandemic, it was not too difficult for the angry mob to overthrow Mali’s government.
Protests had been echoing across the West African nation for weeks, and on 18th August, mayhem broke out in the Mali capital, Bamako, with soldiers blocking roads and heavy gunshots being fired and heard.
Mr. Keita, tormented by months of protests over economic stagnation, corruption, and a ruthless Islamist mutiny, said he was also dissolving the government and parliament to avoid violence.
The tensions that forced Keïta from office are nothing new and they are not directly linked to the COVID -19 pandemic. The fact is that anger about corruption, and the fight against radicalism has been carrying on for years. However, it cannot be denied that the coronavirus which has affected people and economies all over the world may have resulted in the tensions in Mali. The country has been plagued by terrorism and instability for almost a decade now, while Keïta joined his office only in 2012 after a takeover. However, later he won the presidential elections in 2013, and again in 2018, but the public cynicism has been growing ever since.
The military coup and the subsequent resignation of Keïta have resulted in a political and social crisis in Mali, which is expected to have a huge effect on the country.
Just like the whole world, Mali is facing the COVID-19 pandemic and now these deadly terrorist attacks are only going to make matters worse.
Based on this news, we suggest you be extremely cautious while dealing with companies located in Mali as the economy of the country is in great turmoil right now. You can order investigated business credit reports on all international companies at Creditreform. Also, if you are monies by any companies in Mali visit our Mali Debt Collection page for more information on how we can recover this debt.
These events sparked international condemnation and are likely to further destabilise the West African nation, following months of anti-government mass protests and a rising insurgency from Islamist militants.
*Information was provided by our local partner Cristal credit Africa