West Africa's central bank cut funds to Ivory Coast's Laurent Gbagbo on Thursday, adding to pressure on the defiant leader to step down after a disputed poll world powers and neighbours say he lost. At least 173 people have been killed following the November 28 election, the UN said on Thursday, as its human rights body unanimously condemned the political violence and called for reconciliation to avoid a renewed civil war.
World powers and African states have thrown their support behind Gbagbo's rival presidential claimant, Alassane Ouattara, who has set up a parallel government based in a lagoon-side Abidjan hotel, heavily guarded by UN peacekeepers. "The council of ministers has taken note of the decisions of the UN, the African Union, and of (West African regional body) ECOWAS, to recognise Alassane Ouattara as the legitimate elected president of Ivory Coast," said a statement from the Central Bank of the West African Economic and Monetary Union, read over Guinea Bissau's Bombolon radio.
The statement, issued after a meeting of ministers in Guinea Bissau, added that only appointed members of the "legitimate government" would be permitted to access funds held in the central bank's accounts. The move follows a World Bank decision on Wednesday to freeze some $800 million in committed financing to Ivory Coast, adding to expectations that Gbagbo may soon struggle to pay public wages - including to troops - and make debt repayments.
Ivory Coast's $2.3 billion bond due 2032 fell nearly a point to a record low on Thursday as investors worried that the country would be unable to meet a $30 million bond payment on December 31. Gbagbo's Finance Minister Desire Dalo did not comment when reached by telephone. Turmoil in the world's top cocoa-producing country has also boosted cocoa prices to recent four-month highs, disrupting export registrations and raising the possibility that fighting could block transport and shipping.
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