Burkina Faso Coup Cost Economy More than $50 Million

Burkina Faso’s Finance Minister Jean Sanon on Thursday said the failed military coup in that country in September cost the flagging economy more than 50 million dollars in lost revenue.

The minister said that the economy was grounded for about 10 days, with banks and businesses closed and employees unable to travel to work after an elite military unit seized power.

Sanon added that they took interim leaders hostage and disrupted the country’s democratic transition.

The week-long power grab failed and its leaders had since been arrested, although elections originally scheduled for this week had now been postponed.

“The Ministry of the Economy and Finance estimates the loss of tax revenue to be 11 billion CFA francs (about $18.90 million) and of customs receipts to be 9.7 billion CFA francs (about $16.67 million). In total, the treasury losses amounts to 30.8 billion CFA francs ($52.93 million) for the state,’’ he added.

Burkina Faso, a cotton and gold producer, had already recorded sluggish economy due to reduced commodities prices and reduced investment during the transition.

However, Sanon said the coup would trim economic growth by 0.3 per cent this year, leaving expected growth at between four per cent and 4.5 per cent.

The World Bank said growth in Burkina Faso was 6 percent in 2014.