The much-awaited bill ratifying the end of the CFA franc was adopted on Wednesday by the French Council of Ministers. This was disclosed by the spokeswoman for the French government, Sibeth Ndiaye.
“It was during an official visit to Ivory Coast in December 2019 that they (President Macron and French West African leaders) announced a historic reform of monetary cooperation that was to lead to the end of the CFA franc.
“As the President of the Republic had been able to stress, this symbolic end was to be part of a renewal of the relationship between France and African countries,” she said.
The text validates the transition of the CFA franc used by eight French West African countries to become the newly mooted Eco, a currency to be adopted by the entire West African bloc, ECOWAS.
It also marks the end of the centralization of foreign exchange reserves of the eight West African states with the French Treasury.
Former African Union Representative to the US, Ambassador Arikana Chihombori- Quao spoke extensively about it on last week’s episode on The Osasu Show.
She mentioned that without Africa, France is worse than a third world country, as some African countries colonized by France and other world powers are generally referred to because of the level poverty and underdevelopment prevalence in such countries.
The former diplomat disclosed on the show while answering questions from the presenter of “The Osasu Show”, Osasu Igbinedion, on her role and the relentless efforts she has made in speaking up for Africans all over the world with particular emphasis on why France continuous colonization of African countries, particularly West and Central African countries has led to the stoppage of CFA France being used in some of these countries and how these countries adopted the Eco currency, which critics have however claimed France still have it tutelage on these African countries, because the Eco is still backed by the Euros and France is also making sure they are the people standing in for the currency (ECO).
The medical doctor and activist said, “Going to the issue of the Eco with France, what we need to do is complete separation. What President Macron is suggesting is to have an Eco that is going to be pegged to the Euro, this is totally unacceptable”.
“You have an Eco that whenever leaders of African countries want to trade, all the trades would have to go through France Central Bank, and then passed on to whichever country he is wishing to trade within those French colonies, this also is unacceptable”.
“A lot more works are yet to be done, you have to understand that France is going to be a hard knot to crack, uprooting France from Africa is going to be hard, let’s not make mistake about that”.
“For France to get out of Africa, it is a do or die, for without Africa, France is worse than a third world country, so we know that, what is needed from France is to come to the table and seek Africa affairs.
The CFA franc, 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.”
Fourteen nations, divided into West and Central African groups, use the currency today. Their 155 million people account for 14 percent of Africa’s population and 12 percent of its GDP, according to the International Monetary Fund (IMF).
Two different CFA Franc users. Eight countries comprise the West African Monetary Union (WAMU), Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. Its Dakar-based issuing authority is the Central Bank of the West African States (CBWAS).
Six others are in the Central African Economic and Monetary Union (CAEMU): Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon and Republic of Congo. Its issuing authority is the Cameroon-based Bank of the Central African States (BCAS).