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West African Countries To Stop Using Colonial-era Currency 'CFA Franc' - Foreign Affairs - Nairaland

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West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by MrAnele(m): 11:16am On Dec 22, 2019
Eight West African countries Saturday agreed to change the name of their common currency to Eco and severed the French-backed CFA franc's regional currency that dates back to the colonial era.

These countries are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. All are former French colonies with the exception of Guinea-Bissau.

The president of Ivory Coast, Alassane Ouattara, speaking at a joint news conference with the visiting president of France, Emmanuel Macron, said on Saturday that the bloc was changing the name of the C.F.A. franc, used in eight West African countries, and renaming it the Eco.

The new Currency 'eco' Will be pegged to euro but requirement for member states to keep 50% of reserves with French treasury will be scrapped, french representative on board of regional central bank will also be scrapped

Ivorian President Alassane Ouattara, speaking at a joint news conference with the visiting president of France, Emmanuel Macron, announced the reform of the long-disputed CFA franc on Saturday, a currency that is used in eight nations in West Africa.

C.F.A. stood for the French Colonies of Africa when the then-colonial power introduced the currency in 1945, though it was changed after independence to the Financial Community of Africa. It is seen by many as a relic of “Françafrique,” the unofficial system under which France exerted influence over its former colonies in sub-Saharan Africa long after independence.

Most of the criticism of the C.F.A. has centered around the requirement that the countries that use it are required to keep 50 percent of their foreign currency reserves in the French treasury. Under the agreement between France and the eight countries, this requirement will be scrapped when it becomes the Eco, as will the stipulation that a French representative sit on the currency union’s board.

The agreement with France and the Monetary Union of West Africa (UEMOA), which is currently led by Ouattara, will advance the “eco.” The new currency replaces the CFA and broadens the possibility for the 15 members of ECOWAS – with some UEMOA nations overlapping – to adopt the currency as well.

“This is a historic day for West Africa,” Mr. Ouattara said in the Ivorian capital, Abidjan.

Macron hailed it as a "historic reform", adding: "The Eco will see the light of day in 2020."



https://listwand.com/west-african-countries-to-stop-using-colonial-era-currency-cfa-franc/

1 Like

Re: West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by booblacain(m): 11:19am On Dec 22, 2019
Good one
Re: West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by kluivertngong: 11:28am On Dec 22, 2019
You Forgot To Mention Cameroon.
Re: West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by Horus(m): 11:36am On Dec 22, 2019

https://www.youtube.com/watch?v=7om2CX_Q6ko

CFA franc to be replaced by the ‘eco’ but will stay pegged to euro
Re: West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by tstx(m): 12:29pm On Dec 22, 2019
Horus:

https://www.youtube.com/watch?v=7om2CX_Q6ko
CFA franc to be replaced by the ‘eco’ but will stay pegged to euro

I'm glad I'm not the only one who sees through the facade
Re: West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by leofab(f): 8:09am On Dec 26, 2019
kluivertngong:
You Forgot To Mention Cameroon.
cameroon isn’t on westAfrica
Re: West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by kluivertngong: 10:12am On Dec 26, 2019
leofab:
cameroon isn’t on westAfrica
Really? Well, Check Well.
Re: West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by leofab(f): 5:58am On Dec 27, 2019
kluivertngong:
Really? Well, Check Well.
I tire oh
Re: West African Countries To Stop Using Colonial-era Currency 'CFA Franc' by dada01(m): 8:45am On Dec 27, 2019
Cameroon is not a west African nation, dey are under central Africa

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