• 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
    MDXi Embraces Energy Efficiency and Environmental Sustainability
    South Africa’s Maite Nkoana-Mashabane yelled for Women’s representatives in the enactment of the African Continental Free Trade Area (AfCFTA)
    West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report
    Sierra Leone’s Ministry of Fisheries and Marine Resources upheld Friendship with Amsoft Technologies to enhance Canoe Registration Web Portal and Portative Application
    N10 Billion filled into the Scholastic realm of Nigeria by Dangote
    African Export-Import Bank (Afreximbank), African Association of Automotive Manufacturers (AAAM) Signs Agreement to Drive Automotive Investment in Africa
    African Union Commissioner disclosed Agriculture is crucial to African Growth
    $200 Million conserved by Rwanda for Continental Export Appropriation, Vincent Biruta Rwanda’s Minister of Foreign Affairs, unearthed
    Kenya Electricity Generating Company (KenGen) Signed Deal to Drill Geothermal Wells in Djibouti
    Egypt‘s – Benban Solar Park Enterprises envisions to Glisten the more in 2021

    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

    MDXi Embraces Energy Efficiency and Environmental Sustainability

    Posted On 26 Feb 2021

    South Africa's Maite Nkoana-Mashabane yelled for Women's representatives in the enactment of the African Continental Free Trade Area (AfCFTA)

    Posted On 25 Feb 2021

    West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report

    Posted On 24 Feb 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    New Africa Business News, Africa President of the Year 2020-2021 Goes to Tanzania's John Pombe Joseph Magufuli

    Posted On 01 Jan 2021

    New Africa Business News, REPORTER of the Year 2020-2021, Goes to Richard Adorsu

    Posted On 08 Feb 2021

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2021

    Thank you for the daily newsletters and...

    Posted On 26 Feb 2021

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2021

    Facebook

    Latest Posts

    MDXi Embraces Energy Efficiency and Environmental Sustainability

    South Africa's Maite Nkoana-Mashabane yelled for Women's representatives in the enactment of the African Continental Free Trade Area (AfCFTA)

    West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report

    Recent Posts

    • MDXi Embraces Energy Efficiency and Environmental Sustainability
    • South Africa’s Maite Nkoana-Mashabane yelled for Women’s representatives in the enactment of the African Continental Free Trade Area (AfCFTA)
    • West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report
    • Sierra Leone’s Ministry of Fisheries and Marine Resources upheld Friendship with Amsoft Technologies to enhance Canoe Registration Web Portal and Portative Application
    • N10 Billion filled into the Scholastic realm of Nigeria by Dangote

    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.