Members of Burkina Faso's presidential guard -- who have taken the president and government leaders hostage -- announced Thursday they had "dissolved" the country's political institutions and vowed to organise  "inclusive elections".

Lieutenant-Colonel Mamadou Bamba appeared on national television to declare a new "National Democratic Council" had put an end "to the deviant regime of transition" in the west African state and Burkina's interim president had been stripped of his powers.

"The National Transition Council has been... dissolved... Wide-ranging talks are being held to form a government... to lead to inclusive and peaceful elections," he added.