Africa Business

Large US banks reported a round of solid quarterly profits Friday, but cautioned of rising recession risks as the economy absorbs higher inflation and a dramatic shift is central bank policy.

Citing the uncertain economic outlook, JPMorgan Chase set aside $808 million in case of bad loans, while Citigroup reserved for $370 million in potential losses and Wells Fargo, $385 million.

These sums are much smaller than the reserves established at the start of the coronavirus pandemic. But they nonetheless point to a much changed environment from a year ago, when bank results were boosted by large releases of funds that had been set aside for loan defaults that did not materialize

Today’s litany of worries include stubborn inflation that has prompted significant central bank interest rate hikes; and geopolitical fallout from the Russian invasion of Ukraine, including uncertainty in the oil market and worries about European energy security this winter.

While the US consumer remains “very strong,” these obstacles elevate the risk of a downturn, said JPMorgan Chief Executive Jamie Dimon.

The end result could be “anywhere from a soft landing to a hard recession,” Dimon told reporters on a conference call. “If it is a hard recession, obviously it has implications for unemployment and business and reserves.”

Wells Fargo Chief Executive Charlie Scharf said the bank continues to see “historically low delinquencies,” but that it is “monitoring risks” tied to macroeconomic and geopolitical headwinds.

“While we do expect to see continued increases in delinquencies and ultimately credit losses,the timing is unclear,” Scarf said.

– Lower profits –

At JPMorgan, profits fell 17 percent to $9.7 billion on a 10 percent increase in revenues to $32.7 billion.

Higher interest rates helped boost the bank’s net interest income, but JPMorgan suffered a big drop in investment banking revenues in a period that has seen far fewer initial public offerings compared with a year ago.

Dimon said businesses “remain healthy,” but alluded to “significant headwinds immediately in front of us.” 

In an interview with CNBC earlier this week, Dimon said a US recession was likely in early-to-mid 2023 and that the stock market could fall another 20 percent.

At Citigroup, profits fell 25 percent to $3.5 billion, while revenues rose six percent of $18.5 billion.

Results were boosted by higher net interest income as well a gain from the sale of the bank’s Philippines business. These benefits were offset by lower revenues in investment banking and higher operating expenses. 

Citi opted to set aside reserves in light of rising recession risk. 

Under a “baseline” economic scenario, Citi sees unemployment rising to about four percent from the current 3.5 percent. Under a “downside” scenario, unemployment would be well above five percent, said Citi Chief Financial Officer Mark Mason on a conference call with journalists.

Even under a darker outcome, Mason said “I don’t think there’s a financial crisis coming anything close to the magnitude of what we’ve seen.”

At Wells Fargo, profits fell 31 percent to $3.5 billion, while revenues rose four percent to $19.5 billion.

Results were dented by $2 billion in fresh costs linked to “litigation, customer remediation and regulatory matters.” 

During a conference call with analysts, Scharf, who was named CEO in 2019 following a fake accounts scandal under earlier executive regimes, said the bank “still has open regulatory matters” related to earlier times and was looking to get past them “as quickly as we can.”

JPMorgan shares gained 1.7 percent to $111.19, while Citi rose 0.7 percent to $43.23 and Wells Fargo gained 1.9 percent to $43.17.

Just two weeks ago, 34-year-old Ibrahim Traore was an unknown, even in his native Burkina Faso. 

But in the space of a weekend, he catapulted himself from army captain to the world’s youngest leader — an ascent that has stoked hopes but also fears for a poor and chronically troubled country.

Traore, at the head of a core of disgruntled junior officers, ousted Lieutenant-Colonel Paul-Henri Sandaogo Damiba, who had seized power just in January.

The motive for the latest coup — as in January — was anger at failures to stem a seven-year jihadist insurgency that has claimed thousands of lives and driven nearly two million people from their homes.

A few days after the September 30 coup, Traore was declared president and “guarantor of national independence, territorial integrity… and continuity of the State.”

At that lofty moment, Traore became the world’s youngest leader, wresting the title from Chilean President Gabriel Boric, a whole two years older.

And on Friday, a national forum made up of about 300 delegates named Traore interim president until elections are held in July 2024, two members of the ruling junta told AFP.

Traore’s previously unknown face is now plastered on portraits around the capital Ouagadougou.

His photo is even on sale in the main market, alongside portraits of Burkina’s revered radical leader Thomas Sankara, assassinated in 1987, and of Jesus.

– Military career –

Traore was born in Bondokuy, in western Burkina Faso, and studied geology in Ouagadougou before joining the army in 2010.

He graduated as an officer from the Georges Namonao Military School — a second-tier institution compared to the prestigious Kadiogo Military Academy (PMK) of which Damiba and others in the elite are alumni.

Traore emerged second in his class, a contemporary told AFP, describing him as “disciplined and brave.”

After graduation, he gained years of experience in the fight against the jihadists.

He served in the badly-hit north and centre of the country before heading to a posting in neighbouring Mali in 2018 in the UN’s MINUSMA peacekeeping mission. 

He was appointed captain in 2020.

A former superior officer, speaking on condition of anonymity, recounted an incident that occurred in 2020 when the town of Barsalogho in central Burkina was on the verge of falling to the jihadists.

The highway into Barsalogho was believed to have been mined, so Traore led his men on a “commando trek” across the countryside, arriving in time to free the town, he said.

When Damiba took power in January, ousting elected president Roch Marc Christian Kabore, Traore became a member of the Patriotic Movement for Preservation and Restoration (MPSR), as the junta chose to call itself.

– Discontent –

In March, Damiba promoted Traore to head of artillery in the Kaya regiment in the centre of the country.

But it was a move that ironically would sow the seeds of Damiba’s own downfall.

The regiment became a cradle of discontent, and Traore, tasked by his colleagues with channelling their frustrations, made several trips to Ouagadougou to plead their case with Damiba.

Disillusionment at the response turned into anger, which appears to have crystallised into resolve to seize power after an attack on a convoy in northern Burkina last month that left 27 soldiers and 10 civilians dead.

“Captain Traore symbolises the exasperation of junior officers and the rank and file,” said security consultant Mahamoudou Savadogo.

The new president faces a daunting task in regaining the upper hand over the jihadist groups, some affiliated with Al-Qaeda and others with the Islamic State group. They have steadily gained ground since they launched their attacks from Mali in 2015.

Yet Traore has promised to do “within three months” what “should have been done in the past eight months,” making a direct criticism of his predecessor.

Savadogo warned that one soldier overthrowing another illustrates “the deteriorating state of the army, which hardly exists any more and which has just torn itself apart with this umpteenth coup d’etat”.

Traore’s takeover comes during a struggle for influence between France and Russia in French-speaking Africa, where former French colonies are increasingly turning to Moscow.

Demonstrators who rallied for him in Ouagadougou during the standoff with Damiba waved Russian flags and chanted anti-France slogans.

Traore seems — for now — to bring hope to many in a country sinking steadily in the quagmire. 

“He embodies renewal, a generational renewal, a break with old practices,” said Monique Yeli Kam, who came to the national forum representing her party, the Movement for Burkina’s Renaissance, in order to “support and defend the vision of national unity”.

A young army captain who led the latest coup in Burkina Faso was on Friday “unanimously” named interim president until elections are held in July 2024, two members of the ruling junta told AFP.

Captain Ibrahim Traore, 34, led disgruntled junior officers in the second coup in eight months to hit the jihadist-torn west African country.

Some 300 delegates from political parties, social and religious groups, security forces, unions as well as people displaced by jihadist violence took part in a national forum on Friday.

Held in the capital, Ouagadougou, it discussed the country’s future before power is supposed to return to civilians.

“Captain Traore has just been unanimously designated president of the transition (government) by the national forum,” a member of the nation’s junta said. 

Another junta member confirmed the move.

Two weeks ago, Traore toppled Lieutenant-Colonel Paul-Henri Sandaogo Damiba.

Damiba himself had seized power only in January, forcing out Burkina’s last elected president, Roch Marc Christian Kabore.

The forum adopted article five of a “transition charter” which stipulates that the head of the Patriotic Movement for Preservation and Restoration (MPSR) — as the junta chose to call itself — assumes the positions of transition president, head of state and supreme chief of the national armed forces, the two sources said.

Traore has been head of the MPSR since the September 30 coup.

The forum also adopted an article in the charter which says the transition president’s mandate ends with the inauguration of a  president resulting from elections planned in 2024.

It adds that the transition president is not eligible to stand in presidential, legislative and local elections, organised to end the transition period.

– Troubled country – 

Traore did not attend the forum but junta member captain Marcel Medah read out a message from him urging national unity and peace.

“We must set aside our differences… and write a new page full of hope,” the message said.

Traore called for “clear directions for the construction of a strong and resilient nation, a nation that can establish peace, security, and sustainable development.”

One of the world’s poorest nations, Burkina Faso has a long history of coups since independence from France in 1960.

The latest are rooted in unrest within army ranks over the jihadist insurgency that swept in from neighbouring Mali in 2015.

Thousands of people have been killed and nearly two million have been displaced and more than a third of the country lies outside government control.

Traore has said Burkina will uphold a pledge that Damiba made for a return to civilian government by July 2024 at the latest.

But like Damiba before him, Traore defended the coup on the grounds that the authorities were failing to do enough against the jihadists.

Damiba fled on October 2 after a weekend of violent protests that also targeted the French embassy and saw demonstrators raise Russian flags.

– Vocal support –

Traore had previously said he would only stay on to carry out “current business” but at meetings in Ouagadougou and Burkina’s second city, Bobo-Dioulasso, supporters were clamouring for him to be appointed to the top job.

“Captain Ibrahim Traore must fully implement the reason for which he came,” said Oscar Seraphin Ky, one of his backers.

Monique Yeli Kam said she came to the national forum representing her party, the Movement for Burkina’s Renaissance, in order to “support and defend the vision of national unity.

“What we want is Captain Traore’s confirmation as head of state and president of Burkina Faso,” she said. “He embodies renewal, a generational renewal, a break with old practices.”

France, a close ally, has watched the new turmoil with deep concern.

A coup in Mali in 2020 sparked friction with France and led to Bamako’s military entwinement with Moscow. French troops that had been fighting jihadists in Mali for nine years pulled out this year after the row escalated.

The French ambassador to Burkina Faso, Luc Hallade, advised French citizens on Friday to limit their movements to “what is strictly necessary… out of concern for new protest movements”.

Military vehicles guarded the entry points to the conference centre in the capital where the talks were held.

According to local pollster Apidon, 53 percent of those questioned would prefer to have Traore in charge.

Among his most ardent supporters, the scale of Burkina’s security crisis makes it crucial to have a military man in charge, it found.

Large US banks reported a round of solid quarterly profits Friday, but cautioned of rising recession risks as the economy absorbs higher inflation and a dramatic shift is central bank policy.

JPMorgan Chase set aside $808 million in case of bad loans, while Citigroup reserved for $370 million in potential losses and Wells Fargo, $385 million.

These sums are much smaller than the reserves established at the start of the coronavirus pandemic. But they nonetheless point to a much changed environment from a year ago, when bank results were boosted by large releases of funds that had been set aside for loan defaults that did not materialize

Today’s litany of worries include stubborn inflation that has prompted significant central bank interest rate hikes; and geopolitical fallout from the Russian invasion of Ukraine, including uncertainty in the oil market and worries about European energy security this winter.

While the US consumer remains “very strong,” these obstacles elevate the risk of a downturn, said JPMorgan Chief Executive Jamie Dimon.

The end result could be “anywhere from a soft landing to a hard recession,” Dimon told reporters on a conference call. “If it is a hard recession, obviously it has implications for unemployment and business and reserves.”

Wells Fargo Chief Executive Charlie Scharf said the bank continues to see “historically low delinquencies,” but that it is “monitoring risks” tied to macroeconomic and geopolitical headwinds.

“While we do expect to see continued increases in delinquencies and ultimately credit losses,the timing is unclear,” Scarf said.

– Lower profits –

At JPMorgan, profits fell 17 percent to $9.7 billion on a 10 percent increase in revenues to $32.7 billion.

Higher interest rates helped boost the bank’s net interest income, but JPMorgan suffered a big drop in investment banking revenues in a period that has seen far fewer initial public offerings compared with a year ago..

Dimon said businesses “remain healthy,” but alluded to “significant headwinds immediately in front of us.” 

In an interview with CNBC earlier this week, Dimon said a US recession was likely in early-to-mid 2023 and that the stock market could fall another 20 percent.

At Citigroup, profits fell 25 percent to $3.5 billion, while revenues rose six percent of $18.5 billion.

Results were boosted by higher net interest income as well a gain from the sale of the bank’s Philippines business. These benefits were offset by lower revenues in investment banking and higher operating expenses. 

Citi opted to set aside reserves in light of rising recession risk. 

Under a “baseline” economic scenario, Citi sees unemployment rising to about four percent from the current 3.5 percent. Under a “downside” scenario, unemployment would be well above five percent, said Citi Chief Financial Officer Mark Mason on a conference call with journalists.

Even under a darker outcome, Mason said “I don’t think there’s a financial crisis coming anything close to the magnitude of what we’ve seen.”

At Wells Fargo, profits fell 31 percent to $3.5 billion, while revenues rose four percent to $19.5 billion.

Results were dented by $2 billion in fresh costs linked to “litigation, customer remediation and regulatory matters.” 

During a conference call with analysts, Scharf, who was named CEO in 2019 following a fake accounts scandal under earlier executive regimes, said the bank “still has open regulatory matters” related to earlier times and was looking to get past them “as quickly as we can.”

Near 1645 GMT, JPMorgan shares jumped 3.5 percent to $113.14, while Citi rose 1.4 percent to $43.56 and Wells Fargo gained 3.6 percent to $43.90

A young army captain who led the latest coup in Burkina Faso drew signs of support Friday for him to serve as the transitional president of the jihadist-torn west African country.

Captain Ibrahim Traore, 34, who led disgruntled junior officers into toppling Lieutenant-Colonel Paul-Henri Sandaogo Damiba two weeks ago, has so far faced no major visible opposition.

Armoured and other military vehicles guarded access to a conference centre in the capital Ouagadougou where the elite debated Friday the nation’s future.

Some 300 delegates from political parties, social and religious groups, security forces, unions as well as people displaced by jihadist violence discussed chosing a transitional president before power is supposed to return to civilians.

Supporters of Traore are clamouring for him to be that man, although he has said he does not want the job.

Several hundreds demonstrated Friday in the capital calling for Traore to be appointed president.

“We want captain Traore or nothing,” demonstrator Sayouba Ouedrapogo told AFP near the centre where the talks opened.

Traore did not attend the forum but junta member captain Marcel Medah read out a message from him urging national unity and peace.

“We must set aside our differences … and write a new page full of hope,” the message said.

Traore called for “clear directions for the construction of a strong and resilient nation, a nation that can establish peace, security, and sustainable development.”

The forum is expected to adopt a charter for which a draft seen by AFP states that the presidential transition mandate will end with the inauguration of a new president after elections in July 2024.

– Troubled country –

One of the world’s poorest nations, Burkina Faso has a long history of coups since independence from France in 1960.

The latest are rooted in unrest within army ranks over the jihadist insurgency that swept in from neighbouring Mali in 2015.

Thousands of people have been killed and nearly two million have been displaced and more than a third of the country lies outside government control.

Traore has said Burkina will uphold a pledge that Damiba made for a return to civilian government by July 2024 at the latest.

But like Damiba before him, Traore defended the coup on the grounds that the authorities were failing to do enough against the jihadists.

Damiba fled on October 2 after a weekend of violent protests that also targeted the French embassy and saw demonstrators raise Russian flags.

– Vocal support –

Traore said he would only stay on to carry out “current business” but at meetings in Ouagadougou and Burkina’s second city, Bobo-Dioulasso, supporters have also been clamouring for him to be appointed to the top job.

“Captain Ibrahim Traore must fully implement the reason for which he came,” said Oscar Seraphin Ky, one of his backers.

Monique Yeli Kam said she came to the national forum representing her party, the Movement for Burkina’s Renaissance, in order to “support and defend the vision of national unity.

“What we want is Captain Traore’s confirmation as head of state and president of Burkina Faso,” she said. “He embodies renewal, a generational renewal, a break with old practices.”

France, a close ally, has watched the new turmoil with deep concern.

A coup in Mali in 2020 sparked friction with France and led to Bamako’s military entwinement with Moscow. French troops that had been fighting jihadists in Mali for nine years pulled out this year after the row escalated.

The French ambassador to Burkina Faso, Luc Hallade, advised French citizens to limit their movements on Friday to “what is strictly necessary… out of concern for new protest movements”.

Military vehicles guarded the entry points to the conference centre in the capital where the talks were being held.

According to local pollster Apidon, 53 percent of those questioned would prefer to have Traore in charge.

Among his most ardent supporters, the scale of Burkina’s security crisis makes it crucial to have a military man in charge, it found.

Last year’s Boston marathon winner Diana Chemtai Kipyokei and her Kenyan teammate Betty Wilson Lempus have been provisionally suspended over anti-doping rule violations, the Athletics Integrity Unit (AIU) announced Friday.

The two athletes are accused of tampering with evidence, “including obstructing or delaying the AIU’s investigation through the provision of false information or documentation”.

The pair tested positive in 2021 for triamcinolone, a substance still allowed in some forms that year before being subject to a total ban in January.

Kipyokei, 28, had tested positive after winning the 2021 Boston marathon while Lempus, 31, was initially cleared by French anti-doping authorities after winning the 2021 Paris half-marathon before the AIU conducted a further investigation into the explanation offered by the runner.

THe two suspensions come just three days after that of trail runner and compatriot Mark Kangogo, winner of the Sierre-Zinal in August and also returning a positive test for triamcinolone.

Kipyokei and Lempus are the 22nd and 23rd Kenyan athletes suspended in 2022.

Kenya has since 2016 been listed as a category A country by the World Anti-Doping Agency (WADA).

“The cases announced today are part of a recent trend in Kenyan athletics regarding triamcinolone acetonide, with 10 Kenyan athletes testing positive for that prohibited substance between 2021 and 2022,” the AIU said.

“Within the same time period in athletics globally, there have been just two positive triamcinolone acetonide AAFs (Adverse Analytical Findings) for athletes from all other countries. In the four years from 2017 to 2020, there were only three Kenyan AAFs for triamcinolone acetonide.”

The northwest Nigerian state of Zamfara has imposed a local lockdown and closed some markets and highways amid restrictions to contain renewed attacks by bandit militias after the breakdown of a peace deal, officials said.

Northwest and central states are struggling to halt violence from criminal gangs who raid villages, loot and kidnap for ransom, forcing tens of thousands to flee their homes and farms in recent years. 

Zamfara’s decision underscored the complex security challenges facing Africa’s most populous state as the country prepares for February elections to chose a successor to President Muhammadu Buhari.

Zamfara, one of the worst hit by the bandit violence, had enjoyed a lull in attacks following peace deal with the gunmen, including with powerful warlord Bello Turji. 

But villages in the agrarian state have seen resurgence of raids in recent weeks following a military bombardment of Turji’s house during a naming ceremony for his new child, which killed a dozen people, including his elder brother.

Turji, a 28-year old herder-turned-bandit chief, was not at home during the raid. But he later told local media he was ready for both peace and war, a veiled threat to resume violence. 

“Government is saddened and worried about the resurgence of the activities of bandits and the recent killings,” Ibrahim Dosara, Zamfara state information commissioner said in the statement on Thursday.

Following these attacks the state governor Bello Matawalle approved the “total shutdown of Anka, Bukkuyum and Gummi Local Government Areas,” as well as nine nearby villages, the statement said. 

Last week bandits carried out three separate attacks on Nigerian troops in Zamfara, including an ambush that killed three soldiers as well as a raid on a base.  

“All movements are henceforth restricted in the afore-mentioned local governments and towns,” the statement said.

“Security personnel have been directed to deal ruthlessly with anybody found violating the restriction order.”

Two weekly markets in the towns of Danjibga and Bagega were shut indefinitely as well as seven major highways across the state. 

Other restrictions include a ban on political rallies, gatherings and meetings in the open air and at homes of politicians as parties begin campaigning for the February 25 election.

Zamfara has tried several peace deals, offering bandits amnesty and cash incentives but none of the truces has lasted.

Military raids as well a telecom shutdown to cut communications between bandits and the closure of petrol stations and markets aimed at curtailing supplies to the gangs have also failed to end the violence. 

Bandits, who were declared  terrorists by the Nigerian authorities in January, are motivated by financial gains but there are concerns among officials and analysts about their growing ties with jihadists waging a 13-year insurgency in Nigeria’s northeast.

Nigerian university lecturers on Friday suspended an eight-month strike over pay, welfare and crumbling facilities, the latest industrial dispute to hit Africa’s most populous nation.

The strike by the Academic Staff Union of Universities (ASUU) had shut down federal government-owned universities since February 14 despite talks with the government to find a truce.

In a statement on Friday, the union said it called off the strike in compliance with a court order and the intervention of eminent Nigerians, including the parliament speaker.

The union directed university teachers to resume immediately.

It however noted that “the issues in dispute are yet to be satisfactorily addressed.”

The union’s lawyer, Femi Falana, told AFP the decision to end the protracted strike was taken late Thursday.

Students on Friday welcomed the move to call off the action.

“Am happy to be back to school after eight months. My fear is that it will be tedious covering lost ground,” said Adejoke Ajibade, an accounting under-graduate of Lagos university.

“Our teachers will definitely put us under pressure to cover the syllabus,” the 18-year-old student told AFP.

Private universities and those owned by local state governments were not affected by the strike as membership of ASUU is voluntary.

Nigeria, a federal entity, comprises 36 states and Abuja, the administrative capital.

The latest strike was the second longest by ASUU, known for its work stoppages. In 2020, during the Covid-19 pandemic, Nigerian university teachers went on strike for nine months.

The demands of the lecturers are the same as in previous strikes — higher pay, improved welfare, increased funding and upgraded facilities.

Last month, a court ordered the striking teachers to resume work after several rounds of talks with the government failed to resolve the dispute. 

An appeal by ASUU to quash the court ruling was dismissed last week.

Early this week, ASUU leaders met the speaker of the House of Representatives and agreed to call off the strike.

“My appeal to ASUU is that they should see strike as the last option. They should always explore other means to resolve their disputes with government,” said nurse and parent Bimpe Ojuola.

“Frequent strike by ASUU is destroying our public universities and endangering the future of our children.”  

Public sector strikes are common in Nigeria which faces myriad challenges, including growing insecurity and falling oil revenue, as well as high debt payments, weak national currency, inflation and high unemployment.

Those issues will be in focus as Nigerians go to the polls in February to elect a successor to President Muhammadu Buhari, who will step down after two terms in office.

JPMorgan Chase reported a drop in third-quarter profits Friday as it set aside funds for potential loan defaults and highlighted the rising risk of recession.

Profits fell 17 percent to $9.7 billion on a 10 percent increase in revenues to $32.7 billion.

The results were dented by JPMorgan’s move to add $808 million in reserves for potential bad loans. In the year-ago period, profits were boosted by $2.1 billion in reserve releases.

The contrast reflects today’s much more subdued economic outlook compared with a year ago.

Higher interest rates helped boost the bank’s net interest income, but JPMorgan suffered a big drop in investment banking revenues.

Chief Executive Jamie Dimon said consumer spending remained robust during the period, but pointed to myriad risks facing the economy. 

“There are significant headwinds immediately in front of us –- stubbornly high inflation leading to higher global interest rates, the uncertain impacts of quantitative tightening, the war in Ukraine, which is increasing all geopolitical risks, and the fragile state of oil supply and prices,” Dimon said. 

“While we are hoping for the best, we always remain vigilant and are prepared for bad outcomes so we can continue to serve customers even in the most challenging of times.”

In an interview with CNBC earlier this week, Dimon said a US recession was likely in early-to-mid 2023 and that the stock market could fall another 20 percent.

Both earnings-per-share and revenues topped analyst expectations.

Shares rose 1.8 percent to $111.30 in pre-market trading.

Political parties, social and religious groups and representatives of the security forces launched talks on Friday to chart the next phase in Burkina Faso’s future after the country’s latest coup.

The gathering of some 300 people in the capital Ouagadougou is taking place two weeks after the jihadist-torn Sahel state was rocked by its second military takeover in less than nine months.

A 34-year-old captain, Ibrahim Traore, leading disgruntled junior officers, forced out Lieutenant-Colonel Paul-Henri Sandaogo Damiba.

Damiba had seized power only in January, toppling Burkina’s last elected president, Roch Marc Christian Kabore.

The national forum is due to appoint a transitional president to rule before power is eventually returned to civilians.

Supporters of Traore are clamouring for him to be that man, although he has said he does not want the job.

Several hundreds demonstrated Friday in the capital to call for Traore to be appointed president.

“We want captain Traore or nothing,” demonstrator Sayouba Ouedrapogo told AFP near the conference centre where the talks opened.

Traore did not attend the forum but junta member captain Marcel Medah read out a message from him urging national unity and peace.

“We must set aside our differences … and write a new page full of hope,” the message said.

Traore called for “clear directions for the construction of a strong and resilient nation, a nation that can establish peace, security, and sustainable development.”

The forum is expected to adopt a charter for which a draft seen by AFP states that the presidential transition mandate will end with the inauguration of a new president after elections in July 2024.

– Troubled country –

One of the world’s poorest nations, Burkina Faso has a long history of coups since independence from France in 1960.

The latest are rooted in unrest within army ranks over the jihadist insurgency that swept in from neighbouring Mali in 2015.

Thousands of people have been killed and nearly two million have been displaced and more than a third of the country lies outside government control.

Traore has said Burkina will uphold a pledge that Damiba made for a return to civilian government by July 2024 at the latest.

But like Damiba before him, Traore defended the coup on the grounds that the authorities were failing to do enough against the jihadists.

Damiba fled to neighbouring Benin on October 2, after a weekend of violent protests that also targeted the French embassy and saw demonstrators raise Russian flags.

– Vocal support –

Traore said he would only stay on to carry out “current business” but at meetings in Ouagadougou and Burkina’s second city, Bobo-Dioulasso, supporters have been clamouring for him to be appointed to the top job.

“Captain Ibrahim Traore must fully implement the reason for which he came,” said Oscar Seraphin Ky, one of his backers.

France, a close ally, has watched the new turmoil with deep concern.

A coup in Mali in 2020 sparked friction with France and led to Bamako’s military entwinement with Moscow. French troops that had been fighting jihadists in Mali for nine years pulled out this year after the row escalated.

The French ambassador to Burkina Faso, Luc Hallade, advised French citizens to limit their movements on Friday to “what is strictly necessary… out of concern for new protest movements”.

Military vehicles guarded the entry points to the conference centre in the capital where the talks were being held.

According to local pollster Apidon, 53 percent of those questioned would prefer to have Traore in charge.

Among his most ardent supporters, the scale of Burkina’s security crisis makes it crucial to have a military man in charge, it found.