ABIDJAN (Reuters) - The West African Economic and Monetary Union has reached an agreement with France to make changes to the CFA franc, Ivorian President Alassane Ouattara said on Saturday, in a shift away from the former colonial power.

Under the agreement, the currency remains pegged to the euro and will be renamed the ECO. It scraps a requirement for countries to keep 50% of reserves in the French Treasury and the need for a French representative on the currency union’s board.

“This is a historic day for West Africa,” Ouattara said in a statement during a joint news conference with French President Emmanuel Macron in Ivory Coast’s main city Abidjan.

The future of the currency has been long-debated with critics pointing to its links to “Francafrique”, the loose web of influence Paris retains in its former colonies.

Proponents have argued that the 74-year-old currency has brought welcome monetary stability to the countries that use it, though Macron said in 2017 it was up to African governments to decide what to do with the currency.

The CFA covers 14 African countries with a combined 150 million people and $235 billion of gross domestic product.

The changes will only affect the West African form of the currency used by Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

Source: https://www.reuters.com/article/us-ivorycoast-france-macron-idUSKBN1YP0JR

I guess france has decided to wash their hands of W. African CFA franc. The french treasury will no longer back the currency. They no longer have seat on board or reserves afterall. Congratulations and good luck to the Africans who control their currency.

Why do we have to peg it to the Euro. Francophone sha and the idocy of the Anglophones


Directly pegging the currency against another bloc implies zero control. Given the Complexities surrounding Brexit, common sense would imply we tred carefully yoking ourselves with the Euro bloc as pulling out of arrangements isn't anything the Europeans take lightly. Fullish unthinking Anglophones..spits


From Britain to Greece to Spain to Cyprus Europe has continously remained a dodgy bloc when it comes to dealing. Yoking is easy, unyoking if necessitated is what becomes troublesome.

healthserve:
Why do we have to peg it to the Euro. Francophone sha and the idocy of Anglophones

Directly pegging the currency against another bloc implies zero control. Given the Complexities surrounding Brexit, common sense would imply we tred carefully yoming ourselves with the Euro bloc as pulling out of arrangements isn't anything the Europeans take lightly. Fullish unthinking Francophones..spits

What are you suggesting they do. Do you want them to have floating exchange rates or peg it basket of currencies? Maybe they should consider a weaker currency for cheaper exports but that's up to them.

The Euro is pretty stable with or without UK being in the block. Their monetary policy can be altered later. They're not the only country that pegs their currency to anyway.

Blue3k2:


What are you suggesting they do. Do you want them to have floating exchange rates or peg it basket of currencies? Maybe they should consider a weaker currency for cheaper exports but that's up to them.

The Euro is pretty stable with or without UK being in the block. Their monetary policy can be altered later. They're not the only country that pegs their currency to anyway.

Armateurish

How about the ecowas currency? If that pulls through, changing currency twice within a decade for them

Still Being Colonized!

healthserve:

Armateurish

Dont just rant Mr. expert give your suggestions. What should they do with their currency?

Blue3k2:


Dont just rant Mr. expert give your suggestions. What should they do with their currency?

Like you're in my I.Q-Rank. I've stop dishing out private hard learned strategies.


Enjoy your ignorance

healthserve:



Like you're in my I.Q-Rank. I've stop dishing out private hard learned strategies.


Enjoy your ignorance

Lol so you have none after ranting and raving? I thought so. Useless arm chair experts.

Blue3k2:


Lol so you have none after ranting and raving? I thought so. Useless arm chair experts.

Sorry revere psych doesn't work on moi. Ciao amigo

healthserve:


Sorry revere psych doesn't work on moi. Ciao amigo

I was just stating facts dont stress yourself. I know you have nothing to contribute but that rant.

Blue3k2:


I was just stating facts dont stress yourself. I know you have nothing to contribute but that rant.

Yawns. Try harder

Blue3k2:


Dont just rant Mr. expert give your suggestions. What should they do with their currency?

he did not even spell 'amateurish' correctly bro. Why waste your time ?

Dasuks:


he did not even spell 'amateurish' correctly bro. Why waste your time ?

Called bvsy. Younger generation. Smh

healthserve:


Sorry revere psych doesn't work on moi. Ciao amigo

i hate that guy....

Dasuks:


he did not even spell 'amateurish' correctly bro. Why waste your time ?

Lol these internet experts are funny.

Blue3k2:


Lol these internet experts are funny.

stfu....you piss me off....

isnt naira pegged to that dollar stuff somehow....??

you dont know when to talk or stop talkin,you just talk anything that comes to your mind....

yeye....

darkwan:


stfu....you piss me off....

Or what loser?

Blue3k2:


Or what loser?

bite me....!!

darkwan:


bite me....!!

Im glad your mental disorder isnt contagious. It's too bad it's genetic. Best of luck to you.

good news....atleast france is away....if they want they can peg it to vietnamese currency,i dont give a fvck solong france is away....

Blue3k2:


Im glad your mental disorder isnt contagious. It's too bad it's genetic. Best of luck to you.

look who dey call somebody mental disorder....
if you are standard of mental order,then i prefer my mental disorder....thank you....

darkwan:
good news....atleast france is away....if they want they can peg it to vietnamese currency,i dont give a fvck solong france is away....

As long as its Europe, France stays

France is relevant in world politics today because of its Francophone countries, particularly in North and West Africa.

France economy subsists on African wealth. France will be broke if these African countries disintegrate, and is why whenever any people or sub ethnic in West Africa starts to talk of secession, France is engaged and pumps money in to destroy the thought. If Biafra is allowed to break free other ethnic groups in many of Francophones will follow that example. At end of day France power will diminish along with the dismembered countries.

This is the story of Southern Cameroon.

healthserve:



As long as its Europe, France stays

i dont believe that....
you do know the naira is pegged to the dollar,right....??

its a start....just france is away,thats all i care about....

darkwan:


i dont believe that....
you do know the naira is pegged to the dollar,right....??

its a start....just france is away,thats all i care about....

Euro is France and Germany bro

BabaRamota1980:
France is relevant in world politics today because of its Francophone countries, particularly in North and West Africa.

France economy subsists on African wealth. France will be broke if these African countries disintegrate, and is why whenever any people or sub ethnic in West Africa starts to talk of secession, France is engaged and pumps money in to destroy the thought. If Biafra is allowed to break free other ethnic groups in many of Francophones will follow that example. At end of day France power will diminish along with the dismembered countries.

This is also the story of Southern Cameroon.

you biafrans sef with una twisted minds....

healthserve:



Euro is France and Germany bro

and what do you call naira then....??

stay focused....you were enslaved and colonized for soo long....

this is a hugh step for africa....

now i understand why they were all smiling(except ghana) in that ecowas photo....

darkwan:


you biafrans sef with una twisted minds....

May God forgive you for calling me Biafran. You need to atone for this sin. It will cost you 2 black goats and 6 white chicken and 2bottles of Johnny Walker. Yeye thing. You no find somebody call Biafran na me you come choose.