• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    South Africa and Stellantis has Greeted a Pact to Develop a Unique Automobile Manufacturing Facility
    Dr. Akinwumi Adesina AfDB’s President maintains it is time to Develop Youth-Based Wealth to Bolster a Better Comprehensive Nigerian Economy
    Abidjan to host on March 17th 2023 the 8th Session of the Steering Committee for the Construction Project of a Motorway between Abidjan and Lagos
    Rwanda’s President Paul Kagame and the President of the World Football Association(FIFA) launched the Kigali Pelé Stadium which is changing the name from Kigali Regional Stadium In Nyamirambo the Capital of Kigali
    First Gold Refinery Company BTC Global started the first Gold refinery in South Sudan in Juba
    The AfDB inducted the African Financial Integrity and Accountability Support Project (AFIAP) by way to Enhance Cooperative Ripostes to Illicit Financial Successions in African Nations
    Morocco’s Strawberry Exports Hits $70 Million in Annual Revenue, a New Historical Record
    African Energy Chamber (AEC) inferred proposals to host the ‘Invest in African Energy’ summit, to…Energy Partnership between African Energy Policymakers and Corporations and Investors in the Middle East
    OCP Africa through its Africa Transformation Office with Microsoft has Confirmed Partnership with the Objective of Certainly Impacting Smallholder Growers and Agristakeholders across the Continent by 2025
    Annually 100,000 Metric Tons of Soybeans Export Deal has begun by Malawi with Neighboring Tanzania

    Six African Countries Mount Debates for the Future of the CFA Franc

    Posted On 23 Nov 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Suagibu –

    Photo Credit: The Economist

    NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone-  CAMEROON, Heads of state from six central African nations aggrouped on Friday the 22nd November, 2019 in Yaounde for a gathering anticipated to adjust on the CFA franc, whose future has come under question in West Africa.

    The one-day meeting in Yaounde included Heads of state from Cameroon, Chad, the Central African Republic, Equatorial Guinea, Gabon and the Republic of Congo.

    Cameroon`s President – Paul Biya hosted the summit and said it “gives us a new opportunity to exchange and agree additional measures that can consolidate the economic recovery of our region.”

    Gabon`s President Ali Bongo Ondimba was represented by his prime minister. Precisely, the other five countries; were represented by their heads of state.

    As members of the Economic and Monetary Community of Central Africa (CEMAC), the nation’s jointly utilize the CFA franc, a currency ingrained in the French colonial era in western and central Africa.

    “The currency inherited from colonization divides economists and heads of state in the (CFA) franc zone,” it said.

    “(It) is being presented by numerous financial experts as a brake to development.”

    The CFA — its initials come from the French words for African Financial Community — was launched on December 26, 1945 as a “franc of the French colonies of Africa.”

    The money then morphed into two geographic variants, one for eight countries in western Africa and another for six in central Africa, with a combined population of 155 million people.

    CFA member countries must lodge reserves with the Bank of France.

    The currency is indispensable fastened to the euro, at a fixed rate of 655.96 CFA francs per euro.

    The arrangement guarantees unlimited convertibility of CFA francs into euros, facilitates inter-zone transfers and helps price stability.

    But detractors say the CFA franc is a “post-colonial” contract that prevents countries from exercising sovereignty over their currency, or which enables France to wield influence in Africa.

    The 15 member states of the Economic Community of West African States (ECOWAS) have agreed to adopt a single currency, the “eco”, as early as next year.

    Prospects of earlier changes to the region’s currency dramatically surfaced this month when Benin leader Patrice Talon said the western African states planned to pull their reserves from the Bank of France.

    “We are all agreed, unanimously, that we should put an end to this model,” Talon told French broadcasters RFI and France 24 on November 14.

    www.newafricabusinessnews.com
    Africa’s Most Read and Fastest Growing Global Newspaper. Forward to All www.newafricabusinessnews.com  

    For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

     

     

     

    NEW AFRICA BUSINESS NEWS
    COMING SOON ADVERTISING OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL ONLINE NEWSPAPER. THANK TO COMPANIES THAT WANT TO ADVERTISE.   INFO@NEWAFRICABUSINESSNEWS.COM.

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Ghana Begins Trial Census, November 25

    Next Story

    UN Secretary-General call up on Africa Leaders to Trend on Economic Growth that will Benefit the People and the Planet

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    South Africa and Stellantis has Greeted a Pact to Develop a Unique Automobile Manufacturing Facility

    Posted On 20 Mar 2023

    Dr. Akinwumi Adesina AfDB's President maintains it is time to Develop Youth-Based Wealth to Bolster a Better Comprehensive Nigerian Economy

    Posted On 18 Mar 2023

    Abidjan to host on March 17th 2023 the 8th Session of the Steering Committee for the Construction Project of a Motorway between Abidjan and Lagos

    Posted On 17 Mar 2023

    New Africa Business News, Africa Leader of the Year 2022-2023 Goes to Ethiopia's Prime Minister Dr. Abiy Ahmed

    Posted On 24 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Facebook

    Latest Posts

    South Africa and Stellantis has Greeted a Pact to Develop a Unique Automobile Manufacturing Facility

    Dr. Akinwumi Adesina AfDB's President maintains it is time to Develop Youth-Based Wealth to Bolster a Better Comprehensive Nigerian Economy

    Abidjan to host on March 17th 2023 the 8th Session of the Steering Committee for the Construction Project of a Motorway between Abidjan and Lagos

    Recent Posts

    • South Africa and Stellantis has Greeted a Pact to Develop a Unique Automobile Manufacturing Facility
    • Dr. Akinwumi Adesina AfDB’s President maintains it is time to Develop Youth-Based Wealth to Bolster a Better Comprehensive Nigerian Economy
    • Abidjan to host on March 17th 2023 the 8th Session of the Steering Committee for the Construction Project of a Motorway between Abidjan and Lagos
    • Rwanda’s President Paul Kagame and the President of the World Football Association(FIFA) launched the Kigali Pelé Stadium which is changing the name from Kigali Regional Stadium In Nyamirambo the Capital of Kigali
    • First Gold Refinery Company BTC Global started the first Gold refinery in South Sudan in Juba

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.