West Africa waiting for its single currency
Audio 02:25
CFA Franc banknotes (illustrative image).
© ISSOUF SANOGO / AFP
By: Stanislas Ndayishimiye
6 min
Announced at the end of last year, the Eco, which should replace the CFA franc from 2020, will ultimately have to wait.
Aside from the demand for the disappearance of the CFA franc on the part of certain civil society organizations and certain economists, current users of this currency on a daily basis rarely express themselves.
Publicity
"
Does our opinion matter
?
Because governments are used to making the decision among themselves
!
», Declares Viviane Amani, who wants her country and its UEMOA partners to have total control over their common currency.
But she doubts that her opinion will be taken into account by West African leaders.
She and Ms. Guei, her colleague, are waiting for customers in their shop inside a shopping center in Abidjan.
“
The CFA franc does not benefit the population on modest conditions.
If the Eco comes to put our interest forward, that would be a good thing.
But if there is no difference between the Eco and the CFA franc, it is better to stay at the CFA franc.
Why change if it's the same thing
?
"
But Ms. Guei still wants the disappearance of the CFA franc.
“
Our interests must be put forward.
Because the CFA franc benefits Westerners more than us Africans.
If our interests are put forward, I think it's a good thing that the franc changes.
"
Stéphane Dogbo, him, is commercial.
His opinion is very precise.
“
It's time for a change.
Instead of switching to a currency which is the CFA bis franc, we could switch to a new currency, which would be produced by African states
.
"
For this business, the countries of the West African franc zone are now able to launch their own currency.
“
We can do it, because if we base ourselves on the experience of neighboring countries which already have their own currency, they manage to manage their economy
.
"
Stéphane Dogbo sweeps the specter of the fluctuation of a future common currency in West Africa.
“
Currencies are called upon to fluctuate and it is thanks to their fluctuation that we manage to make profitable exports for nations.
"
The Economic Community of West African States has in fact been preparing for more than 20 years for the creation of a single currency.
Even if it is not ready, on December 21, 2019 in Abidjan, the Ivorian and French presidents torpedoed the work of ECOWAS, announcing the reform of the CFA franc, according to Séraphin Yao Prao, professor at the Alassane Ouattara University of Bouake.
“
The citizens are ready to go to the Eco, but the original Eco
!
That is to say, the Eco whose founding fathers laid the groundwork.
Today, we academics and then even ordinary citizens, see in the Eco Macron-Ouattara version a sabotage of the first project dubbed by all the heads of state.
"
According to this economist, West Africa should have an independent single currency within 5 to 10 years, which should boost intraregional trade, which is now only 11%.
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Currencies
Economy Africa
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