The bill which confirms the end of the CFA franc was adopted in the Council of Ministers on Wednesday, May 20, a text "eagerly awaited" by the countries of the West African Monetary Union, announced the spokesperson for the French government. Sibeth Ndiaye.

This text validates the transformation of the CFA franc, which will become eco by maintaining the parity with the euro, as well as the end of the centralization of the foreign reserves of West African States with the French Treasury, a she stressed.

>> To read: CFA Franc: what will change, and what will not change

This reform, recalled the spokesperson, results from the cooperation agreement signed on December 21, 2019 between Emmanuel Macron and the governments of the member states of the West African Monetary Union, which had announced this historic reform of monetary cooperation between France and these African States which should lead to the end of the CFA franc.

"This symbolic end should be part of a renewal of the relationship between France and Africa and write a new page in our history," said the government spokeswoman.

The CFA franc was "perceived as one of the vestiges of Françafrique", said Emmanuel Macron on December 21.

Withdrawal of governance bodies from France

The Central Bank of West African States (BCEAO) will no longer have to deposit half of its foreign exchange reserves with the Banque de France, an obligation that was perceived as a humiliating dependence on France by critics of the CFA franc.

It was also decided to withdraw France from the governance bodies in which it was present.

The fixed parity with the euro of the future eco must be maintained. This point is likely to change when the common West African currency is born.

>> See: Bruno Le Maire: "We are opening a new era by ending the CFA franc"

The reform was negotiated throughout the second half of 2019 between France and the eight countries of the West African Economic and Monetary Union (UEMOA): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger , Senegal and Togo.

It does not currently concern the six Central African countries which use the CFA franc but form a separate monetary zone.

With AFP

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