The European Union 's blacklist paradoxically attacks some of the most advanced countries on the continent, at the risk of destabilizing them... Decryption with Régis Fagbemi, consultant in economics and finance, trainer at the EEP in Orléans and lecturer in finance at the CNAM.

Relatively spared from the coronavirus in health terms, Africa will not be economically. Dependent on the informal sector as much as on remittances from its diaspora, the continent, partly deprived of these two resources, is about to experience an unprecedented crisis. If the World Bank sees in cooperation to help Africa a "moral imperative" of "the interest of all", the European Union has yet to inflict an additional difficulty, by publishing a blacklist of countries considered " money laundering risks” comprising five African countries. Added to this unfortunate timing is the feeling of a certain cowardice from Brussels, its list being essentially made up of developing countries, with little weight on the international scene. Africa, hard hit by the economic crisis “The worst is yet to come”. Here is the grim prediction of Mari Elka Pangestu, the World Bank 's Managing Director for Development Policy and Partnerships, about the poorest countries. While they have been relatively spared by the pandemic itself, they will be very hard hit by the coming economic crisis. Blame it on a less resilient economy largely dependent on international trade. Africa is particularly exposed due to the weight of the informal sector in its economy, representing up to three quarters of jobs in the capitals of West Africa. An economic structure that does not adapt well to social distancing measures, bringing the activity of the millions of street vendors, handlers or small artisans who populate the continent's megacities to a halt. In the absence of social protection or income stabilization mechanisms, these workers find it impossible to ensure their daily subsistence. The crisis is also impacting the finances of the diaspora, whose money transfers "represented, in 2019, an overall volume of nearly 550 billion dollars across the entire developing world", recalls Flore Gubert, director of research within the Research Institute for Development (IRD) . A windfall threatened by the Coronavirus, the majority of the members of this diaspora occupying low-skilled jobs, in sectors (personal services, catering, cleaning, tourism, construction, etc.) at a standstill during several months. Faced with these difficulties, the World Bank recommends solidarity, for the simple reason that “countries that remain integrated into the global economy will be best placed to deal effectively with the crisis and recover more quickly”. Contrary to these recommendations, the European Union has just aggravated the difficulties of five African countries - Botswana, Ghana, Mauritius, Zimbabwe and Uganda - by placing them on a blacklist. countries "at risk" in terms of money laundering. The European Union applies the double penalty Concretely, this blacklisting should complicate their access to international capital, the banks and other European financial institutions being required to monitor more closely their operations in these countries. They will therefore be encouraged to turn to other countries that do not impose these additional “compliance” constraints. This at a time when these countries need this funding more than ever. This is especially true for Zimbabwe, on the brink of economic collapse. In a letter sent to the International Monetary Fund and the World Bank , Mthuli Ncube, the country's finance minister, writes that "Zimbabwe's economy could contract by 15% to 20% in 2020, with serious social consequences", while half of the population already suffers from food insecurity. Same concern in Ghana, which saw its growth forecast drop from 4% to 2% due to the crisis. The European Union 's blacklist paradoxically attacks some of the most advanced countries on the continent, at the risk of destabilizing them. Ghana, Mauritius and Botswana are democracies regularly cited among the good African students, and stand out for their efforts in terms of good governance. It is all the more surprising that the European Union chose such an inopportune moment to punish them severely, without giving them time to correct their shortcomings or even to defend themselves. Brussels is once again running the risk of being accused of lacking solidarity and political foresight.